MT Educare Ltd.
MT Educare Limited (MTEL), a leading Education support and coaching services provider in India announced its unaudited consolidated financial results for the quarter ended 30th September, 2019.
MTEL in Q2 FY20 reported Consolidated Operating Revenues at Rs. 64.4 Crores as against Rs. 62.7 Crores in the previous quarter (Q1 FY 20), and Rs. 58.2 Crores in Q2 FY19; thereby registering a growth of 11% in revenue. Science division continues to be the major contributor to revenue. As mentioned in the previous quarter earnings release, due to re-alignment in the pricing of Robomate+ subscriptions, the overall accrued revenue shall be gradually recognized in the forthcoming quarters. Revenue from Government projects has gained momentum in this financial year.
MTEL posted EBITDA of Rs. 15.9 Crores (25% EBITDA margin) in Q2 FY20 as compared to Rs. 8.3 Crores (14% EBITDA margin) in Q2 FY19 and Rs. 12.9 Crores (21% EBITDA margin) in previous quarter (Q1 FY20).
In H1 FY 20, the company posted EBITDA of Rs. 28.8 Crores as compared to Rs. 15.7 Crores in corresponding H1 of FY19. This growth in EBITDA margin is also on account of cost efficiencies that have been implemented by the company.
MTEL in Q2 FY20 (at consolidated level) posted Profit Before Tax of Rs. 7.8 Crores against Rs. 5.3 Crores in the previous quarter and Rs. 2.5 Crores in the corresponding quarter of the previous financial year (Q2 FY 19) witnessing a phenomenal 45% growth in Profit Before Tax as compared to the previous quarter and 204% growth as compared to the corresponding quarter of the previous financial year.
MTEL in Q2 FY 20 (at consolidated level) posted Profit after Tax of Rs. 5.3 Crores against Rs. 4.0 Crores in the previous quarter and against Rs. 1.2 Crores in the corresponding quarter of the previous financial year (Q2 FY 19) indicating a growth of 33% and 361% as compared to the previous quarter and with the corresponding quarter of the previous financial year.
Mr. Mahesh Shetty, Whole-time Director, said, “MT Educare Ltd is well-poised for ‘Taking Indian Education to a new peak of glory’. Your company has shown excellent performance and continued the momentum in the first half of this financial year. I am glad with the performance of Lakshya School and Junior College which has crossed the mark of 1800 students in 1st year itself."
Mr. Sanjeev Garg, CEO and Whole-time Director, said "Lakshya Prep High School & Junior Colleges across Mumbai & MMR have been flagged off and our College admissions in first year have crossed the mark of 1800. This overwhelming response indeed makes FY21 even more bullish as from next year we will be running 2 batches XI as well as XII."
Established in 1988, MT Educare Ltd (a subsidiary of Zee Learn Ltd and an integral part of the prestigious Essel Group) is one of the leading education support and coaching services provider in School, Science and Commerce streams. Based out of Maharashtra (headquartered in Mumbai), MTEL has significant presence in Gujarat and Maharashtra in Western India; Karnataka, Tamil Nadu, Andhra Pradesh & Telangana in Southern India; Punjab, Haryana & Uttar Pradesh in Northern India; Assam, Meghalaya, Manipur & Arunachal Pradesh in Eastern (North East) India. MT Educare offers specialized coaching from Class VIII to Class XII along-with national level examinations like the JEE Advanced and Mains as well as State-level exams (MHT-CET, K-CET, EAM-CET) for Engineering, NEET & AIIMS for Medical, Foundation / Intermediate / Final for CA & commerce, CAT/CET for MBA aspirants, Skill Development courses to deprived youth and civil services’ exams. MT Educare group trains more than 1,00,000 students annually across the length and breadth of our country under its various brand names such as Mahesh Tutorials, Lakshya, CPLC, Mahesh PU College, Sri Gayatri Academy, Lakshya Prep High School & Junior College, MT UVA & through its online platform Robomate+ along-with the ‘My R+ book’. MT Educare has over 270+ Coaching centres / Junior colleges / PU Colleges / Intermediate Colleges / Skill Development centres spread across 135+ locations in 12 states currently, with faculty strength of over 1,900 well trained teachers / trainers. At MT Educare, technology enabled learning models with the help of Robomate+, advanced teaching pedagogies with R+ book and learning management systems have revolutionized & empowered the classroom teacher(s) to the fullest. MT Educare group is indeed well-poised for ‘Taking Indian Education to a new peak of glory’ in the years to come.
Sanjeev Garg, Chief Executive Officer MT Educare Ltd.,