Navneet Education gains after sale deed completion

On August 3, Navneet Education approved the sale of an immovable property situated at Ghuma taluka in Ahmedabad in Gujarat for a cash consideration of Rs 40 crore.

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Navneet Education shares were up 6.09 percent at Rs 165.5 at 15.06 after the company completed sale deed and documentation of its property in Gujarat on October 4. On August 3, Navneet Education approved the sale of an immovable property situated at Ghuma taluka in Ahmedabad in Gujarat for a cash consideration of Rs 40 crore.

Navneet Education in August announced that its board approved the amalgamation of Genext Students Private Limited and the demerging of Edtech business of Navneet Futuretech Limited into Navneet Education Limited. This scheme was aimed at rationalising the group structure and achieving better synergies within the two businesses.

Also read: Navneet Education is set to lead the education makeover

In its results for the April-June quarter, the company reported a 14.04 percent year-on-year (YoY) rise in revenue from operations at Rs 791.45 crore. Net profit for the quarter dropped 4.84 percent YoY to Rs 144.94 crore. Operating profit margins were down by 357 basis points on a yearly basis to 27.25 percent in the quarter under review.

Navneet Education is engaged in the business of providing educational products and services. The company produces a wide range of educational materials, including textbooks, workbooks, study guides, and stationery items. Additionally, it also offers digital learning solutions and e-learning platforms.

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