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● Everonn reported decent 1Q FY3/12 numbers, with revenue and
EBITDA growing 45% and 69% YoY, respectively (both ahead of
estimates). Margin expansion came about despite
rollout/expansion of new businesses. Lower other income led to a
profit growth of 39% (16% below estimate).
● The key growth driver remains the ViTELS segment, which
clocked a 68% YoY revenue growth with improving margins.
● With revenue growth going ahead of growth in number of schools
and colleges, the company seems to be seeing good repeat
orders from existing customers (we hope to see an increase in
classrooms/school ratio when the number is reported on the
earnings call).
● We expect Everonn to continue to deliver strong growth rates and
retain our OUTPERFORM rating on the stock.
● We are hosting the earnings call of the company on Friday, 12
August, at 12 noon India time (2.30 PM HKT): India +91 22
44240300/ International +91 22 27786590. Passcode: 90681849.
Other highlights in the results announcement
● 10 schools in the K-12 segment went operational for the company
during the quarter. We note that management had earlier
indicated that Everonn owns only 10% of assets in these schools
with the rest owned by private investors.
● The skill development segment (under which the NSDC contract
falls) seems to be making good progress. There are 31 centres
operational.
● The company trained 1,200 people and placed 900 of them in the
first phase under a project with the Ministry of Rural Development.
● The company has signed an MoU with Tata Motors to train
100,000 drivers.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
● Everonn reported decent 1Q FY3/12 numbers, with revenue and
EBITDA growing 45% and 69% YoY, respectively (both ahead of
estimates). Margin expansion came about despite
rollout/expansion of new businesses. Lower other income led to a
profit growth of 39% (16% below estimate).
● The key growth driver remains the ViTELS segment, which
clocked a 68% YoY revenue growth with improving margins.
● With revenue growth going ahead of growth in number of schools
and colleges, the company seems to be seeing good repeat
orders from existing customers (we hope to see an increase in
classrooms/school ratio when the number is reported on the
earnings call).
● We expect Everonn to continue to deliver strong growth rates and
retain our OUTPERFORM rating on the stock.
● We are hosting the earnings call of the company on Friday, 12
August, at 12 noon India time (2.30 PM HKT): India +91 22
44240300/ International +91 22 27786590. Passcode: 90681849.
Other highlights in the results announcement
● 10 schools in the K-12 segment went operational for the company
during the quarter. We note that management had earlier
indicated that Everonn owns only 10% of assets in these schools
with the rest owned by private investors.
● The skill development segment (under which the NSDC contract
falls) seems to be making good progress. There are 31 centres
operational.
● The company trained 1,200 people and placed 900 of them in the
first phase under a project with the Ministry of Rural Development.
● The company has signed an MoU with Tata Motors to train
100,000 drivers.
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