S Chand and Company, a leading education content provider reported its results for the first quarter of the financial year ending 31st March 2024. The company turned Net Debt free in April with a quarter ending.
In Q1FY24, S Chand and Company continued with the strong growth momentum shown in the last quarter and reported a Net Cash balance of Rs546m (vs. Net Debt of Rs279m in Q1FY23) and Gross Debt: Rs906m (vs. Rs1,145m in Q1FY23). The key highlights of the Q1FY24 company’s results were, 1) Continued strong sales momentum, 2) Improving Gross Margins, 3) Best ever working capital metrics for Q1 and, 4) The company had positive cash reserves of Rs546 million at the end of the quarter.
Himanshu Gupta, Managing Director of S Chand and Company Limited peaking on the turnaround aid, “We have crossed a very significant milestone during the quarter of becoming net Debt Free. We have continued our growth trajectory in the current quarter, achieving working capital efficiency and boosting our margins on a YoY basis.
We are proud to say that we have achieved our goal of becoming a net debt-free company in April, 2023 through consistent efforts on working capital management. We look forward to fuel the next leg of growth for our company on back of the National Curriculum Framework announcement in CY2023 by providing high-quality content and expertise to all students in line with our vision.”