Knowledge is wealth | |
NEL/NSE/157/2021 | Date: zs" October, 2021 |
The Secretary
National Stock Exchange of India Ltd. Exchange Plaza, 5th Floor, Plot No. C/1, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051.
Dear Sirs,
Scrip Code - NAVNETEDUL
Sub: Approval of Standalone and Consolidated Un-audited Financial Results for the quarter and half year ended so" September, 2021
We wish to inform you that Board of Directors at its meeting held today i.e. Friday, zs"
October, 2021, has approved and taken on record the Statement of Standalone and Consolidated Un-audited Financial Results for the quarter and half year ended so" September,
2021.
Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith Standalone and Consolidated Un-audited Financial Results for the quarter and half year ended so" September, 2021 along with Independent
Auditor's Limited Review Report on Standalone and Consolidated Unaudited Financial Results for the quarter ended so" September, 2021.
The | meeting of the Board of Directors commenced at 02:00 p.m. and concluded at | |
6 · | I D | p.m. |
You are requested to take note of the above.
Thanking you,
Yours faithfully,
FOR NAVNEET EDUCAT ION LIMITED
AMITD. BUCH
COMPANY SECRETARY
Encl.: as above
NAVNEET EDUCATION LIMITED
CIN: L22200MH1984PLC034055
Navneet Bhavan, Bhavani Shankar Road, Near Shardashram Society, Dadar (W), Mumbai 400 028. India.
Tel.: 022 6662 6565 • email: nel@navneet.com • www.navneet.com, l]tnavneet.india
To
The Board of Directors of
Navneet Education Limited
Limited review report on statement of standalone unaudited financial results for the quarter and half year ended 30th September 2021 pursuant to the Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
We have reviewed the accompanying Statement of standalone unaudited financial results of Navneet Education Limited ('the Company') for the quarter and half year ended 30th September 2021 ('the Statement'), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time.
Management's Responsibility
This Statement which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India.
Auditor's Responsibility
Our responsibility is to issue a report on the statement based on our review.
We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
Conclusion
Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with aforesaid Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, including the manner in which it is to be disclosed, or that it contains any material misstatement.
For N. A. Shah Associates LLP
Chartered Accountants
Firm's registration number: 116560W / W100149
SANDEEP NATWARL AL SHAH
Digitally signed by SANDEEP NATWARLAL SHAH
DN: c=IN, o=Personal, 2.5.4.20=b4c218f90f87fb7d2cb05f7279 80597d5fe2ee38f1427ffc847206d8ddb 3006f, postalCode=400036, st=Maharashtra, serialNumber=9c091411fcdc05e95462 3c5bc78e0cf23291f947856e23198385e 25008ec0f31, cn=SANDEEP
NATWARLAL SHAH
Date: 2021.10.29 17:53:31 +05'30'
Sandeep Shah
Partner
Membership number: 37381
UDIN: 21037381AAAAFB8432
Place: Mumbai
Date: 29th October 2021
Navneet Education | Limited | ||||
ReQtstered Offlce | Navneet Bhavan, | Bhavan! Shankar | Road, Oadar (West), | Mumbai | - 400028 |
Tel. : 022-66626565 | Fa,c 022-6662&470, ema,I investorsOnavneet.com | www navneet.com | |||
ON | L22200MH19S4PLC03<1055 | ||||
STATEMENT OF STANDALONE UNAUDITED | FINANCIAL | RESULTS FOR THE QUARTER AND HALF YEAR | ENOEO 30th SEPTEMBER , 2021 |
s,.
No.
I
II
Ill
IVv
VI
Puticulars | ||||||||
Income | ||||||||
Revenue | from operations | |||||||
Othe" | Income | |||||||
Total | Income fl+ 111 | |||||||
f,cpen | ses | |||||||
Cost of matenals consumed | ||||||||
Purchasesof stock-in-trade | ||||||||
Changes | In | inventories | of finished | goods, | WOO-In- | |||
Pf(l!lress | and stock-In-trade | |||||||
Employee | benefits e,cpense | (Refer | note 7 below) | |||||
Finance | Costs | |||||||
Depreciationand amortisation | expense | |||||||
Othef | eeoeosestRefer note 4 belowl | |||||||
Total | exeenses | |||||||
Profit before ta,c | {111- lV) | |||||||
Tax Expense: | ||||||||
{a) Current tax | ||||||||
(b} Deferred | tax | or | period I | |||||
(c) Short | J | {excess) | provislOll | the | earlier | |||
,ea, |
1/NR | In UJkhs, ,,. | fanwv,s Per S/JdreJ | |||
Ouarter ended | She month ended | Ytiart1nded | |||
30.09.2021 | 30.09.2020 | 30.06.2021 | 30.09.2021 | 30.09.2020 | 31.03.2021 |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaiudlted) | (Unaudited) | (Audlt..d) |
22,909 | 15,99<1 | 31,832 | 5<1,741 | <18,481 | 80,297 |
794 | "' | I 479 | 81 749 | ||
685 | 655 | l 452 | |||
23 703 | 16.423 | 32 517 | 56.220 | 49 136 | |
10,606 | 6,465 | 14,319 | 24,925 | 17,797 | 34,606 |
200 | 6 | 170 | 370 | 10 | " |
90 | 1, 103 | 2,018 | 2,108 | 6,689 | 3,806 |
3,699 | J,362 | 3,622 | 7,321 | 6,600 | 13,608 |
90 | 159 | 118 | 208 | 519 | 684 |
817 | 865 | 799 | 1,616 | 1,694 | 3,473 |
5 130 | 4 139 | 5 528 | JO 658 | 8 686 | 17 100 |
20 632 | 16 099 | 26 574 | 47 206 | 41995 | 73,321 |
3,071 | 324 | 5,943 | 9,014 | 7,141 | 8,428 |
'" | 263 | 1,487 | 2,416 | 2,115 | 2,568 |
(113) | (166) | 2 | (l 11) | {202) | (249) |
,, | (64) | (54) | |||
816 | 1,489 | 2,305 | 1,8'19 | 2,265 |
vu | Profit for the | riod 111ear1V-VJ1 | ||||||||||
vm | Othe r Comprehe nsive Income: | |||||||||||
A. | Items that | wlll not | be reclassified | to profit | or | IOss | In | |||||
subsequen | t period | I year | ||||||||||
Re-measu | remen t of the | net | <> | bl!neflt | plan | |||||||
,. | L.@SS: | Income | tax | relaung | to the | above | ||||||
Items | that | wlll be | recla ssified | to profit | or | los s | In | |||||
subsequentperiod | I year | |||||||||||
cash | now hedge | |||||||||||
Less: Income | tax | relatingto | the | above | ||||||||
VIII | Othe r Comprehensive Income | for the | period | I | ||||||||
l11ear | net of tax | |||||||||||
Total | Comprehe nsive Income for the | perk>d | I | |||||||||
IX year | (VII | +VIII) (Total of | profit and other | |||||||||
com prehe nsive Income for the period | J year) | |||||||||||
Paid-up Equity Share capital (Face Value JNR 2/- per | ||||||||||||
Share ) (Refer note | 9 below) | |||||||||||
Other | Equity | |||||||||||
Earnings | per Share | (of INR 2/· per | share) | {not | ||||||||
annualised) | ||||||||||||
(a) | Basic | earnings | per Share | |||||||||
lbl Diluted | eamm | os ce-srere | ||||||||||
Notes· | ||||||||||||
I | The resu tts | were | reviewed | by | the audit | comm | ittee | and taken on record | ||||
a Hmlted review of the standalone | financia | l results | for the quarter |
2 255 | 227 | 4454 | 6 709 | 5 292 | 6 163 |
(51) | {l<> | (52) | {103) | (28) | (176) |
13 | 3 | 13 | 26 | 6 | 44 |
2 | 584 | (281) | (279} | 1,S'lO | l,715 |
(1) | ( 147) | 71 | 70 | (387) | (432) |
(37) | 426 | (249) | (286) | 1,131 | 1,151 |
2,218 | 653 | 4,205 | 6,423 | 6,423 | 7,314 |
4,540 | 4,577 | <1,563 | 4,540 | 4,577 | 4,'577 |
99,309 | |||||
0.99 | 0.10 | 1.95 | 2.94 | 2.31 | 2.69 |
0.99 | 0.10 | 1.95 | 2.94 | 2.31 | 2.69 |
by the Board | of Directorsat its | meetingheld on 29th October | 2021. The Statu | tory auditors hav e carried | out |
and half year ended | 30th September2021. |
2 The | aboYe | standalone financial | results | have | been prepa | red In accorda | nce with | the guidelines | Issued by the Securities | and Exchange | Board of India ('SEBI'), and the Indian | |
Accou | nting | Standard | s (Ind AS) | prescrlbed | under Section | 133 of the Compa | nies Act, | 2013. |
- In view of seasona analyt!Cal ratiOs
l natu | re of business, above quarterly | and | half yearty | financial results are not r�esentattve of the operation | s or the whole year. Consequent ly, som e of the |
presented | below are also not strictly | comparable | (Refer | note 12) . |
.. ...
Navneet Education Limited
Registered Office : Navneet Bhavan, Bhavanl Shankar Road, | Dadar (West), Mumbai - 400028 | |||
Tel. : 022-66626565 Fax: 022-66626470, email: lnvestors@navneet .com. www.navneet.com | ||||
ON : L22200MH 1984PLC034055 | ||||
STATEMENT | OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR | ENDED 30th SEPTEMBER, 2021 | ||
4 Other expenses | includes | provision for impairment of Investment in subsidiaries of INR 390 Lak.hs | for the year ended 31st | March 2021. The same is Included under 'Publishing |
Content' segment | result disclosed below. |
- Details of additional investments made are given below:
a) The | Company had made capital contribution of INR 700 Lakhs during the quarter | and half year ended 30th September 2020 and year ended | 31st March 2021 to subsidiary entity | |||
'Navneet Learning | LLP'. | |||||
b) The | Company | has invested | in Optionally Convertible Preference Shares (OCPS) | of wholly owned subsidiary 'Esense Learning Private Limited' amounting to INR 1,000 Lakh s at | ||
face value (I.e. 1,00,00,000 OCPS of INR 10 each, fully paid up) during the quarter | ended 30th June 2021 and half year ended 30th September 2021 and INR 2,300 Lak hs at face | |||||
value (i.e. 2,30,00,000 OCPS of INR 10 eac h, fully paid up) during the half year ended 30th September 2020 and year ended 31st March 2021. | ||||||
c) The Company has purchased | J acquired 100% equity share cap ital of the 'Navneet Tech Ventures Private Limited' (i.e. 10,000 equity shares of INR 10 each, fully paid up) at face | |||||
value from existing share | holders during the quarter ended 30th June 2021 accordingly it had become wholly owned subsidiary of the Compa | ny with effect | from 29th June 2021. | |||
During | the quarter ended | 30th September 2021, the Company has invested in 3,50,000 equity shares of INR 10 each, fully paid up at face value amounting to INR 35 Lakh s in this |
subsidiary. Further, during | the quarter and half year ended 30th September | 2021, the Company | has Invested in 0% fully and | compulsorily convertible debentures (FCCDs) |
amou nting to INR 2,478 Lakh | s at face value of INR 10 eac h which shall be converted into equal number of equity share of the face value of INR 10 of this subsidiary company. | |||
Further, the Company has retired as Partner of Navneet Edutech LLP with effect | from 29th June 2021 | and consequently, it ceases to | be company's subsidiary from 29th June 2021. |
- During the quarte r ended 30th Sep tember , 2021, Navneet Tech Ventures Private LJmited (NVTPL), wholly owned subsidiary of the Company :
a) acquired 2,74,060 equity shares by way of transfer from some of the existing equity shareholders of Carv enlche Technologies Private Limited ('Carv eniche') and 5,35,820 equity
shares by way of fresh allotment by Carv eniche for a total consideration of INR 1,365 Lakh s. NVTPL accordingly hold 39.85% paid up share capital of Carv enlche;
b) acquired 5,12,528 ordinary equity shares, | 4,80,414 Class | A equ ity shares by way of transfer from some | of the existing ordinary equity and Class A equity shareholders |
respect ively of Genext Students Private Limited | ('Genext') and | 17,91,391 Class A equity shares by way of fresh | allotment by Genext for a total consideration of INR 586 Lakhs. |
NTVPL accord ingly hold 51.80 % of paid up share capital of Genext; and | |||
c) acqu ired 1, 104 equity shares from existing equity shareholders of Elation Edtech Private LJmited ('Elation') and | 718 equity shares by way of fresh allotment by Elation for a total | ||
consideration of INR 525 Lak hs. NTVPL accordingly hold 14.67% of paid up share capital of Elation. |
7 In the month of April & May 2020 on account of the pandemic and low business activity, the company and directors J senior management team had mutually agreed and had not paid remuneration aggregating to INR 236 Lakhs, to such directors J senior management team members.
- The business of the Company continues to be significantly impacted by the continuing delay In re-openingof schools amid Covid-19 restricti ons. The management is continuously
monitoring the situation and expects | an improvement in the business going forward considering the increase in the | pace of vaccination and redu ction in the number of cases. The |
Compa ny has made assessment of its | liquidity position for the current financial year and has considered internal and | external information in assessin g the recoverability of its assets |
such as Investments, loans, intangible assets, trade receivable, inventories, etc. and other significant management estimates. The Company has used the principles of prudence in applying Judgments, estimates and assumptions and based on the current estimates, the Company expects to fully recover the carrying amount of these assets .
The impact assessment of COVID- 19 is an ongoing process, and may be different from that estimated as at the date of approval of these standalone financial results, given the uncertainties associated with its nature and duration and the Company will continue to monitor all material changes to the entity's environment.
9 The Board of Directors, In its meeting held on 27th May 2021, had approved the buyback of the Company's fully paid-upequity shares having face value of INR 2 per share at the maximum buybackprice of INR 100 per equity share and the maximum buyback size of INR 5,000 Lakhs ; the indicative maximum number of equity shares to be brought back would be 50,00,000 Equity shares comprising approximately 2.18% of the paid-up equity shares capital or the Company as of 31st March 2021 (on a standalone basis). The buyback was offered to all eligible equity shareholders of the Company (other than the promoters, the promoter group and persons In control of the Company) under the open market route through stock exc hange mechanism.
The Com pany has bought back 11,35,602 equity shares during the quarter ended 30th September 2021, 7,41,505 equity shares durin g the quarter ended 30th June 2021. Accordingly total 18,77,107 equity shares have been bought back upto the half year ended 30th September 2021 under the open market route through stock exc hange mechanism
which also are extinguished as | per Regulation 21 read with Regul ation 11 of Securities and Exchange Board of India (Buybac k of Securities) Regulations, 2018, | as amended. | |
Conseque ntly, | buyback tax has | been accounted on such shares bought back amounting to INR 271 Lak hs for the quarter ended 30th September 2021, INR 139 | Lakhs for the |
quarte | r ended | 30th June 2021 | and total INR 410 Lakh s for the half year ended 30th Sep tember 2021. In accordance with section 69 of the Companies Act 2013, during the half |
year | ended 30th September 2021, the Company has created 'Capital Redemp tion Reserve' of the nominal value of the shares bought back as an approp riation | from general | |
reserve . Further, for the purpose | of calculation of weighted average number of shares which Is to be considered for quarterly and half yearl y Earnings Per Share, the Company has | ||
reduced equity shares which are bought back from the date on which such shares are bought back from the open market. |
10 Previous periods / year figures are regrouped and rearranged wherever necessary including on account of amendment In division II to schedule III of Companies Act 2013 to conform current periodpresentati on.
•
Navneet Education limited
Registered | Office | : Navneet | Bhavan, | Bhavanl | Shankar | Road, | Dadar | (West), | Mumbai • 400028 | |||||||||||||||||
Te. : 022·66626565 Fax : 022·66626'!70, | emall : lnvestors@navoeet.com. | www.navneet.com | ||||||||||||||||||||||||
,.. | ON | l22200MH198'1PLC0l4055 | 11.., | .... .i� | ....u r | |||||||||||||||||||||
STATEMENT | OF STANDALONE | UNAUDITED | FINANCIAL | RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30th SEPTEMBER , 2021 | ||||||||||||||||||||||
" | . | malnly operates | Into | publlshlng | contl!nt | and | statlooery | products. | Other business | segment | include | generatlOnof power by Windmill, | trading | Items, etc. Unallocable | ||||||||||||
The Company | ||||||||||||||||||||||||||
corporate | assets | less | unallocable | corpofi!lte Habltltles mainly | represent | Investment | or | surplus | funds, | other | advances,cash | & bank balances, corporate | taxes and | general corporate | ||||||||||||
tx,,rowlnos. | ||||||||||||||||||||||||||
A. c-.ment | Revenue and Results | |||||||||||||||||||||||||
Partlc ulu'S | Quarter ended | Six monttl | ended | Year ended | ||||||||||||||||||||||
30.09.2021 | 30.09.2020 | 30.06.2021 | 30.09.2021 | 30.09.2020 | 31.03.2021 | |||||||||||||||||||||
tUnaudlted | runaudlted | runaudlted | (Unaudited | (Unaudited) | (Audited) | |||||||||||||||||||||
5eilment | Revenue (5ales and operating | |||||||||||||||||||||||||
Income): | 8,899 | |||||||||||||||||||||||||
a. | Publishing | Content | 5,SO<> | 9,877 | 18,n6 | 17,863 | 29,46'1 | |||||||||||||||||||
b. | StabOnefy | Products | 13,848 | 10,461 | 21,835 | 35,683 | 30,544 | 50,674 | ||||||||||||||||||
c. | Others | (Wlr.dml!I | and | Trading | Items, | etc.} | 63 | 200 | 424 | 148 | 296 | |||||||||||||||
Total | Segment | Revenue | 22,971 | 16,028 | 31,912 | 54,883 | 48,555 | 80,434 | ||||||||||||||||||
"' | ||||||||||||||||||||||||||
Less: | Inter secmev | Revenue | 62 | 34 | 80 | 142 | 74 | 137 | ||||||||||||||||||
Total | ment Revenue | 22 909 | 15 994 | 31832 | 54 741 | 48.481 | 80 297 | |||||||||||||||||||
5egment | Results | (Profit I (lou) before | ta• | and | ||||||||||||||||||||||
Interest from | each | .seamentl: | 4 above) | |||||||||||||||||||||||
a. | Publishing | Content | (Refer | note | 1,318 | 134 | 2,065 | 3,383 | 3,907 | 4,065 | ||||||||||||||||
b. | Stationery | Products | 2,210 | 892 | 4,428 | 6,638 | 4,76'1 | 7,652 | ||||||||||||||||||
c. | Others | {Wind | miM and | Tradng | sitem | etc .) | 96 | 16 | 73 | 169 | 58 | " | ||||||||||||||
Total segment | Result | 3,624 | l,O<> | 6,566 | 10,190 | 8,729 | 11,815 | |||||||||||||||||||
Less: I. | Financ | e Costs | 70 | 134 | 97 | 167 | 468 | 582 | ||||||||||||||||||
H. Other | unallocable | expenditure | 1,004 | 902 | 749 | 1,753 | J,698 | 3,690 | ||||||||||||||||||
m. Other | unalloca ble | llncomel | f521 l | (3181 | f223 | f744 | (578 | '8851 | ||||||||||||||||||
Total Profi t | r floss | Before Tax | 3 071 | 324 | 5 943 | 9 014 | 7.141 | 8428 | ||||||||||||||||||
Materia l non-shac | Item | (Impairment or | Investmen | t) | 390 | |||||||||||||||||||||
tRl"f�"""" 4 a-.., | ||||||||||||||||||||||||||
.... | Quarte....r ended | .....Six month | ended.... | Yea..r e..nded | ||||||||||||||||||||||
B, 5eo ment Assets. | Particu lars | ed | ,.. on 30.06.2021 | |||||||||||||||||||||||
LiabiliUes | and Caoital Emo lo | |||||||||||||||||||||||||
30.09.2021 | 30.09.2020 | {Unaudited) | 30.09.2021 | 30.09.2020 | 31.03.2021 | |||||||||||||||||||||
(Unaudited} | !Unaudited} | runaudltedl | runaudltedl | fAudltedl | ||||||||||||||||||||||
5egment Assets | ||||||||||||||||||||||||||
a | Publishlng | Cont ent | 55,029 | 57,002 | 57,781 | 55,029 | 57,002 | 54,274 | ||||||||||||||||||
b. | StatlOnery Products | nens, | 43,959 | 35,723 | 45,879 | 43,959 | 35,723 | 44,766 | ||||||||||||||||||
c. | Other s (Windmill and | Trading | etc.) | 12,371 | 12,486 | 12,419 | 12,371 | 12,486 | 12,445 | |||||||||||||||||
d. | Unalloca ted | 12 939 | 12 486 | 15 050 | 12 939 | 12 486 | 9 567 | |||||||||||||||||||
Total | mentAssets | 1 24 298 | 1.17 697 | 1 ll 129 | 1 24.298 | 117.697 | 1 21 052 | |||||||||||||||||||
5egment Liabll/Ues | ||||||||||||||||||||||||||
a. | Publishing | Content | 6,061 | 6,487 | 4,939 | 6,061 | 6,487 | 5,267 | ||||||||||||||||||
b. | Statlonefy | Products | 5,251 | 4,282 | 6,487 | S,251 | 4,282 | 7,765 | ||||||||||||||||||
c. | Others | (Windmill ere | Trading | Items, | etc.) | 5 | 2 | 5 | 5 | 2 | 4 | |||||||||||||||
d. | Unalloca ted | 7 191 | 3 931 | 12 480 | 7 191 | 3.931 | 4 130 | |||||||||||||||||||
Total | ment LiablllUes | 18 508 | 14 702 | 23 911 | 18.508 | 14.702 | 17 166 | |||||||||||||||||||
capital Employed | ||||||||||||||||||||||||||
' | Publi | shing Cont ent | 48,968 | 50,515 | 52,842 | 48,968 | 50,515 | 49,007 | ||||||||||||||||||
b | Stabonery | Products | 38,708 | 31,441 | 39,392 | 38,708 | 31,441 | 37,001 | ||||||||||||||||||
c. | Others | (Wlndmllt and Trading Items, | etc.) | 12,366 | 12,484 | 12,414 | 12,366 | 12,484 | 12,441 | |||||||||||||||||
d. | Unallocated | 5 748 | 8 555 | 2 570 | 5 748 | 8 555 | 5 437 | |||||||||||||||||||
Net CanlQI Emnloued | 1 05 790 | 1 02 995 | 1 07 218 | 1 05 790 | 1 02.995 | 1 OJ 886 |
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Navneet Education Ltd. published this content on 30 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2021 11:46:02 UTC.