This education stock jumped nearly 6% after the company took steps towards restructuring the company. This new change will help the company provide better services and mark potential growth in the upcoming future.
Shares of Navneet Education Limited closed at Rs. 160.05 and gained nearly 6% to reach its 52- week high of Rs. 163.50. The stock gave a return of 57.74% in the last six months and 99.16% in the last three years.
On 31st August 2023, the company informed the exchange about its recent AGM outcome. The meeting was held on the same day. The board approved the amalgamation of Genext Students Private Limited which is a step- down subsidiary of NEL Ltd along with demerger of the edtech business of Navneet Futuretech Limited into NEL Limited. The scheme is yet to receive requisite approvals from Hon’ble National Company Law Tribunal, Mumbai Bench. The current net worth of Genext on 31st March is Rs. 5.64 crore with a turnover of Rs. 0.08 crore.
These consolidations are done with the aim for developing NEL’s sales channel, streamlining its organisational structure, and ensuring impact of content and digital work to enhance the product quality.
Comparing on a QoQ basis, revenue of Rs. 791.45 crore has been reported for Q1FY24, an increase of 93.4% from Rs. 409.02 crore in Q4FY23. Its net profit for Q1FY24 stands at Rs. 144.16 crore which rose 527.87% from Rs. 22.96 crore in Q4FY23.
Navneet Education Limited, established in 1959, is in the education and publishing sector. The company mainly focuses on children books and stationery products. Its products are sold under the names of Navneet, Youva, Vikas and Gala. Over the years, Navneet has become a popular and affordable brand.
Written by Bhumika Khandelwal
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
