Aptech plans to exit institutional business

Aptech said it has decided to focus on the retail business and has decided to exit institutional (B2B) business.

Aptech currently operates in two business segments - retail and institutional. As part of a larger re-organization of the business of the company, the two segments of the company were evaluated during the meeting of the strategy committee constituted by the company.

The company has decided to focus on the retail business and hence the institutional (B2B) business is evaluated for a potential exit. In line with the advice of the strategy committee, the company has appointed a merchant banker for identifying potential buyers who may be interested in the business and also legal and finance professionals for the due diligence, which has just commenced.

No buyer is identified as yet. The company will take the process forward once the evaluation is completed and suitable expression of interest is received. The company said it intends to complete the exercise within 12-16 weeks.

Aptech is a pioneer in the non-formal education and training business in the country with a significant global presence.

On a consolidated basis, the company's net profit rose 7.6% to Rs 7.23 crore on a 32.8% drop in net sales to Rs 36.18 crore in Q3 FY21 over Q3 FY20.

Shares of Aptech fell 2.78% to Rs 220.35 in a broader selloff. The Nifty-50 index was down 475.95 points, or 3.15% at 14,621.40.

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