Syllabus change aids revenue growth for publication segment After subdued growth in FY18 (5.7% YoY), the publication segment exited FY19 with healthy topline growth of 13.1% YoY to | 710.8 crore. There was a revival in revenue owing to syllabus change in Maharashtra for academic year 2018-19 (for I/VIII/X standards). For FY20, we expect revenues to increase ~11% on syllabus change in Gujarat (across all standards). We model in 10% revenue CAGR for the publication segment (excluding Indiannica) in FY19-21E. Scaling-up of Indiannica (the company's recent...