The Hindu Business Line : Educomp net profit rises 146%

New Delhi, June 3 E-learning solutions provider Educomp Solutions has announced a consolidated net profit of Rs 70.56 crore for the financial year ended March 31, a two-fold growth over the year-ago period.

The company had a net profit of Rs 28.68 crore in FY07, a BSE announcement said.

The total revenue rose to Rs 303.84 crore in FY 08 from Rs 115.98 crore in the previous fiscal. The board declared a dividend of 25 per cent at the rate of Rs 2.50 each on shares of face value of Rs 10 for FY08.

For the year ended March 31, Educomp reported a standalone net profit of Rs 70.06 crore, a two-fold growth over the last year. The company had a net profit of Rs 28.58 crore in FY07.

The standalone total revenue rose to Rs 303.84 crore in FY08 from Rs 115.98 crore in the year-ago period.

The board also approved raising of $250 million through issue of Global Depository Receipts. Last month, the shareholders, by way of postal ballot, had approved raising of $500 million through issue of international securities.

The money raised through the receipts will be used to grow its business and for potential strategic acquisitions or domestic and overseas joint ventures. The board would also seek shareholders’ approval for potential strategic acquisitions or joint ventures, both domestic and overseas, it added.

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