Chennai : Veranda Learning Solutions, a public listed Education company (BSE: 543514, NSE: VERANDA), has announced its financial results for Q1FY24. The company has recorded positive EBITDA of Rs. 5.64 crores for the quarter compared to a negative EBITDA of Rs. 20.20 crores in the last quarter underscoring the company’s commitment to sustainable and profitable growth along with providing affordable quality education.
Veranda Learning has reported an EBITDA of Rs. 5.64 crores for Q1FY24, a significant turnaround from the operating loss of Rs. 13.39 crores for the same period last year. The company witnessed an impressive revenue growth of 146.15% Y-o-Y with total revenue for Q1FY24 standing at Rs.70.48 crores compared to Rs. 28.63 crores in Q1FY23. The company clocked bookings of Rs. 95.85 crores for the quarter and hit an ARR of Rs. 475.68 crores in cash collection along with an average daily collection of Rs 1.3 crores in June.
Speaking on an exceptional quarterly performance, Mr. Suresh Kalpathi, Executive Director and Chairman, Veranda Learning Solutions said, “I am extremely pleased to announce that we have turned EBITDA positive for the quarter backed by a remarkable revenue growth. This represents a significant milestone in the company’s journey and is a step towards long term value creation for all its stakeholders. This growth comes on the back of scaling of existing revenues as well as cost optimisation exercises undertaken by the company.”
“In the last quarter, the Company had announced signing of definitive agreements with seven new businesses. In addition, we have announced partnership with Sreedhar’s College of Competitive Exams which deepens our competitive test prep presence in newer geographies whilst also expanding our presence in the publishing business. These acquisitions will consolidate Veranda’s position as a comprehensive education player in the sector.”
The company remains optimistic about its future prospects and is well-positioned to capitalize on the emerging opportunities in the education industry. In the last quarter, the Company had announced signing of definitive agreements with multiple new businesses that deepen the roots of the Veranda ecosystem.
The offerings of Veranda group now includes placement training and skill development courses for college students , private banking test preparation, operating and providing services to K-12 schools , publishing and distributing educational material, Virtual internships (an integral part of the directives of NEP) and Hire- Train and Deployment of graduates with industry relevant technology skills.
We are also partnering with leading players in the government test prep space in Kerala, AP &Telangana enabling Veranda Race to become the largest Govt test prep player in South India. The company has also partnered with Logic School of Management to strengthen and deepen its commerce offerings in Kerala.
These associations are expected to take the proforma EBITDA for Veranda Learning to over Rs 100 crores for FY 23-24 with the overall revenue expected to grow by 100% over last FY propelling Veranda to the next orbit of its growth as the company envisions to become a one-stop provider of affordable and high quality education services in India.