Veranda revenues swell 167% in Q2FY24: Kalpathi

CHENNAI: Veranda has reported a revenue of Rs 100.27 crore for the quarter compared to Rs 38.77 crore in the same period last year.

The company announced an EBITDA of Rs 22.39 crore for H1FY24 marking a substantial recovery from the operating loss of Rs 28.41 crore in the corresponding period of the previous financial year. Total revenue for H1FY24 stood at Rs 170.75 crore, increasing from Rs 67.40 crore recorded in H1FY23.

Suresh Kalpathi, executive director and chairman, Veranda Learning Solutions, said “The numbers speak for themselves - our revenue has surged by an impressive 167 per cent in Q2FY24. The improvement in EBITDA margin shows the strength and resilience of our business operations and the acquisitions.”

He also said “after a challenging period of assimilating assets in the education ecosystem over the past two years, we can say we are now reaping the rewards. We have successfully stitched a fabric through strategic acquisitions, further enhancing our competitive advantage in the market.”

The company reported an EBITDA of Rs 16.75 crore in Q2FY24 compared to loss of Rs 15 crore in Q2FY23.

The total number of students trained by the Veranda Group for H1FY24 stood at 4,21,327 with 2,00,574 students trained this quarter, as per a release.