MPS Q2 Results Review – All Round Beat; Growth, Margin Reflect Strength of Offering: Dolat Capital


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MPS Ltd. reported strong revenue growth of 10.2% QoQ (our estimate: 6.9%) led by-

  1. e-learning division reporting 28% QoQ growth resulting from improved standalone biz and addition from E.I Design acquisition, and

  2. growth in content business at 4.7% QoQ.

Strong growth led to operating profit margin expansion by 593 basis points to 27.7% (our estimate: 21.1%, highest since Q4 FY18) led by 700 bps expansion in content business. OPM (at 40.4%) and 300 bps expansion in e-learning division (at 21%).

MPS expressed confidence in surpassing its profit after tax guidance of Rs 1 billion for FY2023, given the expected traction in high margin content biz in H2, and robust pipeline in e-learning business.

Strong performance of Q2, and healthy growth and profitability outlook raises our confidence in business.

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