S Chand and Company Ltd announces about impact of New Education Policy

The draft of the New Education Policy 2019 was submitted to the Honourable Union Human Resource Development Minister, Mr. Ramesh Pokhriyal ‘Nishank’ and Honourable Minister of State for HRD, Mr. Sanjay Shamrao Dhotre on 31st May, 2019. This draft policy comes after extensive consultations undertaken across multiple levels ranging from village, block, urban local bodies, district, state, zonal and the national level stakeholders.

Timeline for Implementation

The Draft NEP has called for announcement of New Curriculum Framework (NCF) by end of CY2020. Post the release of the NCF, the publishers would start to develop content and then publish books adhering to the new curriculum.

Impact of NEP Going ahead

We see the following impact arising from the changes suggested in the draft NEP. Do keep in mind that this NEP is a draft and the final version can have changes to these draft provisions.

– Partial impact in FY21, Full impact from FY22 onwards. If the NCF is announced by end 2020 then we, at S Chand, being a leader in the space with inhouse content development teams would be able to cater to demand for new books from the Academic year 2021-22 itself. However, we foresee a scenario where a huge part of the industry would not be able to deliver content pertaining to the new curriculum in Academic year 2021-22 due to the paucity of time for developing and publishing new content. Thus, there can be a situation where a lot of schools would be able to adopt the new framework books from Academic year 2022-23 onwards. This means that on the sales front we can see an uptick in FY21 from partial sales of new curriculum books but the complete impact would be felt from FY22 onwards.

– Strong runway of growth for at least 2-3 years. Since the New Curriculum is being developed after a gap of 15 years, it would remove the second hand book market completely and would lead to very strong growth for at least 2-3 years.

– Lessons from 2005 NEP/NCF roll out. During 2005 NCF announcement, the new syllabus was rolled out over a period of 3 years with 5 grades moving to the new syllabus in Year 1, another 5 grades moving to new syllabus in year 2 and 2 grades moving to new syllabus in year 3.

Key changes proposed in draft New Education Policy 2019 (NEP 2019)

The draft policy is a comprehensive 484-page document. (Link given at the end of press release for the complete policy). We are summarising some of the key changes that the policy is proposing for the education sector going ahead-:

– In school education, a major reconfiguration of curricular and pedagogical structure with Early Childhood Care and Education (ECCE) as an integral part of school education is proposed.

– Restructuring school curriculum and pedagogy in a new 5+3+3+4 design.

– No hard separation of learning areas in terms of curricular, co-curricular or extra- curricular areas and all subjects, including arts, music, crafts, sports, yoga, community service, etc will be curricular.

– Exposure to three or more languages in schools and have flexibility in the choice of languages. A two-year relevant course on a classical language in Grades 6-8 with the option to continue through secondary education and university.

– Introduction of course on critical issues facing the community, the country, and the world for all students in Grades 7-8 and course on current affairs for all students in Grades 9-12.

– Following the shrinking of the curriculum content in each subject to its core, NCERT textbooks will be revised to first contain only the essential core material in each subject, keeping in mind a constructivist, discovery-based, analysis-based, engaging, and enjoyable style of learning in accordance with the revised NCF.

– Census examinations in Grades 3, 5, and 8 in addition to board examinations in 10th & 12th.

– Restructuring of Board examinations to eliminate the “high stakes” aspect of Board Examinations, all students will be allowed to take Board Examinations on up to two occasions during any given school year.

– Moving towards a higher educational system consisting of large, multidisciplinary universities and colleges

Opportunities from Draft NEP 2019

– Mandate for regional variations means new content opportunity from customisation for “local flavours”.

– Enlargement of market for workbooks and side books on languages and maths in 1 to 5 for “writing hour”, puzzle solving etc.

– Development of new series for art integration and 21st century learning subjects.

– New market would be developed with focus on classical languages.

– Larger market for regional languages adoption in schools.

– Many new courses to be introduced – Languages of India, Vocational Skills and Crafts, Ethics and Moral Reasoning.

– Many extracurricular subjects to move to core subjects should lead to higher adoption rates – Sports/Yoga, Music, Dance, Art etc.

– Fixed syllabus for pre-primary would help regularise this segment for us.

Shares of S Chand and Company Ltd was last trading in BSE at Rs.88 as compared to the previous close of Rs. 91.65. The total number of shares traded during the day was 2133 in over 85 trades.

The stock hit an intraday high of Rs. 90 and intraday low of 84. The net turnover during the day was Rs. 187073.

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