As per the below snippet from AR, company recognize registration fee on the commencement of semester & course fee on straight line basis (& hence creation of contract liabilities).
Even if we assume some seasonality (and after considering below text on website), Q1 should have higher margins, which is not the case. In my view, H1 margins is the sustainable level of margins and last year was the one-off for some reason, in which case normalization of it will take 2 quarters, which would lead to slower YoY growth in H2
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