MPS Q3 Review - Profitability To Improve Gradually, E-Learning Business Revives: Dolat Capital  
A young student attends an online class at her home in Mumbai, India (Photographer Dhiraj Singh/Bloomberg)

MPS Q3 Review - Profitability To Improve Gradually, E-Learning Business Revives: Dolat Capital  

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Dolat Capital Report

MPS Ltd. reported beat with a revenue growth of 5.9% QoQ (our estimate 2.6%) largely led by traction in content business / E-learning business (grew 6.5%/18.6% QoQ) while platform business remained flat due to decline in highwire business.

Ebit improved by 619 basis points QoQ to 23.2% (our estimate 17.5%) led by profitability improvement in platform business.

Due to cost savings in highwire (Ebitda: up 1,220 basis points QoQ to 33.7%) and positive operating leverage impact in E-learning business leading to reduced loss margin (Ebitda 8.2% from down 3.3%).

MPS expects improved traction from E-learning segment as work has resumed post pandemic related pause early this year.

Click on the attachment to read the full report:

Dolat Capital MPS Q3FY21 Result Update.pdf

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