Veranda Learning Solutions Reports a Strong Performance in Q2 & H1 FY24

Chennai, November 9, 2023: Veranda Learning Solutions Limited, a public listed Education company (BSE: 543514, NSE: VERANDA) and a pioneer in the industry offering end-to-end Education services solutions, announced its financial results for the second quarter and the half year ended September 30, 2023. The company has reported a robust Revenue of Rs. 100.27 crores for the quarter compared to Rs. 38.77 crores in the same period last year. Veranda continues to focus on delivering high-quality, result-oriented preparatory courses for aspirants in India.

The company announced an EBITDA of Rs. 22.39 crores 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 157.06 %. Their total revenue for H1FY24 stood at Rs. 170.75 crores, a significant increase compared to the Rs. 67.40 crores 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.

Key Consolidated Financial Highlights:

Total Operating Revenue stood at Rs. 98.37 crores in Q2FY24 compared to Rs. 36.88 crores in Q2FY23 a growth of 166.7% YoY; Total Operating Revenue for H1FY24 stood at Rs. 167.27 crores compared to Rs. 65.07 crores in H1FY23 witnessing a growth of 157.06% YoY.

The Total Revenue stood at Rs. 100.27 crores in Q2FY24 compared to Rs. 38.77 crores in Q2FY23 a growth of 158.6% YoY; Total Revenue for H1FY24 stood at Rs. 170.75 crores compared to Rs. 67.40 crores in H1FY23 witnessing a growth of 153.34% YoY . 

The Gross Profit stood at Rs. 60.18 crores with a Gross Profit margin of 61.18% in Q2FY24 compared to Rs. 15.06 crores and Gross Profit margin of 40.84% in Q2FY23; In H1FY24 the Gross Profit stood at Rs. 98.57 crores with a Gross Profit margin of 58.92% in H1FY24 compared to Rs. 26.96 crores and Gross Profit margin of 41.43% in H1FY23. 

Advertising and business promotion expenses for Q2FY24 & H1FY24 stood at Rs. 14.46 crores and Rs. 24.74 crores respectively

The Company reported an EBITDA of Rs. 16.75 crores in Q2FY24 compared to loss of Rs. 15.00 crores in Q2FY23. The EBITDA for H1FY24 stands at Rs. 22.39 crores as compared to a loss of Rs. 28.41 crores in H1FY23; The adjusted recurring EBITDA for the quarter Q2 FY24 stood at Rs 17.85 crores and Rs 25.02 crores for H1FY24.

Speaking on the strong financial performance, Suresh Kalpathi, Executive Director and Chairman, Veranda Learning Solutions said,  “I am thrilled to share with you the outstanding performance of our company during Q2FY24 and H1FY24. The numbers speak for themselves - our revenue has surged by an impressive 167% in Q2FY24. This is a clear testament to the hard work and dedication of our teams, as well as validation of our strategic decisions. 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.”