Strong quarter for publication segment albeit on low base Navneet reported steady revenue growth in the publication segment in its critical quarter (~55% of revenues derived in Q1). Revenue grew 18% YoY to | 432.2 crore, albeit on low base of Q1FY19 (previous quarter disrupted owing to licencing issues). We believe syllabus change in Gujarat (across all standards) and Maharashtra (II, III, XI standards) were key drivers for revenue growth. We expect revenue growth for the publication segment to taper down in Q2FY20, on the back of very strong base (52% growth in...