Veranda Learning Solutions turns EBITDA positive for Q1 FY24

CHENNAI: Veranda Learning Solutions, which announced its financial results for Q1 FY24, has recorded positive EBITDA of Rs 5.64 crore for the quarter compared to a negative EBITDA of Rs 20.20 crore in the last quarter.

The public-listed education company Veranda Learning has reported an EBITDA of Rs 5.64 crores for Q1 FY24, a significant turnaround from the operating loss of Rs 13.39 crore for the same period last year. The company saw a revenue growth of 146.15% Y-o-Y clocking Rs 70.48 crore for Q1FY24 against Rs 28.63 crore in Q1FY23. With bookings at Rs 95.85 crores for the quarter, it hit an ARR of Rs 475.68 crore in cash collection along with an average daily collection of Rs 1.3 crores in June.

Suresh Kalpathi, executive director and chairman, Veranda Learning Solutions said, “This growth comes on the back of scaling of existing revenues as well as cost optimisation exercises undertaken by the company.”

“In the last quarter, the company had announced signing of definitive agreements with seven new businesses. In addition, we have announced partnership with Sreedhar’s College of Competitive Exams which deepens our competitive test prep presence in newer geographies whilst also expanding our presence in the publishing business. These acquisitions will consolidate Veranda’s position as a comprehensive education player in the sector.”

“We are also partnering with leading players in the government test prep space in Kerala, AP and Telangana enabling Veranda Race to become the largest government test prep player in south. The company has also partnered with Logic School of Management to strengthen and deepen its commerce offerings in Kerala,” he said.

These associations are expected to take the proforma EBITDA for Veranda Learning to over Rs 100 crore for FY 23-24 with the overall revenue expected to grow by 100% over last FY propelling Veranda to the next orbit of its growth.