Dolat Capital: MPS’s Highwire Drives Q2; E-Learning, Platform To Grow Organically Hereon
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Dolat Capital Report
MPS Ltd. reported slight beat on results in Q2, with a 34.9% QoQ growth in revenue (our estimate 31.9% QoQ) largely led by inorganic contribution from acquired Highwire business while organic business biz segments remained in flat to slightly negative growth range.
Operating profit margin declined 360 basis points QoQ to 17.0% (our estimate 15.0%) due to decline in margins of all three biz segments where-in platform business was impacted by lower Ebitda margin of acquired Highwire business (early double digit).
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