MT Educare Limited (MTEL), a leading education support and coaching services provider in India, announced its financial results for the quarter and six months ended September 30, 2012.
The company has reported a consolidated net profit of Rs.1151.13 Lacs for the six months ended September 30, 2012, as compared to Rs.962.19 Lacs in the corresponding period last year, thereby reporting a y-o-y growth of 20%. Total Consolidated Income for the first six months of FY 2012-13 stood at Rs.8284.82 Lacs, a rise of 15% y-o-y.
The Board declared an interim dividend of Re.1 (10 %) per equity share of Rs.10 each, resulting in a dividend payout amounting to Rs.459.64 Lacs (inclusive of dividend tax). The record date for the entitlement thereof has been fixed as 16th November, 2012.
While commenting on the results, Mahesh Shetty, Chairman and Managing Director said, “We are encouraged by the first six months performance that was possible due to increasing response to our service offerings in the school section. We have witnessed a robust quarter with increasing students’ enrolments.”
The company added 8 coaching centers during the first six months of the current financial year, thereby taking the total number of centres to 199 as on 30th September 2012.
The company appointed Yagnesh Sanghrajka as its Chief Financial Officer. Yagnesh has over 20 years of working experience in large corporates, especially in the services sector.