Veranda Learning Solutions stock sheds 3% despite healthy Q1FY23 performance

16 Aug 2022 , 11:26 AM

Veranda Learning Solutions Limited (“Veranda”), a public listed edutech company has announced its financial results for the quarter ended June 30, 2022.

Key Consolidated Financial Highlights for Q1FY23:

• Revenue from operations stood at Rs286.32 million in Q1FY23 compared to Rs48.68 million in Q1FY22; a growth of 488.17% year on year, though on a lower base.
• The Gross Profit stood at Rs120.86 million with a Gross Profit margin of 42.21% in Q1FY23.
• The total number of enrolments stood at 18,261 for the quarter. 
• The Company continued investing in brand building with an Advertisement & Business Promotion expense of Rs84.70 million incurred in Q1FY23.

Commenting on the results, Kalpathi. S. Suresh, Executive Director and Chairman of Veranda Learning Solutions, said “This quarter witnessed another growth momentum. I am delighted that we have successfully launched multiple offline centres and signed three new partners for Veranda Race. We also marked our entry into a new state, Andhra Pradesh, during this quarter. 

We signed 46 new offline centres for Veranda Acacia and have expanded our presence to ten states across India, in-line with our strategy to expand the geographical footprints of our offline and hybrid offerings.

The acquisition of T.I.M.E is under process as per our expectations, and we envisage to close the transaction by Sep-2022.”

At around 11:29 AM, Veranda Learning Solutions Ltd was currently trading at Rs261.40 per share down by Rs8.4 or 3.11% from its previous closing of Rs269.80 per share on the BSE.