Revenues for the quarter were higher than our expectation and grew 8.6% YoY to | 560.2 crore (I-direct estimate | 552.6 crore). Segment wise publishing revenue grew 7% YoY to | 339.3 crore on account of a change in the ninth and tenth standard syllabus in Gujarat. Stationery segment grew 11% YoY to | 217.6 crore. The growth in stationery segment revenues was mainly on account of a better performance in the exports segment. EBITDA margin improved 153 bps YoY to 32.1% mainly on account of 115 bps and 337 bps YoY improvement in EBIT margin of publication and stationery segment to 41.5% and 20.1%, respectively . Owing to a better operational performance, PAT rose 16% YoY to | 113.6 crore (I-direct estimate: | 103.8 crore).ICICI Securities Limited ascribe a multiple of 16.0x FY18E EPS and have a target price of | 113 with a BUY recommendation on Navneet Education.