Zee Learn Q1 net rises 87% to Rs 24 cr on acquiring MT Educare

Mumbai : Education company Zee Learn Ltd. on Friday reported 87 per cent jump in net profit at Rs 24 crore for the first quarter ending June in its first quarterly result post acquisition of majority stake in MT Educare.

In a statement here, Zee Learn said that its consolidated revenure during the quarter in review at Rs 113 crore was up by 67 per cent over the same quarter last year.

The company's consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA), or operating profit, at Rs 42 crore increased 62 per cent over the same period last year.

Its EBITDA margin for standalone operations improved to 42.3 per cent in the April-June quarter from 36.5 per cent during the same quarter of fiscal 2017-18, the statement said.

"After successful acquisition of majority stake in MT Educare Ltd, Zee Learn has consolidated MT Educare w.e.f. 26th May 2018 in its results," it said.

"During the quarter Zee Learn completed the open offer for equity shares of MT Educare Ltd to the extent of 14.96 per cent. With this, Zee Learn now holds 59.49 per cent in MT Educare," CFO Umesh Pradhan said in the statement

Commenting on the results Zee Learn Chief Executive Debshankar Mukhopadhyay said: "Our business verticals maintained their growth momentum during the quarter and we are positioned for significant growth during the year."