Companies

EdServ net rises marginally in Q1

PTI Chennai | Updated on August 12, 2011

Education support services company EdServ Softsystems has reported a marginal 6 per cent increase in net profit to Rs 7.3 crore for the first quarter ended June 30, 2011.

The net profit stood at Rs 6.88 crore in the same period last year, a company statement issued here said.

For the year ended March 31, 2011, the company has reported a net profit of Rs 41.21 crore.

Net income grew to Rs 26.68 crore during the quarter under review from Rs 21.47 crore during the corresponding period of the previous year.

For the year ended March 31, 2011, the net income stood at Rs 122.16 crore.

The Chennai-headquartered company also announced the closure of its GDR issue.

It raised $23 million through the GDR issue to fund the expansion of its eLearning business, which includes school networks, online CA coaching, international test preps, IT skills development and personality training.

The company said it would list the GDRs on the Luxembourg Stock Exchange.

EdServ is targeting a 60 per cent growth in revenues and a 30 per cent jump in profitability this year.

Published on August 12, 2011

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