It gives me pleasure to greet you in a relatively stable schoolenvironment after a period of 2 years. FY22 has been a culmination of our efforts acrossthe past 3 years to make this company stronger and efficient. When we started this journeyof S Chand 3.0 in 2019 we did not anticipate that we would also have to go through theworst pandemic of the last 100 years. To that extent FY22 has been a mixture of wins andchallenges. We faced two serious COVID waves of the Delta variant in April-May 21 and theOmicron variant in January 2022 but we did not face lockdowns or supply chain bottlenecksduring the primary business season of the fourth quarter prior to start of the newAcademic session. As we start FY23 we see that Hybrid or Blended Learning is the wayahead. Schools and Colleges have reopened with a new vigor and admissions in educationalinstitutions are increasing as more and more students return to physical learning. Mostschools in smaller cities towns and villages which had challenges of online learning dueto the lack of infrastructure are seeing students back at school which is encouraging asit is spurring demand strongly for the industry. India has the largest population in theworld in the age bracket of 5-24 years presenting a huge opportunity in the educationsector. India which was ranked 50 out of 100 countries in English Proficiency Index 2020has a large English-speaking population that makes it easy to deliver new age educationalproducts. With cutting-edge technologies such as AI ML IoT and Blockchain India'seducation sector will soon redefine itself. With increasing awareness private Indianplayers are collaborating with international brands to provide Indian students educationof international standards.
On a very encouraging note in order to liberalize the educationsector the Government has taken up various initiatives such as the National AccreditationRegulatory Authority Bill for Higher Educational and the Foreign Educational InstitutionsBill. The Government is also allowing 100% FDI (automatic route) for the education sector.This augurs well for the sector and is bound to attract foreign investors given thepotential in the Indian market.
The Cabinet approved the National Education Policy 2020 on July 292020. The aim is to transform India into an energetic knowledge society and a globalknowledge superpower by making school and college education more holistic flexible andmultidisciplinary. This will be well suited to today's needs and will also showcasethe unique capabilities of each student. There is also increasing awareness about thebenefits of education in Tier II and Tier III cities which will drive the sector and openup new opportunities. On the New Education Policy front we expect that the NationalCurriculum Framework or NCF will be launched this year. The National Testing Agency (NTA)has already launched the Common University Entrance Test (CUET) which will become one ofthe most important examinations for college admissions apart from IITJEE and NEET.
In a post pandemic world the education industry will be driven by theblended learning methodology. On this front we continue to focus on providing studentsteachers and educational institutions with blended learning solutions that are required ina post COVID world. The EdTech industry is slowly also moving into the hybrid blendedlearning era with physical center's opening across India.
On the Ed-Tech front we continue to focus on providingstudents/teachers/educational institutions with digital solutions required in a post covidworld. Our affordable personalized learning app Learnflix has over 3.3 Lakh downloads. Welaunched the Bengali version of the app as well this year and we believe we should getstrong traction as the year goes by. We launched S Chand Academy (Youtube Channel) thisyear which has over 550 videos so far and has already notched up over 4 million views andhas been well appreciated by the learners. We will provide new content every week andexpect the S Chand Academy to ramp up significantly to over 1000 videos and over 10million views by the end of the year. In addition we also relaunched TestCoach our testPrep and higher education app during this year with cumulative downloads of over 200k tocover over 100+ government examination tests. Madhubun Educate 360 - Our K12 LearningManagement System is now implemented in over 55 schools and is being used by approximately1 lakh students.
On the investments front we have taken a minority stake in iNeuronIntelligence in December 2021 which is seeing exponential growth in the Technologylearning segment. We see a lot of synergies both on technology upgradation for S Chand andB2B business for their solutions. In addition we sold our stake in TestBook in July 2022for a 7.8x return over our initial investment done in 2015.
Despite the challenges of COVID and other business challenges I amextremely happy to report that we grew Revenues 13% on a YoY basis to reach `4809m grewEBITDA to `757m and had a PAT of `80m. We turned profitable after 3 years. We saw one ofthe biggest improvements this year in our working capital metrics. We will continue tofocus on our relationships with teachers and schools. And equally with our preferreddistributor partners to ensure retention and growth of our market share while we moveforward into expanded use of digital mediums.
I sincerely thank our Board members for their unwavering support duringthese trying years. Sanjay Vijay Bhandarkar is no longer on the Board of the Company. Isincerely thank him for his contribution and support over the years. My gratitude goesalso to the shareholders who have stood by us during these times. My sincere thanks to ourown authors and employees for their commitment and support because we are where we aretoday because of that support. Let us resurge together.
With best wishes
DR Dogra Chairman