MT Educare Limited (MTEL), a leading education support and coaching services provider in India, announced its financial results for the quarter and nine months ended December 31, 2012.
MTEL reported a consolidated net profit of Rs 1637.11 lacs for the nine months ended December 31, 2012. Total Consolidated Income for the first nine months of FY 2012-13 stood at Rs. 12215.89 lacs. The total revenues for the previous year 2011-12 stood at Rs 13057.40 Lacs.
While commenting on the results, Mr. Mahesh Shetty, Chairman and Managing Director said, “We have seen higher fee realizations in the current year. Also, MTEL, with the help of Lakshya promoters, launched IIT entrance coaching in Mumbai under the brand “Lakshya”, and we are witnessing substantial interest in students aspiring for IIT. The admissions have already opened for the next academic year. MTEL is always on the lookout for newer growth opportunities which will add value to our existing verticals.”
MTEL added 16 coaching centers during the first nine months of the current financial year, thereby taking the total number of centres to 207 as on 31st December 2012.
During this quarter, MTEL successfully implemented SAP with effect from 1st November 2012. The company is expecting to generate operational efficiencies going forward leading to incremental cost savings.
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