9 August 2018 Standalone revenue grew 19% YoY to INR6,700m (est. of INR6,453m) in 1QFY19, primarily driven by 58% YoY growth in Stationery revenue. EBITDA rose 22% YoY to INR1,974m (est. of INR1,916m), with the margin expanding 75bp YoY to 29.5% (est. Adj. PAT grew 15% YoY to INR1,263m (est. PAT margin was flat YoY at 19% (in-line). declined 2% YoY, primarily on account of a delay in government textbook (Balbharti) release (based on which the supplementary material is created) for standards 1, 8 and 10, where syllabus was changed. The delay was due to the introduction of a new policy on licensee fee, which was announced only on 21 June 2018. Consequently, we expect a spillover of ~INR600-700m of revenue to 2QFY19. Moreover, Publishing business visibility has improved further for FY20 based on syllabus change in Gujarat. We expect Publishing business to grow by 12% in FY19 and 9% in FY20.