Indian economic overview
Indias economy emerged as the worlds fastest-growing major economy
after remaining mostly insulated from the grim global outlook. During FY2023, the domestic
economy showed remarkable resistance to global shocks. The National Statistical Offices
(NSO) second advance estimate reveals that the Indian economy is well-positioned to clock
a growth rate of 7% in FY2023.
According to sectoral analysis, this growth is being encouraged by
robust construction activity, facilitated by upbeat infrastructure investment from the
central government and state governments. This is also opening up the door for substantial
job prospects.
During FY 2023, there was a consistent rise in GST collections,
electronic toll collections, and the volume of E-Way bills produced. Indicators of the
services sector (UPI transactions, high credit demand) also indicate sustained expansion.
Despite the fact that the post-pandemic private investment recovery is
still in its early stages, there are tentative signs that suggest that India is prepared
for a robust investment upcycle in both the manufacturing and services sectors.
Overall, Indias demand environment remains conducive to economic
growth. India remains bullish about the upcoming fiscal year, backed by underlying and
overall macroeconomic stability. However, it remains cautious about emerging geopolitical
and geoeconomic concerns.
Indian education industry
With 580 million people, India has the largest population of people
aged 5 to 24 globally. This presents a major opportunity for the education sector. India
is a leading player in the global education sector. India is home to one of the largest
networks of universities in the world. However, there is still ample room for improvement
in the educational system.1
Through the introduction of the National Education Policy (NEP) 2020,
several changes were proposed to the Indian educational system to promote the overall
development of pupils in response to the consistently growing need for a skilled
workforce. The ‘10+2+3 year system that was previously in place is proposed to
be replaced by the ‘5+3+3+4 framework. The new framework involves five years of
foundation stage, three years of preparatory stage, three years of middle stage and four
years of secondary stage.2
India has also embraced the Education 4.0 revolution, which encourages
inclusive learning and helps boost employability. The Education 4.0 revolution leverages
best-of-breed technologies such as AI, ML, IoT and block chain.
Indias preschool industry
Pre-primary education is critical for laying the foundation for a
childs holistic well-being. The early years of a childs life form the bedrock
for lifelong growth. Children who fall behind in these formative years often fail to catch
up with their peers, making them more likely to drop out of school and fall short of their
potential. Though there are varying standards, pre-primary educational programmes are
typically designed for children aged between three and five years.
Indias pre-school or childcare market is expected to witness
healthy growth in the forecast period of 2023 to 2028, growing at a CAGR of 19.2%, aided
by the shift away from conventional education practices and greater acceptance of
experiential teaching.3
The pre-school and childcare sector in India is expanding due to the
increasingly hectic schedules of parents and late work hours, which have compelled them to
switch to these programmes. Additionally, the rising per capita income of families and the
higher participation of women in the workforce have expanded the availability of
high-quality childcare and education for children. The prevalence of nuclear families in
the country has boosted demand for quality pre-school services offered by professionals as
well.
Indias K-12 industry
India is a prominent player in the global education industry, with 218
million students and 1.55 million K–12 institutions.4 The Indian school
system can be categorised into various sections based on the educational levels offered,
including preschool, primary, middle, secondary, and higher secondary. Advancements such
as personalised education and cheaper infrastructure are anticipated to aid the
sectors anticipated growth and contribute to the robust demand over the projection
period.
Indias K-12 sector was valued at USD 43.5 billion in 2022. It is
anticipated to register a CAGR of 12.1% during 2023-2028. India is now the second-most
populated nation in the world, after China, with an ever-growing population that has
reached nearly 1.37 billion. This represents a huge consumer base for the education
sector. Another key growth driver in this sector is the National Education Policy (NEP).5
Opportunities in Indias education industry
Indias education industry has immense potential and is estimated
to grow manifold in the coming years. There are several trends that would facilitate the
overall evolution of Indias education industry. Public schools in big cities, small
towns and rural areas are also anticipated to adopt the latest developments, creating a
learning environment that is more accessible and inclusive. Some of these trends include:
Demographic advantage: In India, approximately 26 million children
are born every year and based on the census conducted in 2011, children aged 0 to 6 years
account for 13% of the countrys population.6 India can capitalise on this
growing need for education.
Digitalisation: The digital revolution in India has ushered in new
opportunities for the education sector with the prevalence of e-learning platforms, online
courses and other digital learning tools.
Growth in online education and edtech: India had 622 million active
internet users in 2020, which is expected to increase by 45% to reach 900 million by 2025.
Following the pandemic, classroom instruction was one of the first areas to adopt
tech-enabled solutions. Some of the most popular teaching aids for young kids included
technologies such as robotics, online group sessions and assessments.7
Rising Gross Enrollment Ratio (GER): India now has a 100% gross
enrollment ratio (the capacity of the education system to enroll students) at the primary
level which is comparable to the developed nations. The aim of the NEP is to increase the
Gross Enrolment Ratio in higher education, including vocational education, from 26.3%
(2018) to 50% by 2035.8
Challenges
Unequal access to education in many rural and underserved regions is
one of the major concerns plaguing Indias educational system. There is an alarming
disparity in the quality of education being offered in the rural and urban regions of the
country, as demonstrated by the low literacy rates in these areas and the high dropout
rates for children from these communities. To ensure that every student has access to
equal and unbiased knowledge and growth opportunities, steps must be taken to standardize
the quality of education across the country.
The education system in India also faces a lack of funding. Despite the
governments commitment to providing quality education, many schools and colleges
still lack the resources they need to offer quality education to their students. This
covers funding for basic facilities, such as classrooms and libraries, as well as funding
for the development of new curricula and the training of new teachers.
Notwithstanding the increasing demand for education in India, the
quality of education remains a major challenge, with many schools and universities failing
to adequately educate their students. There is a significant gap between the skills that
students acquire in school and the skills that employers demand, which can limit the
opportunities available to them after graduation.
Favourable government policies
While policymakers, state governments and the Central Government have
always prioritised the sector, there remains scope for further improvement and growth.
Some of the government incentives that were implemented in FY 2023 are discussed below.
• The Union Budget for 2023 set aside H 1.12 lakh crore (USD 13.5
billion) for education, which is the highest ever allocation received by this sector. It
marked an increase of around 8.2% compared to what was pegged for 2022-23.9
• In the Union Budget for 2023, it was announced that a National
Digital Library for Children and Adolescents will be set up to facilitate the availability
of quality books across geographies, languages, genres and levels and to ensure
device-agnostic accessibility.
• In July 2022, Prime Minister Mr. Narendra Modi inaugurated a
three-day Akhil Bharatiya Shiksha Samagam at Varanasi to discuss how the implementation of
the National Education Policy 2020 can be taken further across the country with various
stakeholders.10
• The government schemes of Revitalising Infrastructure and System
in Education (RISE) and Education Quality Upgradation and Inclusion Programme (EQUIP) are
helping the Government tackle the prominent challenges faced by the education sector.11
• As part of a comprehensive initiative known as PM eVIDYA, the
Department of School Education and the Ministry of Education were recognised by UNESCO for
their use of information and communication technology (ICT) during the COVID-19 pandemic.12
• 100% FDI under the automatic route is allowed in the Indian
education sector.13
• In February 2022, the Ministry of Education approved the scheme
of Rashtriya Uchchatar Shiksha Abhiyan (RUSA) to continue until 2026.14
Company overview
Zee Learn is a leading player in the Indian education sector that
provides education and training services through various brands such as Kidzee, Mount
Litera Zee Schools, Zee Institute of Media Arts (ZIMA) and Zee Institute of Creative Art
(ZICA). The Company has a wide market presence and is renowned for its quality education
and innovative teaching methods. One of the key strengths of the Company is its brand
value, which has been nurtured over the years. The Companys efforts have been
recognised and it has won several awards for its services. The Company also has an
expansive network of franchisees across the country and its presence extends to Nepal.
The Companys financial performance has been consistent over the years,
with steady growth in revenue and profits. However, Zee Learn has faced some challenges in
recent years due to the COVID-19 pandemic, which has impacted the overall education sector
significantly. However, the Company has a competent management team with deep expertise
and a proven track record of success in the education sector. Owing to this and the
Companys clear vision for the future, it is well on track to overcome the challenges
and continue delivering innovative and quality education services to its customers.
Performance highlights
Kidzee
Kidzee is a pioneer in ECCE (Early Childhood Care and Education). With
1900+ preschools in its network and over 600 cities across India along with presence in
Nepal, Kidzee has touched the lives of more than 1.4 Million happy children.
As per the Kidzee franchise model, the Kidzee Business Partner bears
the establishment costs and pays one-time franchise fees. They also pay royalty per
student under a revenue share agreement and child kit fee to the franchisor. The
franchisees are provided with age appropriate curriculum, content, material as per latest
pedagogy, child kits and other support services like Teacher Training, Counsellor
Training, and Academic Delivery. Company offers Kidzee franchise to local education
entrepreneurs, especially women, to run and manage Kidzee preschools.
Kidzees P?ntemind Program being age appropriate,
integrate a cohesive and holistic learning pedagogy that is designed to help children
discover their unique potential and own individual learning style. At Kidzee, children are
facilitated to realise their unique abilities in a systematic, synergetic, and self-paced
manner and well supported to achieve the desired learning outcomes in sync with high level
social, emotional, linguistic and other developmental milestones. Kidzee is driven by
ethos of "Whats Right for the Child" (WRFC) and the human rights of a
child is premium. The right to trust, the right to gain respect and the right to live in
an abuse free world is what shapes Kidzees fundamental philosophy and ethos.
At Kidzee our educators are continuously upgrading our existing
products and programmes. The new curriculum P?ntemind has been adopted in all the Kidzee
centers.
Kidzee P?ntemind Child Kit: The syllabus, content and programs are
adopted is standard across all Kidzee centers, the experience is varied based on the
tiers.
On the basis of the tier of the city/town, where the center is located,
the centers are categorized into the following three Tier:
• Standard Tier
• Classic Tier
• Select Tier
Students enrolled in the Standard tier will have a core academic
experience with the Essential Curricular Kit.
Students enrolled in the Classic tier will have an experience of a 6
Culmination activities, based on an Extended Learning Guide kit in addition to the
Essential Curricular Kit.
Students enrolled in the Select tier will also have an experience of a
select activity with 6 Culmination activities, based on an Extended Learning Guide Kit, in
addition to the Essential Curricular Kit.
The Kidzee P?ntemind Child Kit has the following structure:
1. Core Curricular Kit: It incorporates the content based on the
guidelines of National / New Education Policy, in term of development and Foundation of
Literacy and Numeracy (FLN), Art integration, Mental and Personality development,
Eco-consciousness, Critical Thinking.
a. Class activity work books based on the P?ntemind approach.
b. Art integrated activity work books as Artsy, Showstopper, Whirl
and Twirl.
c. Mental Might and Personality development activity work books.
d. Activity workbooks fostering development of
Eco-consciousness and Critical Thinking.
e. Homework activity books to involve parents as supportive
stakeholders in the Early Learning process.
f. Fantasy Box: - an Augmented Reality programme to develop
Literacy, Numeracy, Cognition, with special focus on Phonics.
g. Chalkboard books: to develop writing skills in children.
Consists of blank pages, ruled pages, Square line and patterning in a re-writable format.
2. ELG – Extended Learning Guide
- 6 culmination activity kits/ year
- 6 Logic activity Sheets: to enhance the Analytical and
Critical Thinking in children.
- P?ntemind Manipulative(Toy) – An activity learning aid /
Toy to enhance Empathetic, Conscientious, Focused, Analytical and Inventive approach.
3. Kidzee P?ntemind App:
It is a digital portal to internal and external stakeholders,
franchisee, center heads, facilitators, child and parent for the P?ntemind content,
planning, execution, assessment, tracking, home assignments, attendance and parent
communication. With this tool the Franchisor has complete and comprehensive understanding
of the academic operations of 1900+ Kidzee centers on a day to day basis with each and
every child tracker in the system.
4. Additionally, uniform, bag, shoes, the Escort Card and Child Id card
are part of the kit.
Financial year 2022-23 was the year of growth and revival for Kidzee,
wherein we managed to substantially reach the pre-COVID numbers. Kidzee business showed a
growth in all parameter, i.e. number of signups, operationalization of new centers, total
number of active centers, number of enrollments and average density of students per
center. For financial year 2022-23, we achieved a record high signups of 429 and
operationalization of 157 new centers. The total number of enrollments for financial year
2022-23 was 1,40,203 as against 77,181 for last year. The record enrollments also helped
to increase the average student per center from 50 in financial year 2021-22 to 80 in
financial year 2022-23.
K-12
Mount Litera Zee Schools (MLZS) is Indias leading school chain
providing education to students from kindergarten to 12th grade under the aegis of CBSE
Board. It aims to provide holistic and all rounded education to children that prepares
them for the core skills of the 21st century.
MLZS curriculum covers Blended Learning Design (Lesson Plans), Student
Leadership Programs , Digital Citizenship Program, Financial Literacy Program, Technology
enabled Classrooms that focus on children to become confident Global Citizens. Students
are groomed upon various soft skills of problem solving, creativity, growth mindset and
analytical thinking in order to face the challenges that are beyond the circumference of
the textbooks and school by engaging them in activities interwoven in the daily teaching
learning process.
Educators and school leaders at MLZS undergo regular planned training
that would keep them abreast with the latest pedagogical advancements in the education
industry so as to focus on impactful positive curriculum transactions in the classrooms
and create MLZS as a 21st century learning space. Taking this ahead in alignment with the
tech enabled platform, MLZS introduced an online Teacher Training Program which has
trained 2000+ educators and leader educators as per a well-defined need analysis framework
packaged with modules of subject specific, child protection, pedagogical, leadership and
inclusive education.
E-Learning platform and App that has been a source of interactive
videos, varied quizzes, worksheets, assessments so that students and educators discover
various methods of learning and teaching.
With an objective of reinforcing the values of respect, integrity,
honesty, patriotism along with the regular classroom teaching and learning practices, our
students are regularly sensitized through Sanskaar, a bouquet of activities that bring in
the awareness of strong values among the Mount Literans and they obviously enjoy the
paradigm credits of Sanskaar. In the continuity of legacy of Sanskaar at MLZS, an Essay
writing competition was announced on Gandhi Jayanti with topics that invoked the essence
of patriotism among the Mount Literans from all over India, the winners and participants
were presented with a token of appreciation to encourage the fervor of patriotism.
The company partners with local educational Trust from across the
country who share the companys passion in furthering the cause of effective and
highly quality and inclusive education, to all. The company provides hand holding to its
partners in various areas of school management be it infrastructure planning &
development, staff recruitment & training, sales & marketing, affiliation &
statutory compliances. The range of services and solutions provided by the company to its
partners also includes Student Learning Resources, Blended Learning Curriculum, Teaching
Materials and Assessments.
Financial year 2022-23 was the year of consolidation and revival of
MLZS business. Many MLZS schools and business partners which had dropped off from our
franchisee network during COVID period returned back to our fold. Furthermore, we managed
to stop attrition of existing business partners and added more enrollments of students to
revive the business. During financial year 2022-23, we signed up 12 new business partners
and managed to operationally 6 new MLZS schools. Furthermore, total enrollments increased
to 69,861 students as compared to enrolment of 47,545 students in financial year 2021-22.
Overall we ended the year with a total of 100 MLZS schools in our franchisee network.
Financial review- Standalone results
Income
The Companys Revenue from operations increased by 83% to H 19,046
lakhs in FY23 over H 10,400 lakhs in FY22 on account of exemplary operational growth in
student admissions/enrollment, increased in number of franchisee school sign ups and
tailored approach toward development and implementation of new business segments which
resulted into increase in revenue.
Total income correspondingly increased only by 49% in FY23 over FY22
due to decreased in other non-cash income by 56%, however due to effective planning,
execution and strategic marketing company has improved its financial performance.
Total Expenditure
Total expenditure increased by 65% to H 16,519 lakhs in FY23 over H
9,998 lakhs of FY22 largely on account of increase in operational cost which is increased
in correlation with increased of revenue, also increased in selling and marketing expenses
on account of strengthening our brand image and to capture wide range of school/student
network.
Operational Expenses
Operational expenses increased by 147% per cent to H 5,958 lakhs in
FY23 over H 2,414 lakhs in FY22 due to increase in sales.
Employee Benefit Expenses
Employee benefits expenses increased by 43% to H 2,998 lakhs in FY23
against H 2,095 lakhs of FY22 on account of increase in headcount from FY22 of 222 to FY23
to 292 in cognizance with the conversion of sales leads into realization.
Selling and Marketing Expenses
Marketing expenses increased by H 1,508 lakhs in view of increase in
Marketing activities like Digital Campaign, Search Engine Optimization (SEO) / Search
Engine Marketing (SEM), Banners and Hoardings, Newspapers and Magazines, Free Gifts and
Samples, New Branding of P?ntemind and Mindonics. Also increase in freight cost in line
with increase in sales.
Other Expenditure
Other expenditure increased by 26% to H 2,198 lakhs in FY23 against H
1,744 lakhs of FY22 largely on account of travelling cost and provision for doubtful
debts.
Finance Costs
Finance costs Increased by 9% to H 2,640 lakhs in FY23 over H 2,423
lakhs in FY22 due to increase in rate of interest by financial lenders.
Depreciation and Amortisation Expenses
Depreciation and amortisation expenses decreased by 19% to H 437 lakhs
in FY23 over H 541 lakhs in FY22 on account of IND AS adjustment of Lease accounting.
EBIDTA
The Companys EBIDTA increased by 66% to H 5,604 lakhs in FY23
over H 3,367 lakhs in FY 22 on account of significant growth in sale, efficient cost
management, increased productivity and decrease in several expenses by optimized resource
utilization. EBIDTA % to operating revenue achieved at 29% in FY23 over 32% in FY 22.
Profit
The Companys profit before tax increased by 5% in FY23 over FY22.
The Company out of abundant caution and prudent accounting practices, has provided loans
and investments of H 38,667 lakhs towards impairment loss of investments and the same has
shown as Exceptional items, due to which company has incurred losses during the year.
SOURCE OF FUNDS
Share Capital
There is no change in equity share capital as on 31 March 2023, which
is at H 3,260.93 lakhs.
Other Equity
Other equity saw a decrease of H 35,773 lakhs from H 38,249 lakhs as on
31 March 2022 to H 2,476 lakhs as on 31 March 2023 largely on account of Net loss during
the year, which is relatively due to provision of investments as exceptional items during
the year.
Non-Current Liabilities
Non-Current liabilities saw an increase of only H 206 lakhs from H
16,882 lakhs as on 31 March 2022 to H 17,088 lakhs as on 31 March 2023, mainly due to
interest provision of credit facilities.
Non – Current Financial Liabilities
Financial Liabilities saw an increase of H 262 lakhs from H 11,351
lakhs of 31 March 2022 to H 11,613 lakhs of 31 March 2023 on account of increase in credit
facilities by H 347 lakhs towards interest provision and decrease in Lease liabilities by
H 140 lakhs.
Non – Current Other Liabilities
Other Liabilities saw a decrease of H 56 lakhs from H 5,531 lakhs of 31
March 2022 to H 5,475 lakhs of 31 March 2023 largely on account of discounting of security
deposit received at present value as per IND AS adjustments.
Current Liabilities
Current liabilities saw a net increase of H 1,669 lakhs from H 19,143
lakhs as on 31 March 2022 to H 20,812 lakhs as on 31 March 2023, largely on account of
increase in advance receipts of student enrollment from franchisees.
APPLICATION OF FUNDS
Non-Current Assets
Non-Current Assets saw a net decrease of H 26,549 lakhs from H 63,037
lakhs as on 31 March 2022 to H 36,488 lakhs as on
31 March 2023, largely on account of provision of non-current
investments of H 27,812 lakhs.
Current Assets
Current assets saw a decrease of H 7,349 lakhs from H 14,497 lakhs as
on 31 March 2022 to H 7,149 lakhs as on 31 March 2023, largely on account of provision in
current investment of H 10,855 lakhs.
Financial Review - Consolidated Results
Income
The Companys Consolidated Revenue from operations increased by
31% to H 32,417 lakhs in FY23 over H 24,788 lakhs in FY22 mainly on account of increase in
revenue of Holding company.
Total income increased correspondingly by 22% to H 34,441 lakhs in FY23
over H 28,226 lakhs of FY22.
Expenditure
Total expenditure increased by 33% to H 37,455 lakhs in FY23 against H
28,143 lakhs in FY22 largely on account of selling and marketing expenses, operational
cost and other expenses.
Operational Expenses
Operational expenses increased by 77% to H 9,787 lakhs in FY23 against
H 5,519 lakhs in FY22 due to increase in sales.
Employee Benefit Expenses
Employee benefits expenses decreased by 10% to H 10,382 lakhs in FY 23
over H 9,417 lakhs in FY 22 on account of increase in top management staff, recruitment
& training cost.
Selling and Marketing Expenses
Marketing expenses increased by H 1,485 lakhs in view of increase in
Marketing activities like Digital Campaign, Search Engine Optimization (SEO) / Search
Engine Marketing (SEM), Banners and Hoardings, Newspapers and Magazines, Free Gifts and
Samples, New Branding of P?ntemind and Mindonics. Also increase in freight cost in line
with increase in sales.
Other Expenditure
Other expenditure increased by 78% to H 7,108 lakhs in FY 23 against H
3,984 lakhs in FY 22 largely on account of provision for allowances of credit losses and
provision for impairment of assets.
Finance Costs
Finance costs are relatively same in line with last year finance cost.
Depreciation and Amortisation Expenses
Depreciation and amortisation expenses decreased by 13 % to H 3,209
lakhs in FY23 against H 3,669 lakhs in FY22 on account of IND AS adjustment of Lease
accounting.
EBIDTA
The Companys EBIDTA achieved at H 2,527 lakhs in FY23 against
4,740 lakhs in FY22 on account of increase in expenses more effectively against increase
in sales.
EBIDTA % to Operating Revenue achieved at 8% in FY 23 against 19% in FY
22.
SOURCE OF FUNDS
Share Capital
There is no change in equity share capital as on 31 March 2023, which
is at H 3,260.93 lakhs.
Equity attributable of Equity Holder of the parents
Equity attributable of Equity Holder of parents stands at H 1,924 lakhs
as on 31 March 2023 over H 46,255 lakhs of 31 March 2022 largely on account of Net loss
during the year, which is relatively due to provision of investments as exceptional items
during the year.
Non-Current Liabilities
Non-Current liabilities saw a Increase of only H 1,798 lakhs from H
43,539 lakhs as on 31 March 2022 to H 45,338 lakhs as on 31 March 2023, mainly due to
interest provision of credit facilities.
Non – Current Financial Liabilities
Financial Liabilities saw an increase of H 2,691 lakhs from H 27,622
lakhs of 31 March 2022 to H 30,313 lakhs of 31 March 2023 on account of increase in credit
facilities by H 1,978 lakhs towards interest provision and increase in Lease liabilities
by H 539 lakhs.
Non – Current Other Liabilities
Other Liabilities saw a decrease of H 894 lakhs from H 15,918 lakhs of
31 March 2022 to H 15,025 lakhs of 31 March 2023 largely on account of discounting of
security deposit received at present value as per IND AS adjustments.
Current Liabilities
Current liabilities saw a net increase of H 1,977 lakhs from H 40,986
lakhs as on 31 March 2022 to H 42,964 lakhs as on 31 March 2023, largely on account of
increase in advance receipts of student enrollment from franchisees.
APPLICATION OF FUNDS
Non-Current Assets
Non-Current Assets saw a net decrease of H 38,717 lakhs from H 125,077
lakhs as on 31 March 2022 to H 85,360 lakhs as on
31 March 2023, largely on account of provision of Goodwill of H 31,324
lakhs.
Current Assets
Current assets saw a decrease of H 3,654 lakhs from H 19,673 lakhs as
on 31 March 2022 to H 16,018 lakhs as on 31 March 2023, largely on account of provision of
expected credit loss in one of the subsidiary company.
INTERNAL CONTROLS
The company has in place adequate internal control systems, by ensuring
operational efficiency, safeguarding assets, preventing fraud, and complying with
regulations. Company is designing effective control by categorizing the risk of
operations, financial reporting, and compliance based on their impact and likelihood by
ensuring smoothness of operations and compliance with applicable legislation. Company is
assigning responsibilities in a way that prevents any one person from having complete
control over a critical process, this helps prevent errors and fraud by requiring multiple
individuals to collaborate on important tasks. Company is ensuring proper IT controls are
in place to secure data and systems. This includes user access controls, regular software
updates, firewalls, and intrusion detection systems. Company is conducting regular
reconciliations of financial statements, accounts, and inventory, so that any
discrepancies should be investigated and resolved promptly. The company has a well-defined
system of management reporting and periodic review of business to ensure timely
decision-making. Internal audit is conducted by professionally qualified financial
personnel, which conducts periodic audits/review to maintain a proper system of checks and
control. All operating parameters are monitored and controlled, any material change in the
business outlook is reported to the Board.
HUMAN RESOURCES
The companys HR strategy is in line with its business objectives
and it remains committed to create a diverse, engaged and empowered talent pool. Zee Learn
has built a progressive people culture that fosters a culture of meritocracy with an
emphasis on employee well-being, ensuring employees are effectively recruited, developed,
managed, and motivated to contribute to the achievement of the companys objectives.
The Company continuously identifies and rewards talent and strives to offer a conducive
working environment that enables them to maximize their potential. To empower its
workforce, the Company organizes employee engagement initiatives that create awareness,
encourage conversation, and provide opportunities to express concerns.
Key ratios
Standalone
Ratios |
2022-23 |
2021-22 |
| Trade receivable turnover ratio |
17.62 |
7.91 |
| Inventory Turnover ratio |
3.83 |
3.10 |
| Current Ratio |
0.34 |
0.76 |
| Debt Equity Ratio |
3.45 |
0.48 |
| Operating Profit Margin |
31% |
23% |
Consolidated
Ratios |
2022-23 |
2021-22 |
| Trade receivable turnover ratio |
5.01 |
2.55 |
| Inventory Turnover |
6.29 |
7.08 |
| Current Ratio |
0.37 |
0.48 |
| Debt Equity Ratio |
2.99 |
0.66 |
| Operating Profit Margin |
30% |
22% |
Business Outlook
Financial Year 2022-23 was a period of rapid revival, retention of
business partners and improving the sentiments of various stakeholders like business
partners, employees and vendors of Kidzee pre-primary business. Some of it was also
achieved through introduction of brand-new pedagogy "P?ntemind" which
was well received not only by our franchisees, but also by the students and parents. It
was also a year of consolidation for the MLZS K12 Business. The business sentiment was
further boosted by settlement of major debt related obligations of the company with the
lenders. It is the intention of the company to align its curriculum and pedagogy of its
MLZS K12 segment with the NEP, 2020 and NCF, 2022. The company intends to build on these
building blocks to expand the franchisee network, increase the enrollments and grow
revenues.
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