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MPS Q1 Review – Result Miss; Commentary Confident For FY23, Tone Down On Platform: Dolat Capital

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

MPS Ltd. reported a revenue growth of 5% QoQ (our estimate: 8.3%) largely led by robust growth in content solution and e-Learning solution by 5.2% QoQ and 19.5% QoQ respectively.

Ebit margin for Q1 stood at 21.8% in-line with our estimates.

MPS has toned down its outlook for platform business (to decline in FY23 and grow in FY24) and thus potentially lower growth for FY23. However, remain confident on content (though growth will be back ended in H2) and eLearning to drive strong double digit growth in FY23.

The company has also shared objective of achieving Rs 1 billion in profits in FY23 that implies growth of 14% YoY basis.

MPS shared its vision for FY27 wherein it remain confident in medium term and expect current revenues of Rs 5 billion to reach Rs 15 billion by FY27 with equal combination of organic/inorganic that too with improved profitability.

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