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CL Educate hits the roof on the sale of its third land in Faridabad for Rs 3.24 cr

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CL Educate was locked in an upper circuit of 5% at Rs 123.50 after the EdTech and MarTech entity announced the sale of a third plot of land worth Rs 3.24 crore in Faridabad (Haryana), this year.

CL Educate, a listed EdTech and MarTech entity and the owner of TestPrep brand, Career Launcher, has been in the process of exiting asset heavy businesses over the last few years. As a part of the decision, the organization has been looking to convert its real estate bank (subject to necessary approvals, where required), which has a value of Rs 65-70 crore, into cash for redeployment in its core business.

CL Educate in October had shared an update on two transactions having been concluded, a plot in Faridabad for Rs 7.25 crore and another in Amritsar for Rs 2.3 crore, the latter held through a subsidiary. Today, CL Educate, has added that a third plot, held in one of its wholly owned subsidiaries, also incidentally in Faridabad, had been sold for Rs 3.24 crore. The company has shared that a couple of more real estate parcels are targeted for sale in the next 3-4 quarters.

CL Educate had stated that it intends to liquidate its positions in unproductive real estate and deploy the cash generated in its core business to further accelerate growth.

On a consolidated basis, CL Educate's net profit stood at Rs 3.28 crore in Q2 FY22 as compared to a net loss of Rs 1.10 crore in Q2 FY21. Net sales stood at Rs 53.21 crore in Q2 September 2021, registering a 16.2% jump from Rs 45.78 crore in Q2 September 2020.

CL Educate focuses on diverse segments of education, and across learners of multiple age-groups. The company operates across a broad spectrum of segments in the education industry, including test preparation, K-12 education and vocational training.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, November 30 2021. 15:27 IST