Tutoring services firm Career Point Ltd reported a sharp decline in net profit even as it had improved operating margins after its revenues declined in the first quarter.
The company saw revenues drop 3.9 per cent to Rs 15.15 crore during the quarter ended June 30, 2013, over the year-ago period. Net profit declined to Rs 1.64 crore as against Rs 3.12 crore in the first quarter of last year.
Career Point tutorials division enrolled more than 9,000 members despite a delay in admission cycle and a change in market dynamics while the residential coaching-cum-school took off with more than 600 new enrolments, according to a company statement.
In the formal education segment, the company launched two new schools with more than 200 enrolments each in the first academic session. A jump was recorded in new enrolments at higher education institutions, which gives a visible outlook for the duration of course programmes (2-5 years).
(Edited by Sanghamitra Mandal)