Veranda cuts down Q2 losses to Rs 1.53 crore

CHENNAI: Veranda Learning Solutions has drastically reduced its net loss for the Q2 ended September 30, 2023 to Rs 1.53 crore compared to Rs 21.13 crore net loss in the corresponding quarter of last year.

Riding on the success of a string of strategic acquisitions, the Chennai-based Veranda saw its revenue more than double at Rs 100.27 crore (including other income) for the quarter compared to Rs 38.77 crore in the same period last year.

Its EBITDA was 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. Their total revenue for H1FY24 stood at Rs 170.75 crore, a significant increase compared to the Rs. 67.40 crore recorded in H1FY23.

Veranda reported an EBITDA of Rs 16.75 crore in Q2FY24 compared to loss of Rs 15.00 crore in Q2FY23. The EBITDA for H1FY24 stands at Rs 22.39 crore against a loss of Rs 28.41 crore in H1FY23. The adjusted recurring EBITDA for the quarter Q2 FY24 stood at Rs 17.85 crore and Rs 25.02 crore for H1FY24.

Suresh Kalpathi, executive director and chairman, Veranda Learning Solutions said, “The numbers speak for themselves - our revenue has surged by an impressive 167% in Q2FY24. After a challenging period of assimilating assets in the education ecosystem over the past two years, we can proudly say that we are now reaping the rewards.’’

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.