Educomp Solutions Ltd reported audited numbers for the quarter ended Sep 30, 2012.
Q2-FY13 Consolidated Highlights
Consolidated Revenue was Rs 3,021mn, down 6% on a yoy basis
EBITDA was Rs 714mn, up by 3% compared to Q2FY12
EBITDA margin was 24%, compared to 22% during the same period last year
Net profit was Rs 36mn
Q2-FY13 Segmental Highlights (Consolidated)
School Learning Solutions Revenue was Rs 1,671mn
K-12 Schools Revenue was Rs 482mn, up 9% on a yoy basis
Higher Learning Solutions Revenue was Rs 227mn, up 155% on a yoy basis
Online, Supplement & Global Revenue was Rs 642mn, up 34%
Q2-FY13 Business Highlights
SmartClass added 5,112 classrooms in Q2FY13 across 787 schools
SmartClass Price for Q2FY13 was Rs 3.46 lakh, as compared to Rs 3.2 lakh in Q1FY13, an increase of 9% (QoQ) signalling price stabilization after several quarters of price erosion
SmartClass now reaches 14,292 schools and 6.6 million students
ICT business EduReach reaches 10,771 schools and 5.9 million students
K12 business had a total of 37,480 students enrolled across 66 schools; K12 subsidiary EISML Revenue was Rs 332mn, up 23% on a yoy basis, with an EBIT margin of 67%
Capex reduced by ~46% as compared to Q2 FY12 on back of asset-light strategy adopted in K-12
Stabilization of SmartClass pricing: Q2 price averaged at 3.46lacs compared to Q1 price of 3.2 lacs
Balance Sheet Strengthening: Post IFC/ Proparco deal, discussions ongoing with several developmental institutions for long term capital to improve the asset-liability mismatch
Working Capital management: Inventory days in SmartClass down from 64 days at the beginning of the financial year to 41 days at the end of Q2
Consolidation initiatives: Non-billable personnel expenses have decreased by 13% since the beginning of FY13
Technology Integration: Discussions ongoing with leading Technology player to leverage technology to optimize costs across our entire business
K-12 Asset Light Strategy: Continued reduction in capex QoQ
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