Educomp Solutions Q3FY11 Standalone net profit soars 75% at Rs 112.03 cr

Educomp Solutions Limited, India’s largest Education Company today announced their unaudited financial results for the third quarter ended December 31, 2010.

Standalone Performance
Standalone total revenues during the quarter grew by 35.59 per cent to Rs 276.42 crore compared to Rs 203.88 crore in the corresponding quarter previous year. Net profit surged by 74.67 per cent to Rs 112.03 crore for the third quarter ended December 31, 2010 compared to Rs 64.13 crore in the corresponding period previous year.

For the nine months period ended December 31, 2010, the company posted a 53.48 per cent jump in net profit at Rs 231.47 crore compared to Rs 150.81 crore in the corresponding period previous year. Revenues during this period grew by 14.79 per cent at Rs 641.38 crore compared to Rs 558.73 crore in the corresponding period previous year.

Consolidated Performance
Consolidated revenues grew by 37.45 per cent to Rs 357.52 crore for the third quarter ended December 31, 2010 compared to Rs 260.09 crore in the corresponding quarter previous year. Net profit (after minority interest) for the quarter under review grew by 58.05 per cent to Rs 96.71 crore as compared to Rs 61.19 crore in the corresponding quarter previous year.

For the nine months period ended December 31, 2010, the company posted 21.87 per cent rise in consolidated revenues at Rs 862.19 crore as compared to Rs 707.45 crore in the corresponding period previous year. Net Profit (after minority interest) stood at Rs 191.01 crore compared to Rs 210.94 crore

Key operational highlights
The company’s performance was propelled by an integrated business model, comprising a set of robust, value-creating and sustainable businesses. During Q3FY11, the company implemented Smart Class Solutions in 7,085 classrooms across 949 schools. SmartClass now reaches 5534 schools and 3.9 million students.

In addition, the company has participated in tenders covering around 20,000 schools in Gujarat, Maharashtra and Haryana for ICT. Currently, ICT program reaches 10,550 schools and 5.8 million students.

The company’s Pre-school business presently covers a total of 48,100 kids through company’s ‘Roots to Wings’ and ‘Eurokids’ brands. As on date, 220 pre-schools operate under ‘Roots to Wings’ covering approximately 8300 kids and 579 preschools operate under Eurokids covering around 39,800 kids

ABOUT EDUCOMP SOLUTIONS
Founded in 1994, Educomp Solutions is a globally diversified education solutions provider and the largest education company in India. Over the years, Educomp has been at the forefront of pioneering initiatives in the education space. With an employee base of more than 10000 professionals, Educomp serves 26,000 schools and 15 million learners and educators in India as well as the US, Canada, Singapore and Sri Lanka. It operates through its various subsidiaries including authorGEN, Threebrix eServices, Learning.com, USA, AsknLearn Pte Ltd, Singapore, and via its associates such as Savvica Inc in Canada. The company works closely with schools to implement innovative models to create and deliver content to enhance student learning. Educomp's long undiluted focus on the K-12, curriculum design and teacher education space, in developing applications and products, has revolutionized leverage of information technology and Internet for education. Educomp has also embarked upon innovative IP-driven projects to set up pre-schools, high schools and professional and vocational education institutions.  For more information, visit www.educomp.com.