Veranda Learnings Solutions Ltd, a Chennai-based ed-tech platform, saw a 20 per cent rise in its share price today. The company’s share closed at ₹258 today.
On November 9, the company released its Q2 results where it reported a significant reduction in net loss to ₹1.53 crore in the second quarter ended September 30, against a net loss of ₹21.13 crore for the corresponding quarter last year.
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The company’s various segments delivered strong results, leading to a revenue increase of ₹98 crore, more than double the previous ₹37 crore.
In a release, Suresh Kalpathi, the Executive Director and Chairman of Veranda Learning Solutions, said following a demanding phase of integrating assets in the education sector over the last two years, the company is now experiencing positive outcomes.
Veranda provides various training programmes for competitive exam preparation, covering the State Public Service Commission, Banking, Insurance, Railways, IAS, and CA. The company delivers these services through its affiliated entities, namely Veranda Race, Veranda IAS, JK Shah Education, and Edureka, which is the customer-facing brand of Brain4ce Education Solutions.
A series of acquisitions
Having acquired nearly a dozen companies in the last two years, the company is still looking for more inorganic opportunities to scale up its business and to further expand its course offerings. Speaking to businessline in a previous interview, Kalpathi said, “As far as acquisitions are concerned, we are not done yet.”
“We will acquire only businesses that are profitable. We don’t believe in turning around loss-making businesses,” added Kalpathi.