S Chand and Company Limited continues solid growth in Q3FY23, operational revenue increases by 58% YoY in the April – December period


Reports best ever 9 Month performance in the company’s history

NEW DELHI, Feb. 14, 2023 /PRNewswire/ — S Chand and Company Limited, one of India’s leading education content companies and market leaders in the K-12 segment, has announced robust financial numbers for the quarter Q3FY23 and 9 Months FY23.



Consolidated business represents the performance of S Chand and its subsidiaries (S Chand Group)

The Company is in a seasonal industry where the 4th quarter contributes over 80% of the annual revenues coinciding with the start of the academic year.

9MFY23 has been the best ever 9M performance in the company’s history. S Chand saw the following highlights during the quarter-:

  • On a CY22 basis, the company reported a PAT of Rs. 812m (EPS: Rs. 23/share).
  • The company is witnessing strong and resurgent demand in the current sales season of January 2023March 2023.
  • Reports Highest ever 9M Sales in company’s history.
  • Reports Lowest ever 9M EBITDA Losses. 9M EBITDA losses reduced by 38% YoY.
  • Reports Lowest ever 9M PAT Losses. Reduction in 9M PAT losses by 62% YoY.
  • Reports Lowest Receivable days in 9M in the past 5 years.
  • Reports One of the Lowest Net Working Capital days in 9M in the past 5 years.


(in Rs. million)












27 %



58 %




(3 %)



(38 %)


Margin (%)

(50 %)

(66 %)

(23 %)

(58 %)




(32 %)



(62 %)


Other Key Updates

  1. The company made its 2nd profitable exit this year by selling its minority stake in iNeuron for approx. Rs. 14 crore during the quarter. This translates into a ~2.1x return on the original investment of approx. Rs. 7 crores in December 2021. The Company had earlier exited from its minority stake in Testbook with an ~ 8x return on its original investment in July 2022.
  2. The government announced the NCF for the Foundation Stage i.e. Classes K-2 in October, 2022. S Chand have developed books based on the new NCF for Classes K-2. They would be sold during the ongoing sales season of January – March 2023. The company expects more announcements for the new curriculum for the remaining classes to come in the near future. The timing of these announcements would have a positive impact on our FY24/25 financials accordingly.

Mr. Saurabh Mittal, CFO, of S Chand and Company Limited, commenting on the successful result, said, “We are pleased to announce strong revenue growth figures and massive reduction in losses over during the April-December period over previous years. Our Group stands as a leader, with multiple established brands like S Chand, Madhubun, Vikas, Chhaya, and Saraswati. We not only excel in the CBSE/ICSE boards but also are a leader in the West Bengal State Board segment. We pride ourselves on our long-standing relationships with prominent authors—relationships that run into decades. During the quarter, we saw the launch of National Curriculum Framework or NCF covering classes from Pre-Primary to Class 2 in October, 2022. We see strong growth potential for at least two to three years on back of the new curriculum which would be created on back of these announcements.”

He added, “We are pleased with the improvement of working capital metrics over the past year which has helped reduce debt substantially. We look forward to a strong end to FY23 on back of the strong traction that we are seeing during the ongoing sales season from January 2023 to March 2023.”

About S Chand and Company Limited

S Chand is one of India’s leading education content companies which aims to bring people and knowledge together. The company delivers content across the length and breadth of the country with established brands like S Chand, Madhubun, Vikas, Chhaya, Saraswati and Mylestone under its umbrella and a distribution reach of more than 3,500 channel partners across India. With a footprint in more than 40,000 schools, colleges, universities, and institutes throughout India, it has consolidated the country’s fragmented education content market.

It provides content, solutions, and services across the educational lifecycle through its presence in three business segments- Early Learning, K-12 and Higher Education and has also expanded its product portfolio through digital learning acquisitions. The Group is one of the market leaders in K-12 segment and has a strong foothold in the CBSE/ICSE and WBSE affiliated schools, with an increasing presence in the other state board affiliated schools across India.


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