Navneet Education Ltd. (NEL) delivered robust set of numbers in Q2FY19 which came in marginally ahead of our estimates. Its net sales grew by 44.5% yoy led by publication segment which grew by 52.1% yoy. Traditionally Q1 is a strong quarter for NELs publication segment, however delays on account of licensing led to spillover of revenues in Q2. Its stationery segment also registered a robust growth of 29.5% yoy in Q2FY19.