MPS Q1 Review – Performance, Commentary Improves For E-Learning Business: Dolat Capital

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MPS Ltd. reported a revenue growth of 2.5% QoQ (our estimate: up 1.5%) largely led by robust performance from e-learning business (26.2% QoQ), while content business grew 1.4% QoQ led by steady publishing volumes.

Platform business declined 7.0% QoQ, on continued contraction in select Highwire client.

MPs’ TOPSIM business was moved from platform segment to e-learning segment, as it fits more towards e-learning business.

EBIT margin for the quarter stood at 22.2% as against our expectations of 20.0%.

This was led by maintaining cost control on an overall level where employee cost declined 0.6% QoQ (employee base inched up by 1.6% QoQ) and other expenses inched up by just 1.1% QoQ.

Click on the attachment to read the full report:

Dolat Capital MPS Q1FY22 Result Update.pdf


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