MT Educare scripts a turnaround, clocks 3% rise in operating revenues in FY19

MT Educare Ltd (MTEL), a subsidiary of Zee Learn Ltd, on Monday reported a consolidated growth of 3% in operating revenues in 2018-19 at Rs 228.56 crore as against Rs 222.62 crore registered during the same period of 2017-18.

Mahesh Shetty, the whole time director of MTEL said that in this financial year the company has witnessed an excellent performance in all its business verticals and the upcoming year looks even more promising.

"Creation of R+ Notebook and arrangements with various publication houses for its distribution, government-funded projects in excess of Rs 100 crores in hand are already under execution. Addition of 15 PU colleges in Karnataka, 24 school/colleges in Mumbai and nearby MMR; thus a cumulative addition of 39 school/colleges in FY19-20."

Shetty adds that there is a growth in school, science division and Karnataka division admission count, which will be major drivers of the growth story for the upcoming year.

The company in a statement said that its business has accomplished a turnaround from a negative ebitda of Rs 171.86 crore, negative PBT of Rs 201.70 crore and negative PAT of Rs 131.82 crore in FY18 to positive ebitda of Rs 28.49 crore, PBT of Rs 11.38 crore and PAT of Rs 9.12 crores in FY19, respectively.

The company has seen significant improvement in the business and synergies with Zee Learn, as it brought a lot of operational efficiencies resulting in a growth in the ebitda margin to 12% in FY19 from negative EBITDA in FY18, it said in a statement.

PASSING THE TEST

• Co reported a consol growth of 3% in operating revenues in at Rs 228.56 crore in FY19
   
• Company reports PAT of Rs 9.12 crore in the previous fiscal