MPS Limited Q4 FY’24 Earnings Conference Call Summary
Key Executives Present
• Chairman and CEO: Rahul Arora
• CFO: Sunit Malhotra
• COO: Sukhwant Singh
• Chief Strategy Officer: Kelly Lake
• SVP: Tony Alves
Financial Performance
• Revenue Growth:
• 17.5% year-over-year growth in Q4 FY’24 (INR 150 crores)
• Full-year revenue: INR 546 crores
• EBITDA: Decline in Q4, but maintained margins.
• Strategic Milestones:
• Reduced revenue concentration among top customers.
• Positive cash flow enabling generous distributions.
Business Segment Highlights
• Content Solutions:
• 7.5% revenue growth, strong performance in Scholarly segment.
• eLearning:
• 6% revenue increase despite market challenges.
• Optimism for FY’25 growth due to improved operational momentum.
Platform Solutions
• Revenue Growth:
• First revenue growth since acquiring HighWire in 2020, profits up to 30%.
• Product Development:
• Launched two new SaaS products.
• Anticipated growth from customer migrations and new clients.
Acquisitions and Strategic Focus
• Recent Acquisitions:
• Liberate Learning and AJE, aimed at expanding market share and enhancing AI capabilities.
• Liberate Learning expected to grow order book by 25%.
• Client and Employee Retention:
• Focus on acquiring healthy assets with strong momentum and cultural alignment.
Growth Projections
• Earnings Growth:
• Projected 25% year-on-year growth for FY’25.
• Margin Improvement:
• Targeting 25% margin in the short term, 30% in the long term.
AI Impact and Strategy
• Customer Segmentation:
• Clients categorized as cautiously optimistic, hesitant, and indifferent regarding AI.
• Investment in AI:
• Developing tailored language models and exploring further acquisitions.
Market Outlook
• North American and European Markets:
• Positive outlook despite challenges in eLearning.
• Growth Strategy:
• Focus on scholarly, education, and corporate learning sectors.
Financial Adjustments and Future Plans
• AJE Acquisition:
• Cost management challenges but significant operating expense reductions achieved.
• Revenue Structure Shift:
• eLearning expected to drop below 10% of total revenue in FY’25.
• Future Acquisitions:
• Potential deal with over $20 million in revenue expected by year-end.
Conclusion
• Optimism for Growth:
• Confidence in growth trajectory and margin expansion by 2027 or 2028.
• Investor Engagement:
• Expressed gratitude for investor support and feedback.

MPS Limited Conference Call Summary (March 15, 2024)
Acquisition Details
• Date of Conference Call: March 7, 2024
• Acquisition: Research Square AJE LLC and American Journal Online (Beijing) Information Consulting Limited
• Completion Date: February 29, 2024
• Purchase Amount: USD 8.4 million for a 100% stake
• Subsidiary Involved: MPS North America LLC
Key Executives Present
• Rahul Arora: Chairman and CEO
• Sunit Malhotra: CFO
• Prarthana Agarwal: Deputy CFO
Strategic Rationale
• AJE's Business Model: Strong B2C focus with automation and AI in language editing and academic translations.
• Vision 2027 Alignment: Enhances AI capabilities and market reach, especially in China.
• Integration Benefits: Incorporation of AJE's AI tools and entry into B2C market.
Revenue Synergies
• Revenue Breakdown: 70% from consumers, 30% from businesses.
• B2B Opportunities: Acquisition allows MPS to market AJE's services to B2B customers.
• Springer Nature's Role: Divested AJE as a non-core asset despite its revenue generation.
AI Capabilities
• Integration Plans: AJE's AI team to enhance MPS's internal efficiencies.
• Unique Product: "Curie" SaaS product with minimal competition in scholarly publishing.
Financial Projections
• Revenue Stabilization: Expected between INR 200 crore to INR 250 crore in the first year.
• Margin Improvement: Current operating margin at 65%, with plans to enhance margins.
Customer Base Insights
• B2C Focus: Primarily small average order values with no significant customer concentration.
• Cross-Selling Opportunities: Potential for revenue synergies between AJE and MPS.
Competitive Landscape
• First-Mover Advantage: Acknowledged but expects increased competition in the AI market.
• Growth Expectations: Anticipates higher growth rates in the new market.
Future Plans
• Target Geographies: Over 65% of revenue from China; plans to expand into India and Central/South America.
• Additional Acquisitions: Two more acquisitions expected this year, each generating over $20 million in revenue.
• Profitability Goals: Targeting profitability for AJE within 12 months.
Governance and Management Structure
• Management Layers: Established General Management Teams (GMT) and Senior Management Teams (SMT).
• Cultural Commitment: Focus on employee ownership through ESOPs.
Conclusion
• Future Outlook: Optimistic about FY'25 performance despite missing PAT guidance for FY'24 due to project delays.

MPS Limited Q3 FY '24 Earnings Conference Call Summary
Key Executives
• Chairman and CEO: Rahul Arora
• CFO: Sunit Malhotra
• COO: Sukhwant Singh
Financial Performance
• Q3 EBITDA: Flat at INR 44.64 crores, margins at 8.1%
• Year-to-Date EBITDA Growth: 14.4% despite 6.62% revenue growth
• Customer Diversification: Top 10 customers account for <50% of revenue
Business Segment Highlights
• Content Solutions: 8% revenue growth, driven by scholarly marketplace capabilities
• Education Segment: Temporary setbacks expected to correct in FY '25
• eLearning Segment: Challenges due to project deferment; optimism for recovery in Q1 FY '25
• HighWire Platform: 5% revenue increase with new SaaS products
Strategic Plans
• AI/ML Advancements: Focus on enhancing operations and efficiency
• Acquisition Plans: Targeting companies with revenues >USD 20 million in 2024
• Capital Allocation: Emphasis on shareholder returns, considering buybacks vs. dividends
Guidance and Challenges
• Consolidated PAT Guidance: Expected to fall short of INR 140 crores due to INR 40 crores revenue deferment
• Long-term Vision: Confidence in achieving INR 1,500 crores revenue by 2027
Operational Insights
• Star Account Strategy: Aimed at increasing engagement and business lines
• Platform Business Focus: Targeting growth in North America with key products
• Market Trends: Increased demand for resilient supply chains and subscription models
Future Outlook
• Revenue Growth Projections: 10-15% for content, 15% for platforms, 15-20% for eLearning
• Geographic Expansion: Ongoing efforts through acquisitions
• Client Investment Willingness: Clients are willing to invest more if value is justified
Additional Discussions
• Asset Management: Options for selling or utilizing certain assets
• Long-term Guidance: Strategy to increase guidance amidst economic conditions
• Corporate Development Team: Established to identify suitable acquisition deals
Conclusion
• Management Confidence: Strong belief in Vision 2027 and scaling the business in 2024
• Stakeholder Support: Gratitude expressed for ongoing support and engagement

MPS Limited Earnings Conference Call Summary (October 27, 2023)
Financial Performance
• Q2 and H1 FY24 Results:
• 9.51% revenue growth for H1 FY24.
• 27% increase in profit after tax (PAT) for H1 FY24.
• Positive outlook for H2 FY24.
Business Highlights
• Content Solutions:
• New capabilities launched to enhance revenue quality and customer retention.
• eLearning Segment:
• Positive outlook despite modest Q2 performance.
• Successful integration of Liberate Learning acquisition.
• HighWire Platform:
• Double-digit revenue growth for the first time since acquisition.
• 7% revenue growth (FX-adjusted) in Q2 FY24.
Strategic Initiatives
• AI/ML Developments:
• Emphasis on differentiating MPS in a fragmented market.
• Future Acquisitions:
• Targeting businesses with at least 15% EBITDA and 10% revenue growth.
• Dividend Announcement:
• Interim dividend of INR 30 per share recommended.
Growth Projections
• PAT Guidance:
• Conservative estimate of crossing INR 130 crores for FY24.
• Long-term Vision:
• Aim for 25% CAGR by FY28 through acquisitions and organic growth.
Market and Operational Insights
• eLearning Revenue:
• Constitutes 25% of total revenue; target of INR 1,500 crores by FY27/FY28.
• Managed Training Solutions (MTS):
• Early stages of building this business with lower margins.
• M&A Landscape:
• No slowdown in transactions; disciplined valuation approach.
Acquisition Management
• Cultural Fit:
• Importance of alignment of values during acquisitions.
• Collaboration with Founders:
• Clear roles and expectations established post-acquisition.
Customer Engagement Strategies
• Star Account Strategy:
• Focus on deepening relationships with 100 key customers.
Communication and Investor Relations
• Evolving Communication Style:
• Enhanced effectiveness in conveying vision and strategy.
• Future Capital Redistribution:
• Decisions on dividends or buybacks contingent on cash position post-acquisition.

MPS Limited Q1 FY '24 Earnings Call Summary
Financial Performance
• Revenue: Increased to INR 133 crores (16.61% growth).
• EPS: INR 17.84 (up 47.8%).
• High-Margin Operations: Return to high-margin operations and reduced customer concentration.
Segment Growth
• Content Solutions:
• 10% revenue growth.
• 28% increase in profit before tax (PBT).
• eLearning Segment:
• Grew by 31%, contributing 25% of total revenue.
• Positive impact from E.I. Design acquisition.
Platform Business Update
• Revenue Growth: Double-digit growth for the first time since HighWire acquisition.
• PBT Increase: 58% increase for Q1 FY '24.
• Product Roadmap: New features and three planned product launches.
Strategic Initiatives
• Mission Shift: Focus on product development and innovation, leveraging AI/ML through MPS Labs.
• Acquisition Strategy: Targeting businesses with at least 15% EBITDA and 10% growth; prioritizing internal funding.
Future Growth Plans
• Revenue Target: INR 1,500 crores by FY28.
• Acquisition Preferences: Majority control (60-75%) and staged buyouts to mitigate risks.
Investor Engagement
• Questions Addressed:
• Growth expectations for Magineu and eLearning.
• Employee costs and seasonality in business.
• Margin Expectations:
• Content and Platforms: 40-45%.
• eLearning: 25-27%, with a long-term goal of exceeding 30%.
Market Outlook
• eLearning Sector: Valued at over $300 billion; MPS is a small player with growth opportunities.
• Generative AI Initiatives: Focus on expanding capabilities and market presence.
Conclusion
• Optimism for Future: Positive outlook on growth and investor engagement.

MPS Limited Earnings Call Summary (May 25, 2023)
Overview
• Earnings call held on May 18, 2023, discussing Q4 and FY '23 results.
• Key executives present: Rahul Arora (Chairman & CEO), Sunit Malhotra (CFO), Sukhwant Singh (COO), Tony Alves (Senior VP), Rajesh Jumani (Chief Revenue Officer).
Financial Performance
• Q4 Results:
• FX-adjusted revenues up 15.7%.
• Profit Before Tax (PBT) grew 41.5% year-over-year.
• FY '23 Milestones:
• Revenue reached INR 500 crores.
• Profit After Tax (PAT) exceeded goals at INR 109.19 crores.
Business Segment Highlights
• Content Solutions:
• Growth driven by revised go-to-market strategy and new product launches.
• Platforms:
• Revenue increased by 2.4%, focusing on product development and customer acquisition.
• eLearning:
• Became the second-largest segment with revenues of INR 127 crores.
• Successful launch of the Experience Center business, Magineu.
Growth Strategy
• "Going Gestalt" Strategy:
• Focus on cross-selling, acquiring new customers, and integrating design capabilities.
• Qualified Institutional Placement (QIP):
• Board approved raising up to INR 250 crores for acquisitions, contingent on deployment confidence.
• Dividend Recommendation:
• Final dividend of INR 20 per share proposed.
Market Position and Future Outlook
• AI and Efficiency:
• MPS positioned to leverage AI/ML technologies for market consolidation and efficiency.
• Margin Improvements:
• Content and Platform segments exceeding 40% margins; eLearning at 25%.
• Future Revenue Goals:
• Targeting INR 1,500 crores by FY '28, with 60% from acquisitions and 40% organic growth.
Customer Base and Offerings
• Segments:
• Content: Comprehensive content solutions from creation to delivery.
• Platforms: Configurable solutions as Platform-as-a-Service.
• eLearning: High-impact learning solutions using AR and VR technologies.
Conclusion
• Management expressed optimism about future growth and the potential of new business segments.
• Emphasis on maintaining margins while pursuing aggressive growth strategies.
• Commitment to Vision 2027 goal of reaching INR 1,500 crores by FY '28.

MPS Limited Earnings Call Summary (February 3, 2023)
Earnings Overview
• Date of Call: February 3, 2023
• Key Executives Present:
• Rahul Arora (Chairman and CEO)
• Sunit Malhotra (CFO)
• Sukhwant Singh (Chief Delivery Officer)
• Rajesh Jumani (Chief Revenue Officer)
• Record EPS: INR 17.28
• Revenue Growth:
• FX-adjusted revenues increased by 18.16% year-over-year to INR 132.4 crores.
• Growth driven by Content business and eLearning sector.
Business Performance
• Content Solutions:
• Nearly 10% revenue increase.
• 44% rise in segment profit, particularly from the Journal division.
• eLearning Sector:
• Significant growth due to new projects and EI Design acquisition.
• Expected sustainable annual growth rate of 15-20%.
Financial Targets and Plans
• Profit After Tax (PAT) Target: INR 100 crores for FY '23.
• Employee Stock Option Plan (ESOP): Successfully implemented, with discussions on equity dilution.
• EBITDA Margins: Expected to maintain 36-40%.
Investor Inquiries
• Keshav Garg:
• Inquired about ESOP trust share issuance and sustainability of eLearning revenue.
• Arora confirmed primary issuance necessity and sustainable growth expectations.
• Rishikesh Kale:
• Raised concerns about increased expenses and AI impact.
• Arora viewed AI as an opportunity for efficiency.
Growth Strategy
• Integrated Approach: Shift from separate segments to a focus on customer market segments (Scholarly, Education, Corporate).
• Market Strategies:
• Scholarly: Price warrior strategy and product bundling.
• Education: US-based content development and immersive learning.
• Corporate: Leveraging EI Design for marketing and geographic expansion.
Long-term Vision
• Revenue Target: INR 1,500 crores by FY '27.
• Growth Composition: 60% of incremental revenue expected from inorganic growth through acquisitions.
• Potential New Business Line: Organic expansion into Marketing Communications.
Conclusion
• Optimism for Future: MPS Limited aims to become a leading provider in experiential learning, with a strong growth trajectory and strategic acquisitions planned.