May 2018 Educations (NELI) revenue grew by a sluggish 1.3% YoY to INR2,126m in 4QFY18. Adj. PAT declined 10% YoY to INR151m. PAT margin contracted 92bp YoY to 7.1% in 4QFY18. For FY18, revenue grew 2% to INR12,040m, EBIDTA declined 21% to INR2,225m and EBIDTA margin contracted 533bp to 18.5%. These government orders are typically placed by the social welfare and tribal departments, among others, to provide support to underprivileged students. According to management, the focus of these departments has now shifted to infrastructure provision, and thus, it does not foresee any government orders from now. large stationary order worth INR350m (which was received in 4QFY18) was deferred to 1QFY19, resulting in sluggish growth (2%) in Stationary in 4Q, which is a seasonally strong quarter for the segment. Going forward, management expects high growth in the high-margin exports business, while the domestic business is expected to continue witnessing competitive pressures.