Helix-backed K-12 tutoring and test preparation firm MT Educare Ltd (MTEL) reported 22 per cent rise in net profit to Rs 3 crore for the quarter ended June 30 over the year-ago period, backed by strong revenue growth. Total revenues rose 30 per cent to Rs 47.87 crore in the same period.
Mahesh Shetty, chairman and managing director of MTEL, said, “We are seeing increased admissions in our commerce and Karnataka segment, coupled with a few key technology initiatives, which are giving us the required impetus.”
He also added that MTEL’s product Rabomate, with its entire content in digital format and developed in-house by faculties from schools, has been launched this year and got good response from students. The company is now making it available for those students who have not enrolled with MTEL.
Established in 1988, MT Educare is a coaching services provider and focuses on science and commerce streams across Maharashtra and other states including Tamil Nadu, Karnataka, Punjab, Haryana and Gujarat. It offers coaching for national level examinations such as the JEE Mains/Advanced for engineering, NEET for medical, CPT/IPCC/CA final for commerce and CAT/CMAT for MBA aspirants.
MT Educare has 200 coaching centres across 125-plus locations in three states, with faculty strength of over 1,000 teachers.
It had also raised private equity funding from Helix Investments which part-exited its investment making 2.5x returns when the firm went public in March 2012. Academic and value investor Shivanand Mankekar is also one of its shareholders.
In November 2012, MTEL bought 51 per cent stake in Lakshya Forum for Competitions Pvt Ltd, a northern India-based IIT, engineering and medical entrance teaching institution, for an undisclosed amount.
(Edited by Sanghamitra Mandal)