Navneet reported flattish revenue growth of 0.9% to | 565.2 crore (Idirect estimate: | 618.9 crore). In segment per se, publishing revenue grew 10.1% YoY to | 372.1 crore. Growth in publication segment was moderated as text books of ninth grade in Maharashtra were published late by the education board. Revenues from the stationery segment declined 12.2% YoY to | 191.9 crore on account of destocking of inventory prior to the implementation of GST The EBITDA margin for the quarter declined 250 bps YoY to 28.7% (Idirect estimate: 33%) largely on the back of increase in raw material expenses (up 130 bps YoY) and higher other expenses (up 78 bps YoY). Subsequently, EBITDA de-grew 7.2% YoY to | 162.4 crore (Idirect estimate: | 204.2 crore). EBIT margins for the publication...