MT Educare Limited Announces Its Unaudited Consolidated Financial Results for the Quarter Ended 30th September, 2019

Business Wire India
MT Educare Limited (MTEL), a leading Education support and coaching services provider in India announced its unaudited consolidated financial results for the quarter ended 30^th September, 2019.

MTEL in Q2 FY20 reported Consolidated Operating Revenues at Rs. 64.4 Crores as against Rs. 62.7 Crores in the previous quarter (Q1 FY 20), and Rs. 58.2 Crores in Q2 FY19; thereby registering a growth of 11% in revenue. Science division continues to be the major contributor to revenue. As mentioned in the previous quarter earnings release, due to re-alignment in the pricing of Robomate+ subscriptions, the overall accrued revenue shall be gradually recognized in the forthcoming quarters. Revenue from Government projects has gained momentum in this financial year.

MTEL posted EBITDA of Rs. 15.9 Crores (25% EBITDA margin) in Q2 FY20 as compared to Rs. 8.3 Crores (14% EBITDA margin) in Q2 FY19 and Rs. 12.9 Crores (21% EBITDA margin) in previous quarter (Q1 FY20).

In H1 FY 20, the company posted EBITDA of Rs. 28.8 Crores as compared to Rs. 15.7 Crores in corresponding H1 of FY19. This growth in EBITDA margin is also on account of cost efficiencies that have been implemented by the company.

MTEL in Q2 FY20 (at consolidated level) posted Profit Before Tax of Rs. 7.8 Crores against Rs. 5.3 Crores in the previous quarter and Rs. 2.5 Crores in the corresponding quarter of the previous financial year (Q2 FY 19) witnessing a phenomenal 45% growth in Profit Before Tax as compared to the previous quarter and 204% growth as compared to the corresponding quarter of the previous financial year.

MTEL in Q2 FY 20 (at consolidated level) posted Profit after Tax of Rs. 5.3 Crores against Rs. 4.0 Crores in the previous quarter and against Rs. 1.2 Crores in the corresponding quarter of the previous financial year (Q2 FY 19) indicating a growth of 33% and 361% as compared to the previous quarter and with the corresponding quarter of the previous financial year.

Mr. Mahesh Shetty, Whole-time Director, said, “MT Educare Ltd is well-poised for ‘Taking Indian Education to a new peak of glory’. Your company has shown excellent performance and continued the momentum in the first half of this financial year. I am glad with the performance of Lakshya School and Junior College which has crossed the mark of 1800 students in 1^st year itself."

Mr. Sanjeev Garg, CEO and Whole-time Director, said "Lakshya Prep High School & Junior Colleges across Mumbai & MMR have been flagged off and our College admissions in first year have crossed the mark of 1800. This overwhelming response indeed makes FY21 even more bullish as from next year we will be running 2 batches XI as well as XII."