Veranda Learning Solutions Q2 results: Net loss narrows sharply to Rs 1.5 cr

Veranda Learning Solutions Limited, which offers end-to-end education services solutions, said its net loss narrowed sharply to Rs 1.5 crore for the quarter ended September 30, 2023. The Chennai-headquartered company has reported 167% surge in Q2FY24 revenue at Rs 98 crore as against Rs 37 crore in the year-ago period. "Veranda continues to focus on delivering high-quality, result-oriented preparatory courses for aspirants in India," said the firm in an earnings release.

The company announced an EBITDA of Rs 22.39 crore for H1FY24 marking a substantial recovery from the operating loss of Rs 28.41 crores in the corresponding period of the previous financial year. This was possible on the back of a remarkable revenue surge, arising out of a year-on-year operating revenue growth of 157%. Their total revenue for H1FY24 stood at Rs 170.75 crore, a significant increase compared to the Rs 67.40 crore recorded in H1FY23.

The total number of students trained by the Veranda Group for H1FY24 stood at 4,21,327 with 2,00,574 students trained this quarter.

Suresh Kalpathi, Executive Director and Chairman, Veranda Learning Solutions said, "The improvement in EBITDA margin shows the strength and resilience of our business operations and the acquisitions. After a challenging period of assimilating assets in the education ecosystem over the past two years, we can proudly say that we are now reaping the rewards. We have successfully stitched a fabric through strategic acquisitions, further enhancing our competitive advantage in the market. We are close to achieving the dream of being present across the entire education value chain.

"We are confident that this momentum will persist, as we continue to drive growth from both our existing and newly acquired businesses. The future looks promising, and we remain committed to delivering exceptional results and value for our stakeholders.”

On Thursday, Veranda Learning Solutions' scrip on BSE closed trading 4% lower at Rs 213.15.

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