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.
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