The next 6 months should be telling for SCL. The number of...

The next 6 months should be telling for SCL.

The number of schools registered on the platform as of October 15, stands at 446.

If we take a September 30 estimate of 426 schools (assumes a faster uptake in the two weeks of October) that equates to 10% QoQ growth.

Given a COVID affected FY20, a fairer comparison would be with the corresponding quarters in FY19. At which period, QoQ growth was at 4%.

As a comparison, Search Associates currently have 737 registered schools on their platform.

Growth appears to be taking off again, and at this price, downside appears limited. Yet I am still finding it difficult to gather enough conviction for a substantial investment.

361 schools - End of June 19 (Q2, FY 19)

374 schools - End of September 19 (Q3, FY 19)

= 4% growth

388 schools - End of June 20 (Q2 FY20)

350 schools - End of September 20 (Q3 FY20)

= 11% decline (COVID affected)

386 schools - End of June 21 (Q2 FY 21)

446 schools - End of September 21 (Q3 FY21)*

= 15% growth

*Includes additional 2 weeks of October

Estimated number of schools at September 30, 2021 : 426

= 10% QoQ growth