Everonn Education net loss widens to Rs 129 crore

Net loss up from Rs 6.5 cr posted in the same period last year

Education services provider Everonn Education today posted a third quarter standalone net loss of Rs 129.2 crore as compared to net loss of Rs 6.5 crore posted in same quarter last year.

Expenses for the quarter shot up by 68.4% to Rs 139.1 crore as compared to Rs 82.6 crore in same quarter last year, even as its total income from operations remained at Rs 15.6 crore.

Everonn Education has also informed the Bombay Stock Exchange (BSE) that the Board of Directors have appointed Sandeep Maniyar as an Alternate Director to Rakesh Sharma, Managing Director.

In its 2011-12 annual report in September 2012, the company had said that they would be able to emerge out of the financial and business constraints. "We need to admit that the untoward incidents have reflected on our numbers for the year, which lead to a dip in the revenue and business operations,” the company had said.. However, the company added that this is just a passing phase and they would soon resurface stronger.

Everonn Education had also said that it aimed to increase its presence manifold by adding capacities in all major cities in the next two years. "Although the year witnessed major upheavals in business, management and operations, let us reassure you that we are confident that the new management team, dedicated employees and our innate ability to deliver the best education solutions will see your company effectively navigate through the turbulent times and emerge winner.," it said.

At 12.30pm, the shares of Everonn Education stood at Rs 82.05 on the BSE, down 3.19% as compared to the previous day's close.