Global Education Ltd Management Discussions

GLOBAL ECONOMIC SCENARIO :-

The global economy has undergone signi cant transformation in recent years, shaped by a series of disruptive events. The initial shock from the COVID-19 pandemic resulted in widespread supply chain challenges, followed closely by the Russia-Ukraine con ict, which created instability in global energy and food markets. These disruptions fueled in ationary pressures, prompting a synchronized monetary policy tightening by central banks worldwide. While concerns of a deep global recession loomed, the world economy demonstrated unexpected resilience-registering a GDP growth of 3.2% in CY 2023. The latter half of the year saw stronger-than-anticipated performance in the United States and several major emerging markets, though regions such as the eurozone experienced sluggish growth due to weak consumer sentiment and the lingering e ects of elevated energy prices on interest-sensitive sectors.

Despite this resilience, the global economy remains exposed to short and medium-term risks. In ation continues to persist in many countries, and geopolitical tensions-particularly in the Middle East-pose ongoing threats to energy stability and global in ationary trends. With central banks signaling a prolonged period of elevated interest rates, borrowing costs are expected to remain high, tightening credit conditions across sectors. For industries like education, this economic environment has led to a more cautious approach to spending, particularly among institutions that rely on government funding or tuition-based revenues. However, the global shift toward digitization, lifelong learning, and workforce upskilling continues to drive demand for innovative educational services and solutions, creating both pressure and opportunity for providers in the education support ecosystem.

In this complex environment, GEL has maintained strong momentum, underpinned by a strategic focus on client-centricity, innovation, and operational agility. The company has deepened its partnerships with educational institutions by delivering tailored, scalable solutions that address evolving institutional challenges-from administrative e ciency and digital transformation to student engagement and outcome measurement. Continued investments in technology, talent, and capability building have not only strengthened GELs service o erings but also enhanced its ability to support clients in achieving long-term resilience and growth. As educational institutions globally adapt to new expectations and scal realities, GEL remains well-positioned to drive value and deliver impactful support across the education landscape in FY 2024 25. Investments in organic talent development, research, innovation, intellectual property, brand enhancement, and the cultivation of new capabilities have expanded the companys client base and bolstered customer satisfaction through improved execution.

INDIAN ECONOMIC SCENARIO :

India continues to exemplify a compelling growth trajectory, marked by resilience, innovation, and forward-looking policy measures. Over the past decade, the country has navigated complex global challenges-including the COVID-19 pandemic and geopolitical instability-with remarkable agility. Its ability to rebound swiftly and drive sustainable, inclusive development has set it apart from many global peers. Indias real GDP is projected to grow at an average rate of 7.9% between FY22 and FY24, underscoring the strength of its economic fundamentals and the e ectiveness of its post-pandemic recovery strategies. This transformation has seen India rise from the tenth-largest economy to the fth-largest globally, laying a solid foundation for long-term growth across all major sectors, including education.

The rst half of FY2024 25 witnessed robust domestic consumption and a surge in capital expenditure, both of which signi cantly contributed to Indias growth momentum. The services and industry sectors played a pivotal role in driving this expansion, re ecting broader improvements in infrastructure, digital connectivity, and economic formalization. As per the IMF, India is on track to become the third-largest economy by 2027 in USD terms at market exchange rates. This growth is expected to contribute 200 basis points to global economic expansion over the next ve years. Such progress bodes well for the education sector, which remains a key enabler of Indias demographic dividend and a cornerstone of its knowledge-based economy.

For companies providing business support services to the education ecosystem, these macroeconomic trends signal strong growth potential. Increased government focus on digital learning, skill development, and public-private partnerships is creating fertile ground for innovation and service delivery at scale. With rising demand for outcome-driven education, enhanced student experience, and operational e ciency, GEL is well-positioned to support educational institutions through technology-led solutions, consulting, and execution support. The companys ongoing investments in capability development, client-centric models, and strategic partnerships ensure its continued relevance and impact as Indias education sector scales to meet the evolving needs of learners and institutions alike in FY 2024 25 and beyond.

EDUCATION & TRAINING INDUSTRY IN INDIA:

The education industry in India continues to evolve at an accelerated pace, positioning itself as a key contributor to national growth through employment generation, skill development, and revenue creation. The sector is witnessing a paradigm shift, propelled by increasing demand for global education exposure, the widespread adoption of e-learning, and the expanding test preparation and skill development markets. Globalization has intensi ed the focus on quality, with increased private sector participation driving innovation, infrastructure development, and operational e ciency. Within this dynamic landscape, the digital learning segment, particularly e-education & hybrid models, stands out as a high-growth opportunity, transforming how education is delivered, consumed, and assessed.

A major driver of this transformation is internationalization in higher education, with institutions embedding global practices to attract diverse talent, foster academic excellence, and enhance revenue streams. This trend is further reinforced by rising tertiary enrollments and the global movement toward learner mobility and collaboration in research. India, with one of the worlds largest networks of higher education institutions, holds a strategic position in this global education ecosystem. However, despite signi cant scale, there remains a strong push for improving quality, employability outcomes, and infrastructure. National initiatives-such as increasing the Gross Enrollment Ratio to 37% by 2024 and integrating advanced technologies like AI, machine learning, IoT, and blockchain-are expected to signi cantly modernize the sector and align it with future workforce needs.

The Government of Indias continued emphasis on skilling and education reform is evidenced by ambitious initiatives such as the Skill India Mission, which aims to skill 400 million youth by 2024. Liberalized FDI norms, allowing 100% foreign investment via the automatic route since 2003, have attracted substantial funding to the sector-totaling US$ 9.44 billion between April 2000 and September 2023, as per DPIIT. Additionally, a proposed disbursement of US$ 1 billion to states for skill development underscores educations strategic priority at the policy level. In this dynamic environment, GEL remains a key enabler for institutions across the education value chain o ering technology-driven solutions, consulting, and capacity-building services to help educational providers navigate regulatory complexity, improve operational e ciency, and enhance learning outcomes. With its sectoral expertise and commitment to innovation, GEL is well-positioned to support the next phase of Indias education transformation in FY 2024 25 and beyond.

MARKET SIZE

The Indian education market is poised for substantial growth, underpinned by strong demand across traditional and emerging segments. Market estimates project the overall education sector to reach approximately US$ 225 billion by FY25, a near doubling from US$ 117 billion in FY20. A signi cant catalyst for this expansion is the rapid proliferation of edtech solutions, with the Indian edtech market forecasted to skyrocket from US$ 700 800 million in 2021 to an estimated US$ 30 billion by 2031. This surge has positioned India as the second-largest market for e-learning globally, re ecting a fundamental shift in how education and training services are accessed and delivered.

Indias vast and diverse institutional landscape further highlights the sectors scale and potential. As of FY20, over 42,000 colleges were operational, complemented by 1,072 universities as of November 2022. The All India Council for Technical Education (AICTE) approved 8,902 institutions for the 2022 2023 academic year, comprising 3,577 undergraduate, 4,786 postgraduate, and 3,957 diploma institutions. This expansive network underscores the growing demand for integrated academic and administrative support services, driving the need for scalable, technology-enabled solutions that enhance institutional e ciency and educational outcomes.

With online education markets expected to grow by approximately US$ 2.28 billion between 2021 and 2025-at a compound annual growth rate (CAGR) of around 20%-businesses serving the education ecosystem are uniquely positioned to capitalize on this momentum. GELs comprehensive suite of services, ranging from digital transformation and compliance management to learning analytics and institutional consulting, enables educational providers to navigate this rapidly evolving landscape. The companys strategic investments and client-centric approach ensure it remains at the forefront of supporting Indias education sector as it embraces innovation and scale in FY 2024 25 and beyond.

GOVERNMENT INITIATIVES

Union Minister for Education and skill development & Entrepreneurship Shri Dharmendra Pradhan lauded the Interim Budget 2024-25 as a stepping stone to make India a developed country by 2047. The Budget gave further momentum to women-led development, ful lling aspirations and furthering ease-of-living for all, green growth and employment generation leading to incremental all-round development across sectors.

The Indian education sector is at a crucial stage in its growth phase. The countrys demographic advantage of a large young population coupled with low gross enrolment ratios (GERs) presents a huge opportunity to players in the education sector. Government initiatives aimed at the education industry encompass a range of policies and programs designed to enhance various aspects of the sector. Here are some key initiatives

Interim Budget 2024-25 : Lauded by the Union Minister for Education and Skill Development, Shri Dharmendra Pradhan, as a crucial step towards making India a developed country by 2047. The budget emphasizes women-led development, ease of living, green growth, and employment generation to drive inclusive progress across sectors including education.

National Education Policy (NEP) 2020 : A comprehensive reform agenda focusing on foundational literacy and numeracy, curriculum revamping, vocational education promotion, and fostering research and innovation in education.

Skill India Mission (2015) : Aims to train millions of Indian youth through vocational programs to enhance employability and entrepreneurship skills across diverse sectors.

Digital India Initiative : Promotes the use of technology in education by expanding digital infrastructure, improving internet connectivity in schools and colleges, and enhancing digital literacy among students and educators.

Rashtriya Uchchatar Shiksha Abhiyan (RUSA) : A centrally sponsored scheme to improve the quality of higher education, focusing on infrastructure development, faculty enhancement, and equitable access.

Atal Innovation Mission (AIM) : Encourages innovation and entrepreneurship among students through Atal Tinkering Labs (ATLs) in schools, Atal Incubation Centers (AICs) in universities, and support for startups.

SWAYAM Platform: Provides free online courses and learning resources to students nationwide, facilitating access to quality education from premier institutions.

Pradhan Mantri Kaushal Vikas Yojana (PMKVY): A skill development scheme o ering industry-aligned training and certi cation to improve youth employability and entrepreneurship.

Quality Improvement Programs: Initiatives aimed at enhancing education quality at all levels through teacher training, accreditation frameworks, and establishment of quality assurance agencies.

Strategic Impact: These government programs collectively address sector challenges, promote inclusive, quality education, and prepare Indias workforce for future economic demands. For companies like GEL, this policy environment presents opportunities to support educational institutions in adopting reforms, enhancing operational e ciency, and driving innovation.

These initiatives collectively aim to address the challenges faced by the education industry, promote inclusive and quality education, and prepare the workforce for the demands of the future economy.

WAY FORWARD:

In 2030, it is estimated that Indias higher education will:

Hybrid Learning Models: By 2030, Indias higher education is expected to integrate online learning with interactive tools such as gami cation, driving a growth rate of approximately 38% over the next 2 to 4 years.

Innovative Educational Strategies: Adoption of creative and transformational approaches in pedagogy and curriculum design will be critical to meet the evolving needs of students and the workforce.

Gross Enrolment Ratio (GER) Growth: India aims to increase its GER by 50%, signi cantly improving access to higher education across diverse demographics.

Reducing Disparities in Education: Targeted e orts will focus on minimizing state-level, gender-based, and social disparities in GER to less than 5%, fostering inclusive growth.

Global Talent Leadership: India is projected to become the worlds leading talent supplier, with one in every four graduates globally originating from its higher education system.

Research and Development Excellence: India aims to rank among the top ve countries worldwide in research output, supported by an ambitious annual R&D expenditure of US$ 140 billion.

Global University Rankings: More than 20 Indian universities are expected to feature in the top 200 globally, re ecting improvements in quality, research, and academic infrastructure.

Infrastructure and Investment Focus: Continued reforms and increased nancial allocations are set to transform India into a knowledge hub, with substantial investments planned in education infrastructure over the coming decade.

Emphasis on E-learning and Remote Education: Innovative education delivery methods like e-learning and mobile learning (m-learning) will see accelerated adoption, supported by government programs encouraging expansion of remote education.

Expansion of Premier Institutions and Research Support: The governments initiatives to establish new IITs and IIMs, alongside grants for research scholars, will further enhance Indias educational ecosystem.

Digital Transformation: The rising adoption of online education platforms by educational institutions is poised to drive signi cant transformation and growth in the sector.

Education sector has seen a host of reform and improved nancial outlays in recent years that could possibly transform the country into a knowledge heaven. With human resource increasingly gaining signi cance in the overall development of the country, development of education infrastructure is expected to remain the key focus in the current decade. In this scenario, infrastructure investment in the education sector is likely to see a considerable increase in the current decade. Aside from focusing on innovative education methodologies such as E-learning and M-learning, several government programmes are being implemented to encourage the expansion of the remote education business.The Indian government has taken a number of actions, such as creating new IITs and IIMs and providing educational grants for research scholars in most government institutions. Furthermore, the higher education sector in India is poised for signi cant change and development in the years to come as a result of the growing usage of the online form of education by several educational institutions.

E-Learning:

The online education industry is transforming rapidly, and it is evident with the growing adoption of digital learning.

The online education industry is undergoing rapid transformation, driven by the widespread adoption of digital learning. Online platform providers have become central to the education ecosystem, initially serving as connectors between students and content providers. Indias online education landscape comprises a mix of dedicated online-only players and traditional o ine institutions with a digital presence. Additionally, C2C models have emerged, linking individual teachers with students, while B2B o erings are prominent in higher education, where institutions deliver degree and diploma courses through their own platforms or via third-party aggregators.

India has emerged as the second-largest market for e-learning globally, trailing only the US. The sector was valued at approximately US$ 2.46 billion in 2023, serving around 9.5 million users. The year 2021 was pivotal for online education worldwide, establishing blended learning, video classes, and upskilling as enduring trends. The Indian online learning market is projected to grow to US$ 4 billion by 2025, re ecting strong momentum and widespread acceptance.

In FY 2022, online education entered its second pandemic year, unveiling new opportunities for tech talent. Continuous innovations have expanded the sectors capacity to equip learners with new skills and create emerging job roles. Technologies like Augmented and Virtual Reality (AR/VR) and Arti cial Intelligence (AI), already gaining traction, saw accelerated adoption during the pandemic. The edtech revolution is a permanent shift, reshaping how education is delivered. The vast scale of knowledge transfer and interactive learning through edtech platforms have revitalized Indias traditionally rigid education system. Industry reports highlight that revenues of Indian edtech startups have doubled since FY 2018, with user bases projected to reach 37 million paid subscribers by 2025. This growth trajectory presents signi cant opportunities for foreign investment in Indias edtech sector.

Increasing Investments from Venture Capital Firms in Education-Technology to Surge Market Opportunities

Over the past decade, investments in education technology (EdTech) have surged dramatically, with deal volumes reaching nearly 300 transactions by 2020. Simultaneously, the number of venture capital (VC) rms funding EdTech startups has grown substantially. According to the World Economic Forums April 2019 report, global EdTech investments totaled USD 18.66 billion that year. The European EdTech VC Educapitals annual report projected a 77% increase in global EdTech funding in 2018, reaching USD 8.3 billion. The United States, France, India, and China are the leading contributors to this investment landscape. Major investors such as Owl Ventures, Kapor Capital, and Exceed Capital continue to back innovative educational technologies aimed at improving learning outcomes. This growing in ux of capital is expected to fuel signi cant opportunities in the advanced higher education technology market.

Automation to the new normal for schools

The Covid-19 pandemic accelerated the adoption of automation in schools, particularly through ERP software. Educational institutions are increasingly leveraging automation to reduce the workload on teachers and address gaps in the teaching-learning process. This trend is expected to gain further momentum in the coming years. A recent report by Mordor Intelligence highlights that the global ERP market for schools was valued at $8.05 billion in 2020 and is projected to reach $18.82 billion by 2026, growing at a CAGR of 16.2%. The Asia Paci c region, with India at the forefront, is identi ed as the fastest-growing market. The report also emphasizes that automation is becoming the new standard for school operations.

Automation plays a crucial role in e cient school management by meeting the evolving needs of schools, students, and parents. Through ERP software, schools adopt a data-driven approach to streamline operations, ensuring smoother management processes. Beyond enhancing educational experiences for students, ERP platforms enable parents to track their childs academic progress and school activities in real-time. This technology has also facilitated the move toward paperless schools. Overall, automation is optimizing work ows, elevating the quality of education, and strengthening the connection between parents and their childrens school lives.

Corporate Training :

Due to gaps in the Indian education system, which often fails to equip individuals with vocational and job-ready skills, companies must invest substantial nancial resources in organizational training for their employees. This is a key factor driving steady growth in the Indian corporate training market, which is expected to reach Rs. 4,700 crore by FY2025, growing at a CAGR of 12.5% from FY17 to FY24. With the emergence of advanced technologies like Arti cial Intelligence, the demand for training is not only increasing but also becoming more diversi ed. Organizations recognize that beyond routine calendar training, disruptive training approaches are essential to building a more skilled and productive workforce.

Soft skills are gaining increased importance as they enhance communication and collaboration among employees. Employers are increasingly seeking job-ready talent who can contribute e ectively from day one. The technology sector, in particular, has been a signi cant driver of employment growth and plays a crucial role in advancing the governments goal of expanding the economy to $6 trillion by 2025.

Robust Flexibility of Online Learning to Increase Its Popularity :

O ine learning captures maximum share due to the high preference for traditional teaching-learning methods. However, the amalgamation of digitalization such as e-learning or smart learning in the traditional teaching methods. Incorporating advanced learning methods has reduced the facultys workload by automating various educational processes, and it is encouraging organizations to adopt these technologies.

The online learning segment is likely to witness remarkable growth during the forecast period. This is owing to the rise in funding for online education programs. Besides, the scalability and exibility o ered by online learning platforms are likely to aid segmental growth in the forthcoming years.

OPPORTUNITIES IN EDUCATION & TRAINING INDUSTRY:

While the education and training industry in India faces challenges, it also presents signi cant growth opportunities driven by digital transformation, skill development initiatives, and evolving learning preferences. Keeping abreast of market trends and adapting to changing dynamics will be essential for stakeholders to thrive in this landscape. Here are some of the opportunities.

(a) Investments in Education: 100 per cent FDI (automatic route) is allowed in the Indian education sector. An estimated investment of US$ 200 billion is required to achieve the governments target of 33 per cent GER for the education sector by 2025. The government also promotes Public Private Partnership (PPP) and tax concessions to encourage foreign players in the industry. There is a large opportunity for nancial institutions in the sector.

(b) Immense Growth potential: India has the worlds largest population of about 500 million in the age bracket of 5-24 years and this provides a great opportunity for the education sector. The Indian education sector is set for strong growth, buoyed by a strong demand for quality education. The education industry in India is estimated to reach US$ 75 billion by 2023 from US$ 97.8 billion in

2016. The Online Education Market share in India is estimated to grow by USD 2.28 billion from 2021 to 2026. Factors such as skill development and employment and the emergence of cloud computing are signi cantly driving the Online Education Market in India.

(c) Growth driver for Online Education:-

Digital Infrastructure Expansion: Ongoing e orts to improve internet connectivity and digital infrastructure across India are pivotal in driving the growth of online education. Increased access to high-speed internet and mobile connectivity facilitates broader participation in online learning platforms.

Shift towards Digital Learning: The COVID-19 pandemic accelerated the acceptance of digital learning as a viable alternative to traditional classroom-based education. This paradigm shift towards digital learning, coupled with changing attitudes towards online education, fuels the growth of the sector.

A Low-cost Alternative: Online platform needs lower infrastructure cost to serve a large base of students hence leading to saving on cost through economies of scale.

Demand for Upskilling and Reskilling: Increasing demand for upskilling and reskilling in response to evolving industry needs and job market dynamics drives the adoption of online education. Professionals seeking to enhance their skills and stay relevant in a competitive job market contribute to the demand for online courses and certi cation programs.

Customized and Flexible Learning Options: Online education o ers customized learning pathways and exible scheduling options, catering to diverse learning preferences and lifestyles. Learners can access content anytime, anywhere, enabling personalized learning experiences tailored to individual needs.

Technological Advancements: Continuous advancements in educational technology, such as arti cial intelligence, machine learning, and augmented reality, enhance the e ectiveness and interactivity of online learning platforms. Innovative features and tools improve engagement, retention, and learning outcomes, driving user adoption.

Growing EdTech Ecosystem: A thriving ecosystem of EdTech startups and companies fosters innovation and competition, leading to the development of diverse online learning solutions. Investments, collaborations, and mergers within the EdTech sector contribute to the expansion and diversi cation of online education o erings.

Government Initiatives and Policies: Supportive government policies and initiatives, such as Digital India and National Education Policy (NEP) 2020, emphasize the integration of technology in education and promote the adoption of online learning platforms. Strategic collaborations between government bodies, educational institutions, and EdTech companies further propel growth.

Global Market Opportunities: Indias position as a global hub for technology and outsourcing presents opportunities for online education providers to tap into international markets. Leveraging Indias expertise in technology and education, online platforms can attract learners from around the world, driving growth and revenue.

Changing Demographics and Education Preferences: Shifting demographics, including a young and tech-savvy population, coupled with changing education preferences towards convenient and self-paced learning modes, bolster the demand for online education. The desire for continuous learning and skill development further fuels the growth of the online education market in India.

Growing penetration of Smartphone : There are around 291 million smart phone users in India and it is estimated to reach 630 million by 2025. This will further add to the demand for online education due to convenience of medium. Availability of low-cost smartphones has led to an increase in the demand for internet services. This has spurred the demand for online content, including education material, in both rural and urban areas. People are considering online learning as a low cost substitute for traditional learning.

Automation at Scale : Constant look out for smart and intelligent automation solutions.

Going Digital: Increased digital transformation e orts across domains in the post-COVID world. The Internet being a ordable with strong bandwidths and the campaign called Digital India in hand has brought a massive surge in this industry. The government aims to ensure universal access to mobile phones, to facilitate people with high-speed internet, to bring electronic delivery of services, to provide online information and knowledge accessibility easy to all citizens through this campaign.

Emergence of cloud computing: online education market trends in India is the rise of cloud computing. The government, has established the National Digital Library and the National Academic Repository to support e-learning in educational institutions. The adoption of cloud-based learning platforms in the online education market will assist in resolving the issue of insu cient infrastructure and security, resulting in increased adoption of cloud-based learning platforms.

(d) Public Private Partnership (PPP) :

Setting up of formal educational institutes under the Public Private Partnership (PPP) mode and enlarging the existing ones . In the case of PPP the Government is considering di erent models like the basic infrastructure model, outsourcing model, equity/hybrid model and reverse outsourcing model.

(e) Government Initiatives:

Government schemes and policies such as Digital India, Skill India, and National Education Policy (NEP) 2020 provide a conducive environment for investment and innovation in the education sector. Leveraging public-private partnerships (PPP) and participating in government-funded projects can unlock opportunities for stakeholders..

(f) Adoption of the online learning model:

The COVID-19 pandemic precipitated a seismic shift in education delivery and learning practices nationwide. Lockdown measures propelled the swift adoption of the online learning model, which was already gaining momentum as a burgeoning market in India.

Virtual classrooms and a myriad of online tools have revolutionized the interaction between educators and learners, fostering increased familiarity and usage among users. Digital education has ushered in novel opportunities for both teachers and students, enhancing engagement and participation in the learning process.

The integration of cutting-edge technology-driven learning tools such as smartphones, smartboards, MOOCs, tablets, and laptops has fundamentally transformed the educational landscape in schools and colleges, heralding a new era in education delivery..

(g) Start-ups in EdTech

The pandemic catalyzed unprecedented transformations in the education sector, providing fertile ground for start-ups to catalyze change. The Education and Training Industry witnessed a surge in start-up activity and investment compared to 2019. EdTech startups are innovating towards more engaging and personalized products tailored to users learning abilities. The surge in e-learnings popularity, fueled by pandemic-induced restrictions, is expanding its global scope. Consequently, Indias EdTech sector is poised to burgeon into a US$30 billion industry over the next decade, as projected by industry analysts.

The Internet of Things (IoT) emerges as a cost-e ective and potent tool for educational enhancement, enabling a world-class learning experience for all. EdTech companies are diligently pursuing innovative solutions to democratize access to education, leveraging IoT technologies.

(h) E-Learning Platforms:

The proliferation of e-learning platforms o ers opportunities for entrepreneurs and educators to create and deliver high-quality educational content across diverse subjects and domains. Customized learning experiences, interactive tools, and adaptive learning algorithms can enhance student engagement and outcomes.

(i) Inclusive Education: There is a growing recognition of the importance of inclusive education in promoting equity, diversity, and social inclusion. Opportunities exist for initiatives that address the needs of marginalized communities, provide accessible learning resources, and promote inclusive teaching practices.

(ii) Emerging Technologies: Emerging technologies such as augmented reality (AR), virtual reality (VR), blockchain, and data analytics hold potential to transform teaching and learning experiences. Exploring applications of these technologies in education delivery, content creation, and student engagement can open new avenues for innovation and growth

EDUCATION SECTOR - THREATS & CHALLENGES & CONCERNS FOR GEL:

The education industry in India presents signi cant opportunities for growth, but stakeholders should be mindful of potential risks and uncertainties. These include regulatory changes, market competition, economic volatility, technological risks, student enrollment challenges, nancial sustainability, global and geopolitical risks, public health concerns, legal and litigation risks, and environmental, social, and governance (ESG) factors. It is important for stakeholders to proactively manage these risks to ensure the long-term resilience and success of educational institutions in India.

Financial Sustainability and Funding Constraints: Educational institutions may face nancial challenges related to revenue diversi cation, tuition a ordability, fundraising, and grant funding availability. Reduced government funding, budget constraints, and liquidity pressures could impact the nancial sustainability of institutions, particularly in the context of increased competition and operational costs

Lack of infrastructure and essential learning environment: In India, high-speed broadband is either not available in many places or is too expensive, rendering the idea of cost-e ective online education unworkable. Facilities such as optical ber transmission and internet service providers are not available in less developed states or isolated towns. Furthermore, fundamental IT infrastructure, such as advanced hardware, software, and data centres, are not available for services that incorporate both classroom and e-learning. As a result, despite widespread use of the Internet and cellphones, the market for online education faces challenges due to a lack of infrastructure and learning settings.

Digital Infrastructure and Technological Risks: Reliance on digital infrastructure, including internet connectivity, cybersecurity measures, and technological platforms, exposes the education industry to risks such as data breaches, cyberattacks, system failures, and disruptions in online learning delivery. Ensuring the reliability, security, and scalability of digital infrastructure is essential to mitigate these risks

Market Competition and Disruption: Intense competition within the education industry, coupled with the emergence of disruptive technologies and new market entrants, could exert pressure on pricing, market share, and pro tability. Rapid technological advancements and changing consumer preferences may necessitate continuous innovation and adaptation to remain competitive.

Economic Volatility and Market Conditions: Economic volatility, uctuations in consumer spending, and macroeconomic factors such as in ation, currency exchange rates, and interest rates may a ect the overall demand for educational services and discretionary spending by students and institutions. Adverse economic conditions could impact enrollment rates, tuition fees, and funding sources.

Curriculum Relevance: The curriculum often lacks relevance to real-world skills and evolving industry needs, resulting in a gap between education and employment requirements. A rigid curriculum framework limits opportunities for holistic development and practical learning experiences.

Assessment and Evaluation Practices: Traditional assessment methods focus on rote memorization rather than critical thinking, creativity, and problem-solving skills. Overemphasis on examinations and standardized testing perpetuates a culture of academic pressure and sti es innovative teaching approaches.

Quality Disparities: Disparities in educational quality persist across regions and institutions, a ecting learning outcomes and opportunities for students. Unequal access to trained teachers, outdated curriculum, and inadequate facilities undermine e orts to provide equitable education.

Global and Geopolitical Risks: Global events, geopolitical tensions, trade policies, and international collaborations may have implications for the education industry in India, including foreign student enrollment, academic partnerships, research collaborations, and funding sources. Changes in geopolitical dynamics could a ect cross-border mobility, exchange programs, and internationalization e orts.

Public Health and Pandemic Risks: The ongoing COVID-19 pandemic and future public health crises pose signi cant risks to the education sector, including disruptions to academic operations, student mobility, international travel restrictions, and health and safety protocols. Institutions must remain vigilant and adaptable to mitigate the impact of pandemics on educational continuity and student welfare

Pressure on margins: There could be a margin pressure due to sta costs, cost of study material, high advertising and business promotions, etc, going forward. We believe the Company has su cient tools to counter these factors, if the same arises.

· Attrition: Attrition in the senior management/faculty team may impact the business. The Companys strategy for retaining talent involves o ering competitive compensation packages, faculty training system in place for new entrants and existing faculty, along with a healthy working environment.

Geographical concentration: The Company derives the larger share of its revenue from Maharashtra. Hence, any disruption in operations, or competition at this location could impact overall operations signi cantly. The Company is making a concerted e ort to expand its operations pan-India, overseas and is also boosting its Technology O erings, Distance Learning segment etc.

Threat of New Entrants with moderate Minimal infrastructure requirements allow start-ups to venture into the pre school and vocational study sectors. The rapidly changing world, the speed of knowledge creation, and economic pressures are causing higher education institutions to place greater emphasis on exibility.

Education Institutions are in serious nancial crisis. Moreover, increased student fees, substitutions of loans for grants, diminishing subsidies to student facilities and so on form a nancial barrier to perspective students . Budgetary constraints and inadequate funding allocation for education limit the sectors capacity to address infrastructure needs, teacher recruitment, curriculum development, and technological advancements. Insu cient investment undermines e orts to improve educational quality and accessibility.

Fragmentation of Online Markets and the vendors are deploying various organic and inorganic strategies to compete in the market.

Impact of External Factors: External factors such as natural disasters, public health crises, and socio-political instability can disrupt educational continuity, exacerbating existing challenges and widening educational disparities. Building resilience and contingency planning are essential to mitigate the impact of external shocks on the education sector

PERFORMANCE OF YOUR COMPANY:

Your Company is strategically preparing itself for the next phase of growth through value-added capabilities, new capacities, continuous perseverance, and inventiveness. It is taking on new opportunities which are bottom line accretive and margin accretive. The expansion strategies have been devised keeping in mind its risk-mitigating approach towards incurring capex and making continuous investments into the productive assets to become "future ready" and deliver on our promises. The Companys agile business model and portfolio ensured conversion of opportunities, maximally optimizing the countrys conducive and relatively stable environment in an otherwise volatile global weather, leading to a quantum leap in performance, back to pre-pandemic and pre-portfolio realignment levels. Cost e ciency programs together with strategic investments for new facilities, product launches, and launch of online business models supported this journey of pro table growth.

Revenue:

The Company achieved total income for the nancial year 2024-2025 on standalone basis stood at Rs. 7143.58 Lakhs.; a decline of 3.40% compared to the FY 2023-2024.

EBITDA

EBITDA for the full year was reported at Rs 3719.3 Lakhs as against Rs. 4546.93 Lakhs in the previous year decrease by 18.20%

Net Pro t after Tax:

The net pro t (excluding comprehensive income) decrease at 17.27% from Rs. 3044.63 lakhs for FY24 to Rs. 2518.67 Lakhs for FY25.

Earnings per Share:

Adjusted Diluted earnings per share stood at Rs. 4.95 in FY 2024-2025 as against Rs.5.98 in FY 2023-2024.

Cash and Bank Balances:

The Balance Sheet of the Company is also quite healthy with almost no debt, reasonable working capital cycle and cash / liquid investments valued at about Rs. 462.08 Lakhs as on 31st March 2025 as against Rs. 829.79 Lakhs in the previous year.

a) Performance of the Segments of the Company :

i) EDUCATIONAL TRAINING AND DEVELOPMENT ACTIVITIES: : The Company achieved Gross Value Services of Rs.3601.51 Lacs during the nancial year, compared to Rs. 5203.75 Lacs in the preceding nancial year on standalone basis. This segment reported a decrease in the performance during the year under review.

ii) BUSINESS SUPPORT ACTIVITIES:

The Company achieved Gross Value of Trading and Support activities comprised of Rs. 3201.32 Lacs during the nancial year, compared to Rs.1959.93 Lacs in the preceding nancial year on standalone basis. The Performance of Products segment demonstrated a 63.34% increase in FY 2024-25.

However your Company has developed an extensive network of domestic clientele and undertaken meticulous e orts to position its products into right geographies, cater to high value end-users and elevate operational e ciencies.

b) Capital Expenditure: During the year under review, your Company entailed a capital expenditure of around Rs. 570.08 Lakhs towards expansion in Supply of Infrastructure & Other services segments, to enhance the capacities of major services and also towards increasing operational e ciencies.

c) Dividend Policy : Your Company continues to be on the path of pro table growth. The Companys cash ow and nancial position continue to be strong. Considering the cash requirement for business growth and debt servicing, the Board believe that a steady dividend payout will best serve the interests of the Company and of the shareholders especially those dependent on regular income.

During the Financial Year 2024-2025 under review, the Board of Directors of your Company has at its Meetings held on 22nd October 2024 declared Interim Dividend @ 50% i.e Rs.2.50/- (Rupee Two and Fifty Paise Only) per Equity Share of face value of Rs.5/- each fully paid-up for the current nancial year 2024-2025 ended 31st March 2025 which was paid to the members, whose names appeared on the Register of Members of the Company on Monday, 04th November, 2024.. The Gross interim dividend payout, was Rs. 509.015 Lakhs

Your Directors recommended a nal dividend @ 25% (Twenty Five Percent) i.e. Rs.0.50/- [Rupees Fifty Paisa Only] per equity share of face value of Rs.2/- (Rupees Two) each to be appropriated from the pro ts of the year 2024 - 2025, subject to the approval of the shareholders (members) at the ensuing Fourteenth (14th) Annual General Meeting and will be paid to those members whose names appear on the Register of Members on Friday, the 11th July, 2025.

Cumulatively, the company has declared/ recommended a Total Dividend under review comprising of Interim Dividend @ 50% i.e Rs.2.50/- (Rupee Two and Fifty Paise Only) respectively per Equity Share of face value of Rs.5/- each and Final Dividend @ 25% i.e. [Rupees Fifty Paisa Only] per equity share of face value of Rs.2/- (Rupees Two) each (subject to approval of the Members of the Company at the ensuing Fourteenth (14th) Annual General Meeting ). Our Company has formal dividend distribution policy and the said dividend pay-out is in compliance with the applicable Secretarial Standard -3 (SS-3) on Dividend issued by the Institute of Company Secretaries of India and the Policy is available on the Companys website www.globaledu.net.in and can be accessed at: https://globaledu.net.in/inves-info/code-policies/dividend-distrib.pdf

d) Signi cant Changes in Key Financial Ratios:

Following are ratios for the current nancial year and their comparison with preceding nancial year, along with explanations where the change has been 25% or more when compared to immediately preceding year.

Key Financial Ratios	2024-25	2023-24
Debtors Turnover Ratio	2.57	3.58
Debtor Days	142	102
Inventory Turnover Ratio	11.15	14.27
Inventory Days	33	26
Interest coverage ratio	Nil	Nil
*Debt Equity Ratio	Nil	Nil
Current Ratio	12.66	7.67
Return on Net Worth (%)	24.28%	35.53%
Operating Pro t Margin (%)	49.91%	57.64%
Net Pro t Margin (%)	37.02%	42.50%

* Company is a Debt Free Entity, having no Interest Expenses and External Borrowings.

Debtor Turnover ratio: During the FY 2024-25 the debtor turnover ratio is 2.57 as compared to 3.58 in FY 2021-22 on account of increase in our debtors. The company is making a concerted e ort to collect payment from debtors.

Debtor days: The debtor days have increased from 102 days in FY 2023-24 to 142 days in FY 2024-25, our debtors have increased. The company is making a concerted e ort to collect payment from debtors.

Inventory Turnover ratio: During the FY 2024-25 the inventory turnover ratio is 11.15 as compared to 14.27 in FY 2023-24 on account of higher stock levels in anticipation of increased demand and to ensure uninterrupted supply to customers

Inventory days: Inventory days increased from 26 in FY 2023-24 to 33 in FY 2024-25, primarily due to the Companys proactive strategy to maintain higher stock levels in anticipation of increased demand and to ensure uninterrupted supply to customers

Interest Coverage Ratio: During the F.Y. 2024-25 and F.Y. 2023-24 interest coverage ratio is Nil.

Current ratio: During the FY 2024-25 the current ratio is 12.66 as compared to 7.67 in FY 2023-24. This increase was primarily attributable to an increase in receivables during the year. The current ratio is above the industry benchmark.

Operating pro t margin: The operating pro t margin has decreased from 57.64% in FY 2024-25 to 49.91% in FY 2023-24 primarily due to higher input costs, increased employee expenses, and marginal reduction in turnover.

Net pro t margin: The net pro t margin has decreased from 42.50% in FY 2023-24 to 37.02% in FY 2024-25 primarily due to higher input costs, increased employee expenses, and marginal reduction in turnover.

Return on Net Worth: The return on net worth has decreased from 35.53% in FY 2023-24 to 24.28% in FY 2024-25 primarily due to higher input costs, increased employee expenses, and marginal reduction in turnover.

e) Publishing and Content Development:

Under its brand Global Publications, the Company publishes niche test prep titles for popular entrance examinations in India. The Company seeks to leverage "Global Publications" brand image and reputation to reach out to what it believes to be a signi cant student population currently relying on self-study, to cross-sell its test prep courses. Further in addition to content in English, the Company is in the process of gradually adding dual language titles (in Hindi and regional languages),across di erent examinations, with the objective of deepening its presence in regional markets.

HUMAN RESOURCES:-

Global has demonstrated its excellence to thousands of satis ed students and their corporate clients. All this would not be possible without the committed and passionate people of GEL-both academic and non-academic sta , who strive to build this a great organization each and every day. They remain committed to companys ideals of building on a strong foundation, creating a bright future and delivering great value. The company continues to strengthen the management team and add additional talent and expertise. By 31 March 2025, the Company had total number of permanent employees of 258.

FY2026 is poised to be another growth year for the industry where digital skills will be high on demand. There is huge focus on innovation and partnership across the ecosystem. Global is well aligned with these trends where we have developed an ecosystem of skill development, digital reskilling and matching to latest technologies.

Globals team is focused on investing in upskilling individuals with the latest technology skills and providing them with career paths that match their aspirations by acquiring the best talent available in each of the industry it operates in, providing a supportive and vibrant workplace to engage that talent.

INTERNAL CONTROLS & SYSTEMS

The Company has proper and adequate internal control systems, which ensure that all assets are safeguarded against loss from unauthorized use and all transactions are authorized, recorded and reported correctly. The Management continuously reviews the internal control systems and procedures to ensure orderly and e cient conduct of business. Internal audits are regularly conducted, using external and internal resources to monitor the e ectiveness of internal controls. The Company deploys a robust system of internal control that facilitates the accurate and timely compilation of nancial statements and Management reports; ensures regulatory and statutory compliance; and safeguards investors interests by ensuring the highest level of governance and periodical communication with investors.

C. R. Sagdeo & Co.; Chartered Accountants, Nagpur (ICAI Firm Registration No. 108959W) is the internal auditor of the Company, who conducts audit and submit quarterly reports to the Audit Committee. The Internal Audit is processed to designed to review the adequacy of internal control checks in the system and covers all signi cant areas of the Companys operations. The Audit Committee reviews the e ectiveness of the Companys internal control system. The WTD and CFO certi cation section of the annual report further discusses the adequacy of our internal control systems and procedures.

RISK MANAGEMENT

The Company has a robust Risk Management Charter and Policy, which provides an overall framework for Risk Management (RM) in the Company. The key elements of the Companys risk management framework have been captured in the risk management policy, which details the process for identifying, escalating, prioritizing, mitigating, and monitoring key risk events and action plans. The assessment of the risks covers areas of Strategy, Technology, Finance, Operations and Systems, Legal & Regulatory and Human Resources. There are appropriate assurance and monitoring mechanisms in place to monitor the e ectiveness of the risk management framework including the mitigation plans identi ed by the management for key risks identi ed through the risk management exercise.

The Companys existing framework provides for risk reviews at various levels based on Companys organizational structure matrix. Periodic assessment of risks, potential impact relating to business growth, pro tability, talent engagement, and market position are conducted. Response to key operational risks, based on inputs received from the internal and external assessment, internal audit, performance review etc. are done on a regular basis

ROAD AHEAD

Various government initiatives are being adopted to boost the growth of distance education market, besides focusing on new education techniques, such as E-learning and M-learning. The concept of anywhere, anytime, self-paced learning through live and interactive digital media is gaining widespread popularity and acceptance among students, especially those who are otherwise unable to receive quality education in physical classrooms. Over the next ve years, the digital education segment looks set to track higher growth trajectory even as the government intensi es its focus to transform India into a digitally empowered and knowledge-based society.

Education sector has seen a host of reforms and improved nancial outlays in recent years that could possibly transform the country into a knowledge haven. With human resources increasingly gaining signi cance in the overall development of the country, development of education Infrastructure is expected to remain the key focus in the current decade. In this scenario, infrastructure investment in the education sector is likely to see a considerable increase in the current decade.

Moreover, availability of English speaking tech-educated talent, democratic governance and a strong legal and intellectual property protection framework are enablers for world class product development.

The Government of India has taken several steps including opening of IITs and IIMs in new locations as well as allocating educational grants for research scholars in most government institutions. Furthermore, with online modes of education being used by several educational organisations, the higher education sector in India is set for some major changes and developments in the years to come.

As e-learning continues to grow more popular, its scope is widening worldwide due to pandemic led restrictions. As a result, Indias own education technology (Edtech) sector is expected by industry analysts to become a US$30 billion industry over the next decade. The pandemic carved the path for the digital revolution of the market and upscaled its landscape signi cantly. While the sector was resilient in its approach last year; it is bracing for growth and transformations in 2025. With digitization at its prime; it is anticipated that the education technology (Edtech) sector will become outcome-focused in the times to come.

In Year 2025, digitization was aggressive. Arti cial Intelligence and Machine Learning has gained prominence in the times ahead. It is due to technology that education has been able to reach even remote areas as well. The growth of the internet, easy availability of smartphones, and the a ordable pricing of the internet are driving the expansion of online education in urban areas and even remotest of locations.

Skill-Centric Education will increasingly prioritize the development of skills and competencies that are relevant to the rapidly evolving job market. Institutions will focus on equipping students with critical thinking, problem-solving, digital literacy, and soft skills to thrive in the future workforce.

Tech-Enabled Pedagogy: Technology will play an increasingly integral role in pedagogy, enabling interactive and immersive learning experiences through augmented reality, virtual reality, gami cation, and simulations. Educators will leverage innovative tools and platforms to enhance engagement and student outcomes

Global Collaboration and Mobility: The education sector will witness greater collaboration and mobility on a global scale, with increased opportunities for international exchange programs, research collaborations, and cross-border learning initiatives. Students and educators will bene t from exposure to diverse perspectives and cultures.

Continuous Innovation and Adaptation: The education industry will need to continuously innovate and adapt to meet the evolving needs and challenges of learners, educators, and society. Institutions, policymakers, and stakeholders will collaborate to drive innovation in curriculum design, instructional methods, and educational technologies.

Resilience and Preparedness: Building resilience and preparedness will be paramount in navigating future disruptions and challenges, whether from public health crises, technological disruptions, or socio-economic changes. Education systems will prioritize exibility, agility, and contingency planning to ensure continuity and quality in learning outcomes.

= Accreditation and Recognition-

With a steady vision and focused growth strategy, GEL is currently involved in the mission for enhancing the human capital of the country through skill development and employability training. GEL has collaborated with Deen Dayal Upadhyaya Grameen Kaushalya Yojna (DDU-GKY) (a scheme of Ministry of Rural Development (MoRD)) skilling for imparting for training & skill development programs in the State of Maharashtra and to transform rural poor youth into an economically independent and globally relevant workforce.

OUTLOOK:

Revenue growth, along with signi cant margin improvement during FY 2024-25, was driven by the Companys sustained investments in strengthening business fundamentals. The increasing contribution from both new and existing divisions was notably strong. The Company is now well-positioned to leverage the vast potential and abundant opportunities across key education verticals such as e-Learning and Vocational Education. Strategically, the Company maintains an optimal balance between high-return and sustainable business segments. Educational Training and Development Activities deliver higher returns, while Educational Business Support Activities provide steady annuity and sustainability. New initiatives including e-Learning (leveraging multiple platforms such as YouTube, Mobile Apps, and Portals), Skill Development, and Publication are expected to drive growth without requiring signi cant additional capital expenditure.

Management continues to emphasize building a robust R&D and technical services team focused on product innovation, exploring new applications, and understanding evolving customer needs. In the current macroeconomic environment, GEL remains committed to expanding its core Consumer and Enterprise businesses. In the coming years, the Company aims to accelerate its digital footprint by leveraging multiple media platforms and broadening its Business Partner network. GEL strives to stay aligned with emerging technologies and shifting customer expectations while fostering a business-friendly environment that supports industry-wide growth. The Company is dedicated to nurturing collaborative strategic partnerships with customers and generating sustainable shareholder value over the long term.

With ongoing e orts to enhance e ciency and performance across all functions and levels, the Board views the prospects for FY 2025-26 with cautious optimism

CAUTIONARY STATEMENT:

The statements made in the Boards Report and Management Discussion and Analysis include certain forward-looking statements regarding future growth prospects. These statements involve various risks and uncertainties that could cause actual results to di er signi cantly from those projected or implied. The ongoing impact of the global scenario may reduce customers technology expenditures, delay their purchasing decisions, and limit our ability to deliver on-site consulting services, which could negatively a ect our future revenues, margins, and overall nancial performance. Actual outcomes, performance, or achievements may vary materially from those expressed or implied in these forward-looking statements. Readers are therefore advised not to place undue reliance on these statements, which are valid only as of their date. This discussion and analysis should be read in conjunction with the Companys nancial statements and related notes included in this report.

For and on behalf of the Board
Sd/-	Sd/-
GURURAJ VASANTRAO KARAJAGI	ADITYA BHANDARI
DIRECTOR	WHOLE-TIME DIRECTOR
DIN: 01330419	DIN:	07637316
Place : Nagpur
Date : 16th May,2025