Veranda Learning Solutions Reports Strong Q4 and FY24 Financial Performance; Turns EBITDA Positive in FY24
Chennai (Tamil Nadu) [India] May 30: Veranda Learning Solutions Limited, a public listed Education company (BSE: 543514, NSE: VERANDA) and a pioneer in the industry offering end-to-end Education services solutions, announced its financial results for the fourth quarter and year ended March 31, 2024. The company continues its growth trajectory, delivering exceptional results for both the quarter [...]
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Veranda Learning Solutions Reports Strong Q4 and FY24 Financial Performance; Turns EBITDA Positive in FY24
Chennai (Tamil Nadu) [India] May 30: Veranda Learning Solutions Limited, a public listed Education company (BSE: 543514, NSE: VERANDA) and a pioneer in the industry offering end-to-end Education services solutions, announced its financial results for the fourth quarter and year ended March 31, 2024. The company continues its growth trajectory, delivering exceptional results for both the quarter [...]
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Veranda Learning Solutions Reports Strong Q4 and FY24 Financial Performance; Turns EBITDA Positive in FY24
Chennai (Tamil Nadu) [India] May 30: Veranda Learning Solutions Limited, a public listed Education company (BSE: 543514, NSE: VERANDA) and a pioneer in the industry offering end-to-end Education services solutions, announced its financial results for the fourth quarter and year ended March 31, 2024. The company continues its growth trajectory, delivering exceptional results for both the quarter and fiscal year of 2024. During the quarter, the operating revenue stood at 102.61 crores, marking an impressive year-over-year growth of 111.98% from Rs. 48.41 crores in the same period last year.
For FY24, The company reported an EBITDA of Rs. 62.29 crores and an adjusted EBITDA of Rs. 68.99 crores, a dramatic turnaround from the operating loss of Rs. 33.67 crores in the previous financial year. This remarkable shift was fueled by both organic expansion and strategic acquisitions. Overall, the total operating revenue for FY24 stood at Rs. 361.73 crores, a significant increase from Rs. 161.36 crores recorded in FY23, showcasing Veranda Learning’s robust growth and solid financial footing.
This year the company has seen an increase in finance and depreciation costs due to accounting adjustments pertaining to the acquisitions completed. The depreciation costs include a non-cash expense of Rs 36.38 crores arising due to the amortization of intangible assets acquired. The finance cost includes a non-cash expense of Rs 14.63 crores arising due to unwinding of acquisition related liabilities and a non-cash expense of Rs 9.92 crores due to acceleration of processing charges of the loans prepaid . The finance cost also includes a non-recurring cost of Rs 10.25 crores due to prepayment of existing loans.
The Total number of students trained by the Veranda Group for FY24 stood at 6,93,874 with 1,36,194 students trained during this quarter.
Consolidated Financial Highlights:
Particulars (Rs. Crores)
Q4FY24
Q4FY23
Y-o-Y
Q3FY24
Q-o-Q
FY24
FY23
Y-o-Y
Revenue from Operations
102.61
48.41
111.98%
91.84
11.73%
361.73
161.36
124.18%
Other Income
1.30
0.39
3.51
8.29
38.56
Total Revenue
103.91
48.80
112.93%
95.36
8.97%
370.02
199.92
85.08%
Gross Profit
62.95
23.85
163.94%
55.06
14.33%
213.03
73.69
189.10%
Gross Profit Margin (%)
61.35%
49.27%
59.95%
58.89%
45.67%
Operating Expenses
Advt. & Business Promotion
13.31
11.54
15.39%
10.60
25.57%
48.67
42.24
15.22%
Corporate Costs
6.00
4.52
32.74%
5.35
12.15%
19.76
44.15
(55.24)%
Other Expenses
19.11
26.31
19.65
75.60
23.33
Non-Operating Expenses
ESOPs/RSU
1.82
1.68
2.25
6.71
(2.37)
EBITDA
22.71
(20.20)
17.19
32.13%
62.29
(33.67)
Finance Cost
39.50
5.15
19.91
78.17
10.30
Depreciation
22.55
17.67
17.70
65.37
45.46
Tax Expenses
(0.80)
(4.34)
(3.71)
(5.15)
(10.22)
PAT
(38.54)
(38.68)
(16.71)
(76.11)
(79.21)
.
Key Consolidated Financial Highlights:
Total Operating Revenue stood at Rs. 102.61 crores in Q4FY24 compared to Rs. 48.41 crores in Q4FY23 a growth of 111.98% YoY; Total Operating Revenue for FY24 stood at Rs. 361.73 crores compared to Rs. 161.36 crores in FY23 witnessing a growth of 124.18% YoY.
The Gross Profit stood at Rs. 62.95 crores with a Gross Profit margin of 61.35% in Q4FY24 compared to Rs. 23.85 crores with a Gross Profit margin of 49.27% in Q4FY23; In FY24 the Gross Profit stood at Rs. 213.03 crores with a Gross Profit margin of 58.89% in FY24.
Advertising and business promotion expenses for Q4FY24 & FY24 stood at Rs. 13.31 crores and Rs. 48.67 crores respectively.
The Company reported an EBITDA of Rs. 22.71 crores in Q4FY24 compared to a loss of Rs. 20.20 crores in Q4FY23. The EBITDA for FY24 stands at Rs. 62.29 crores as compared to a loss of Rs. 33.67 crores in FY23.
The ESOP expense for the quarter stood at Rs 1.82 crores and the adjusted EBITDA for the quarter stood at Rs 24.53 crores.
The Finance cost for the quarter includes a non-recurring cash expense of Rs 10.25 crores towards pre-closure charges of existing loans , Rs 8.25 crores (Rs 14.63 crores for FY24 ) of non-cash expenses pertaining to unwinding of acquisition related liabilities and Rs 6.86 crores (Rs 9.92 crores for FY24 ) due to acceleration of processing charges of the loans prepaid.
The Depreciation cost for the quarter includes a non-cash expense of Rs 13.99 crores (Rs 36.38 crores for FY24) arising out of amortisation of intangible assets pertaining to the acquisitions completed.
Commenting on the strong financial performance, Mr. Suresh Kalpathi, Executive Director and Chairman, Veranda Learning Solutions said,
“It is with great pride that I address you today to celebrate a milestone year for our company. In FY24, we have not only seen our operating revenues double to surpass Rs. 360 crores, but we have also achieved a positive EBITDA for the first time. This is a testament to our team’s dedication. This has been driven by strategic consolidation of high-quality brands into our portfolio, significantly enhancing our market presence and performance.
This year, we have exceeded our ambitious targets, achieving a remarkable year-over-year revenue growth of over 100% while maintaining a solid EBITDA margin of 17%. These accomplishments underscore the resilience of our business model and our unwavering commitment to financial stability. Looking ahead, we remain confident in sustaining our strong performance and are steadfast in our pursuit of leadership in India’s education sector. We will innovate, excel and expand our footprint to empower even larger number of learners nationwide.
As we set our sights on FY25, we anticipate maintaining this momentum to achieve revenues exceeding Rs. 550 crores with an ambitious EBITDA margin of 25%.”
Acquisition of Tapasya Educational Institutions
Veranda Learning Solutions has acquired 51% of equity shares of Tapasya Educational Institutions Private Limited (“TEIPL” or “Tapasya”) through its subsidiary, Veranda XL Learning Solutions Pvt Ltd, valuing TEIPL at Rs 240 crores. The acquisition of Tapasya will strengthen Veranda’s presence in both Telangana and Karnataka. This collaboration will mark the beginning of a new era of growth and opportunity for Veranda. Also, the company is excited to team up with Tapasya, to combine the expertise, innovate and improve the learning experience for students throughout the region.
Successful Fund Raise of Rs. 425 crores
Veranda Learning has obtained debt financing of Rs 425 crore via senior, secured, redeemable, unlisted, and unrated non-convertible debentures from BPEA Investment Managers Private Limited (BPEA Credit). These funds are raised through one or more series and/or tranches, facilitated by BPEA Investment Managers Private Limited (BPEA) or other investors identified by BPEA, to provide inter-corporate loans to group companies, refinance existing loans, support working capital, and fulfil general corporate purposes. This substantial financial injection is a crucial and timely move for Veranda, supporting its growth strategy within the rapidly evolving educational industry landscape.
Veranda XL Learning acquires Logic Management Training Institute
Veranda Learning Solutions has acquired Logic Management Training Institutes Pvt. Ltd., a Kerala-based institution known for its professional financial courses. With this agreement, Veranda will expand its educational offerings across India, leveraging Logic’s eight branches and nearly 5,000 annual students. The acquisition includes collaboration with JK Shah Classes, part of Veranda’s Commerce Education initiative, aiming to enhance educational value and reinforce Veranda’s dedication to innovation in the education sector.
Tie up with Cambridge University Press & Assessment India Pvt. Ltd
Veranda is appointed as an Associate Partner for Cambridge in India to play an important role in recruiting, onboarding, and supporting schools in the Cambridge community with a specific focus on tier 2 and tier 3 cities. This partnership will enhance Veranda’s comprehensive resources and design support, empowering the company to implement the Cambridge Pathway with confidence. This includes expert teachers, teacher training programs, a focus on academic excellence, and essential tools to help students achieve their educational goals. This will further strengthen the company’s dedication to empowering schools with top-notch education on a broader scale.
About Veranda Learning Solutions:
Founded in 2018, by the Kalpathi AGS Group – Veranda Learning Solutions is a public listed education technology company that offers a bouquet of training programs for competitive exam preparation, including State Public Service Commission, Banking, Insurance, Railways, IAS, and CA, as well as a slew of professional skilling and upskilling programmes.
Veranda Learning Solutions’ platform combines technology, processes, and methodologies to provide high-quality, in-depth, personalised learning opportunities and content to learners across the country. Dedicated to creating an impact on students and delivering successful academic outcomes, Veranda adopts a multi-modal delivery system backed by a rigorous and disciplined learning framework.
The company provides services through its subsidiaries: Veranda RACE, Veranda IAS, Edureka – the customer-facing brand of Brain4ce Education Solutions, Six Phrase, Veranda HigherEd, Edureka Learning Centre, SmartBridge, BAssure Solutions, Talent Academy and Publications, Sreedhar’s CCE, Veranda K12, Tapasya and PHIRE. Veranda Learning has forayed into high-demand financial courses such as Chartered Accountancy through its partnership with India’s premier CA test-preparation institute, J. K. Shah Classes.
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