As we march towards creating a NEW INDIA of 2022 our country has gradually moved onfrom being a global labour provider to being rechristened as a global capital forproviding exceptional talent and skill. Indias higher education system has reached alevel where it is being providing globally competitive talent. The aspirations of youngIndia are now boundary less and the onus now is on the knowledge providers to shape themto meet their dreams. At MT Educare over the last 3 decades we have been workingrelentlessly to empower our each & every student with the right capabilities. We havebeen taking a number of steps to provide to our students the right environment needed forlearning and also for increasing the desire to walk an extra mile.
Globally education industry is also being confronted by a new challenge of adapting tothe era of connectivity. With smartphones becoming a necessity from a luxury connectivityhas reached a point without which lives today are unimaginable. The younger generation isamongst the first acceptors of the technology creating a new generation of tech savvystudents. This has bought a paradigm shift in the education industry disrupting the modesof learning and teaching. Education no more is limited within the four walls of theclassroom and within fixed hours. The era of connectivity has bought in anytime &anywhere learning. At MT Educare as always we have been a pioneer in understanding andbring in the best to our students. To seize this new opportunity of anytime & anywherelearning we have been providing online learning to our students under our brand Robomate+.This has revolutionized the way education was imparted significantly enhancing thepracticality part of the knowledge with focus on making students understand theapplicability of the knowledge. Through our tech-driven teaching modules we have providedstudents with uninterrupted access to learning by using their computers laptops mobilestabs and other hand-held devices anytime anywhere enabling self-paced learning.
To significantly enhance our service offering and also enhance the reach of ourservices we have decided to associate with Zee
Learn a flagship company of the Essel Group. Hence during the year we have allotted3.20cr equity shares on preferential basis to Zee Learn Limited for their investment ofRs. 200 cr in our Company. With this investment Zee Learn has become the largestshareholder of MT Educare with total holding of 44.53%. We truly believe that thisinvestment with the extensive network of Zee Learn and strong management team will help usto further enhance our growth momentum.
During the year we have consolidated our participation with the government forpublic-private-partnership projects due to a longer payment cycle leading to higherworking capital cost. We intend to be more cautious in taking PPP projects and wouldprefer only those projects having easier payment cycles with precise deliverables. Ourfocus shall be more on undertaking coaching projects which are our forte. Hence we haveconsciously allowed our revenues to come down which stood at Rs. 222.6 cr in FY18 downby 26% YoY. During the year we have also moved to the new IndAS accounting policy whichhas led to an expected credit loss of Rs. 62.94cr for the year FY18. This one time chargehas significantly impacted our profitability in FY18.
At MT Educare Ltd we always endeavor towards extending our hand towards theunprivileged students and also other sections of society. Our philosophy is to serve thesociety in the fields education and women empowerment. With this approach we have beenteaching students of many schools belonging to the Municipal Corporation of Greater Mumbai(MCGM). We have coached almost 25000+ underprivileged students through our CSRinitiatives for FY18.
I would like to take this opportunity to thank all our stakeholders for theirunhindered support to your Company. I would also like to thank our employees for theirpassion and dedication towards enabling your Company to continuously evolve and growthrough different phases of our growth life-cycle. As the aspirations of young India aretouching new highs we take the onus on us to create strong pillars of growth for thenation as well as for our stakeholders. Let us all march together towards creating a NEWINDIA which has 100% literacy & 100% employability of the youth of our country.
Mahesh Raghu Shetty