Overview
"Education is our passport to the future, for tomorrow belongs to the people who
prepare for it today."
Organizations in the education sector include traditional colleges and universities as
well as companies focused on training and development for clients that range from an
individual learner to global corporations to online content delivery. As a whole, the
industry is responsible for training individuals of all ages to learn new skills, obtain
meaningful employment, and help accelerate the economic growth, by delivering education in
traditional classroom settings or via online training over the Internet. Our company has
also taken initiative in this respect and has joined hands with RSLDC and SUDA for
providing training in various State of the Country. The company has also joined hands with
Khadi Nigam in the state of MP, West Bengal and Rajasthan and setting up Virtual
University.
Our Company strives to implement programs with a clear mandate for helping our students
and participants build direct and concrete value that will contribute in improving their
personal, professional, social and financial status.
Indian Education Sector
In the Union Budget 2022, the Union Minister for Finance and Corporate Affairs, Nirmala
Sitharaman announced that the skilling programmes and partnership with the industry will
be reoriented to promote continuous skilling avenues, sustainability, and employability.
The National Skill Qualification Framework (NSQF) will be aligned with dynamic industry
needs.
The Finance Minister announced that a Digital University will be established to provide
access to students for world-class quality universal education with a personalised
learning experience. This will be made available in different Indian languages and ICT
formats.
Under Union Budget 2023, the government has increase the Budget for Labour, Employment
and Skill Develpoment in 2022-23 0.57 Crores but in 2023-24 is Rs. 10.64 Crores. The
governments primary focus is on upskilling the youth and increasing digitalization in the
education sector. The education sector has received its highest-ever allocation of INR
1.12 lakh crore ($ 13.66 Bn) in the Union Budget 23-24. Allocation for school education
has increased by 8 percent from INR 63,449 crore ($ 7.74 Bn) in 2022-23 to INR 68,804 ($
8.39 Bn) crore in 2023-24. The finance minister Nirmala Sitharaman announced a slew of
measures to bridge the emerging gaps in education.
To make the vision of ‘Make AI in India and ‘Make AI work for India a
reality, three Artificial Intelligence Centres of Excellence (CoE) will be established in
top educational institutions. Leading industry players will collaborate to conduct
interdisciplinary research, develop cutting-edge applications, and solve scalable problems
in agriculture, health, and sustainable cities. This will provide the required impetus to
create an effective AI ecosystem while also cultivating quality human resources in the
field.
Bridging the gaps in Indias education sector will be critical as the countrys youth
comes of age in a rapidly changing world with new systems and new challenges. The measures
announced in the Budget 2023-24 will allow the country to ensure continued growth in
education.
National Apprenticeship Promotion Scheme (NAPS) has been allocated a sum of INR 170
Crore in 2022-23 against no allocation in the last budget. Skills Acquisition and
Knowledge Awareness for Livelihood Promotion (SANKALP) budget has gone up from INR 193.47
crore in 2021-22 to INR-300 Crore in 2022-23. Increased allocation for programmes such as
NAPS and SANKALP will give a fillip to the skilling agenda.
Last year, the total outlay for all the schemes and projects for the Development of
Khadi, Village and Coir Industries was Rs 905.04 crore. This allocation was subsequently
revised to Rs 1,232.32 in 2021-2022. However, in this Budget, the revised figure has seen
a marginal reduction. The new allocation stood at Rs 1,168.03 crore. A significant number
of MSMEs belong to labour-intensive domains, and had expected an increase in allocation of
funds. That has not happened this time.
Opportunities, Threats and outlook;
Opportunities
• Favorable governments Policies towards education sector.
•Growing trend of corporate training programme in corporate sector.
Threats
• Entrance of foreign universities in India
• Excessive Competition
PERFORMANCE
With a steady vision and focused growth strategy, Virtual Global Education Ltd (VGEL)
is currently involved in the mission for enhancing the human capital of the country
through skill development and employability training. VGEL have been working for years in
this field and have trained and provided employment to a large number of youth in the
country. VGEL is partnering with various government bodies in fulfilling the
Skill India Initiative of Government of India by providing Skill training for more than
1 Million youth in India by 2023.
VGEL was formed with the mission of improving the quality of human capital in the
country through skill and educational interventions. VGEL have moved from strength to
strength in our path and look forward to continue on our mission. The focus of VGEL has
been in delivering skill and educational interventions to the sections of societies and
parts of the country where they are most needed and where the youth have limited exposure
and lack access to opportunities to achieve their career or livelihood goals.
It has identified sectors linking with the industry to provide training so that they
can get real time experience and practical exposure in industry. In choosing the trades
and industries special focus has been kept on outcome management and impact mapping and
ensuring that the training or skilling results in either wage based employment or higher
earnings through self-employment or entrepreneurship. Trades are also chosen keeping in
mind the scope of future career and financial growth prospects. Some of the trades catered
to are:
Telecom
Retail
Hospitality & tourism
Healthcare
Security
Beauty & Wellness
Solar Power
Agriculture
Electronics
BFSI
Entrepreneurship
VGEL is currently operating in the states of with 45 training Centers and targeting to
open 50 training centers by March 2025.
VGEL has been working in several states on government projects like Andhra Pradesh KAPU
welfare Development Corporation, Electronics System Design & Manufacturing under
Ministry of Information Technology and Electronics System & Manufacturing under the
Ministry of Information Technology and Electronics, National Backward Classes Finance
& Development Corporation (NBCFDC) is a Govt of India undertaking under the aegis of
Ministry of Social Justice and Empowerment, Chhattisgarh State. Skill Development
Authority, Paschim Banga Society for skill Development, Govt of West Bengal, Rajasthan
State Livelihood Development Corporation.
The Companys agenda focuses on providing vocational training and education in
developing and rural areas of India, where there is a lack of skilled talent in areas like
technology interventions and platforms. With increased competition for jobs and the trend
now being on continuous learning, more and more people are enhancing their educational
qualifications online. Currently, industries across verticals are adapting to e-learning
in a big way and the market is expected to grow.
The Company is professionally managed with senior professionals from reputed industries
with strong leadership experiences in managing large scale operations across the country
with strong educational background.
The objective of VGEL is to enable social development through academic excellence, and
the first of its kind in India. In higher education, there is a widening gap between the
growing knowledge resources in the world and the conceptual universe of the students. The
gap can be bridged by providing training to students.
Risks and Concerns & mitigations
Regulatory risk
The Companies performance largely depends upon governments policies on education and
allocation of budgets towards education. Any adverse change in the government policies
towards education and reduction in the allocation of government budget will materially
affect the performance of the Company.
Risk mitigation
Regulatory risk is considered as industry-wise risk and the Company being a part of the
sector relies upon the statutory proclamations and policies. However, education is
considered as a matter of great importance for major governments globally. This sector is
a growing sector and therefore mitigates the risk of any likely adverse policy.
Competition risk
The Education sector in our country faces cut-throat competition from developed
countries. Large players with richer domain experience and bigger brands are more
attractive and appealing. The markets for technology-enabled education products, services
and solutions are highly competitive. Therefore, these factors can be act as a hindrance
to the growth for the Company.
Risk mitigation
The Company provides products and solutions aimed at management of education as well as
delivery of education. It has developed its expertise organically as well as inorganically
by forging partnerships with the best companies and institutes. The Companys ability to
provide a wide range of products and solutions through various delivery models and in
diverse geographies has enabled it to perform against competition.
Technology obsolescence risk
Digitalization is emerging as disruptive forces for customers, buyers and technology,
technology coupled with changes in delivery models and consumer spending patterns could be
threat on the growth in traditional IT spends and technology obsolescence.
Risk mitigation
VGEL continue to believe in keeping up to the change in terms of technology. The
Company has a dedicated R&D unit that caters to the up gradation, implementation and
incorporation of latest methodologies, techniques, systems and services to the Companys
offerings. It is looking to enter in to Partnership with the best-in-class technology
leaders to understand and offer the latest technology to its clients.
Internal Control System
The Company has adequate system which is commensurate with the nature of its business
and the size and complexity of its operations. Management of the Company is having very
cordial relations with their personnel and outsiders in respect of business of the
Company. The Company is following relevant Accounting Standards for proper maintenance of
the books of accounts of the Company and reported properly and applicable statutes, codes
of conduct and corporate policies are duly complied with. The Audit committee keeps
regular check on the internal control system of the Company and reviews the audit reports
periodically.
Financial Performance
Amt in Lakhs
Particulars |
31.03.2023 |
31.03.2022 |
Total Revenue |
133.45 |
161.12 |
Less: Total Expenditure |
51.13 |
107.34 |
| Net Profit/(Loss) before Tax (PBT) |
82.32 |
53.78 |
Less: Provision for Income Tax-Current |
18.75 |
13.70 |
| Provision for Deferred Tax |
2.66 |
0.87 |
Profit/(Loss) After Tax |
60.92 |
39.20 |
Human Resource Development
Company always has an encouraging environment that leads to higher caliber and
encouragement among employees. The Company contributes to the overall growth and
performance of the personnel while adhering to the highest degree of quality and
integrity. Company believes that even a single human asset matters irrespective of the
place he holds in the contribution towards growth of the Company.
Cautionary Statement
Readers are cautioned that this discussion contains forward- looking statements that
involve risk and uncertainties. When used in this discussion, the words anticipate,
believe, estimate, expect and will and other similar expressions as they relate to the
Company or its business are intended to identify such forward- looking statements. The
Company undertakes no obligation to publicly update or revise any forward- looking
statements whether of because new information, future events or otherwise. Actual results,
performances or achievements could differ materially from those expressed or implied in
such forward looking statements.
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For and on behalf of |
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Virtual Global Education Limited |
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SD/- |
SD/- |
Date: 25.08.2023 |
Prasanna Kumar Mohapatra |
Shikha |
Place: New Delhi |
Whole Time Director |
Director |
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DIN:09528267 |
DIN:07013436 |
+91-9892691696
