Educomp Solutions posts Q4 net loss at Rs 147.93 cr

Education solutions provider Educomp Solutions today reported a consolidated net loss of Rs 147.93 crore for the quarter ended March 31, 2013.

The Gurgaon-based firm had posted a net profit of Rs 61.53 crore in the year-ago period.

The consolidated total income declined by 35% to Rs 336.41 crore in January-March quarter of last fiscal from Rs 513.61 crore in the same period of 2011-12, the company said in filing with BSE.

"During the quarter, the company has also decided to exit its non-profit/non-core business of counselling, lead generation and online tutoring in its subsidiaries like Savvica Inc, Educomp Software Ltd and Authorgen Technologies Pvt Ltd," the firm said in the filing.

After March 31, 2013, Educomp exited the vocational business by selling its entire 50% stake in Educomp Higher Initiative Pte Ltd for a consideration of $l2 million as part of its strategy to exit non-core/non-profit business, it added.

For the entire 2012-13, Educomp reported a consolidated net loss of Rs 132.83 crore.

For 2011-12, it had posted a net profit of Rs 135.53 crore.

Its consolidated total income fell to Rs 1,210.92 crore from Rs 1,491.27 crore during the period under review.

Shares of the company today fell by 2.62% to settle at Rs 61.35 apiece from its previous close on the BSE.