Veranda Learning Solutions Limited has informed the Exchange regarding a press release dated November 09, 2023, titled "Press Release on Financial Results pursuant to Regulation 30 of SEBI (Listing Ob...
Veranda Learning Solutions Limited
09th November 2023
BSE Limited Dept of Corporate Services, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400 001
National Stock Exchange of India Limited The Listing Department, Exchange Plaza, Bandra Kurla Complex, Mumbai – 400 051
Scrip Code: 543514
Symbol: VERANDA
Sub: Press Release on Financial Results pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 a n d i n v e s t o r p r es e n t a t i o n .
Sir/Madam,
Please find enclosed the press release titled ‘Veranda Learning Solutions announces Q2 FY 2023- 24 Financial Results” pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 and investor presentation.
This information will also be hosted on the Company’s website at www.verandalearning.com.
Kindly take the same on record and display the same on the website of your exchange.
Thanking you,
For Veranda Learning Solutions Limited
M Anantharamakrishnan Company Secretary & Compliance Officer M. No: ACS-7187
contact@verandalearning.com
www.verandalearning.com
+91 44 4296 7777
34, Thirumalai Road, T. Nagar,
Chennai, Tamil Nadu-600017
CIN: L74999TN2018PLC125880
PRESS RELEASE
Veranda Learning Solutions Reports a Strong Performance in Q2 & H1 FY24 Q2FY24: Operating Income registers a robust growth of 167% YoY
Chennai, 09 November 2023: Veranda Learning Solutions Limited, a public listed Education company (BSE: 543514, NSE: VERANDA) and a pioneer in the industry offering end-to-end Education services solutions, announced its financial results for the second quarter and the half year ended September 30, 2023. The company has reported a robust Revenue of Rs. 100.27 crores for the quarter compared to Rs. 38.77 crores in the same period last year. Veranda continues to focus on delivering high-quality, result-oriented preparatory courses for aspirants in India.
The company announced an EBITDA of Rs. 22.39 crores for H1FY24 marking a substantial recovery from the operating loss of Rs. 28.41 crores in the corresponding period of the previous Financial year. This was possible on the back of a remarkable revenue surge, arising out of a year-on-year operating revenue growth of 157.06 %. Their total revenue for H1FY24 stood at Rs. 170.75 crores, a significant increase compared to the Rs. 67.40 crores recorded in H1FY23.
The total number of students trained by the Veranda Group for H1FY24 stood at 4,21,327 with 2,00,574 students trained this quarter.
Consolidated Financial Highlights:
Particulars (Rs. Crores) Revenue from Operations
Q2FY24 98.37
Q2FY23 36.88
Y-o-Y 166.70%
Q1FY24 68.90
Q-o-Q 42.77%
H1FY24 167.27
H1FY23 65.07
Y-o-Y 157.06%
Other Income
Total Revenue
Gross Profit
1.90
100.27
60.18
1.89
38.77
15.06
158.63%
299.53%
Gross Profit Margin (%)
61.18%
40.84%
1.58
70.48
38.38
55.71%
42.26%
56.80%
3.48
170.75
98.57
2.33
67.40
26.96
58.92%
41.43%
Operating Expenses
Advt & Business Promotion Corporate Costs
Non-Operating Expenses
ESOPs/RSU
Growth Investment
EBITDA
Finance Cost
Depreciation
Tax Expenses
PAT
14.46
10.69
35.31%
10.27
40.77%
4.53 - 1.10
-
16.75
10.31
6.17
1.80
-1.53
5.36
-
3.36
4.99
-15.00
1.07
6.47
-1.42
-21.13
-15.47%
-67.17%
862.00%
-4.72%
-18.88%
-27.96%
196.99%
22.03%
-67.47%
5.58
-
1.53
-
5.64
8.45
18.96
-2.44
-19.33
24.74
10.11 - 2.64
-
22.39
18.76
25.12
-0.63
19.16
10.29
-
5.44
6.37
-28.41
2.79
12.61
-2.61
-20.86
-41.19
153.34%
265.57%
29.11%
-1.71%
-51.49%
572.15%
99.27%
Key Consolidated Financial Highlights:
Total Operating Revenue stood at Rs. 98.37 crores in Q2FY24 compared to Rs. 36.88 crores in Q2FY23 a growth of 166.7% YoY; Total Operating Revenue for H1FY24 stood at Rs. 167.27 crores compared to Rs. 65.07 crores in H1FY23 witnessing a growth of 157.06% YoY.
The Total Revenue stood at Rs. 100.27 crores in Q2FY24 compared to Rs. 38.77 crores in Q2FY23 a growth of 158.6% YoY; Total Revenue for H1FY24 stood at Rs. 170.75 crores compared to Rs. 67.40 crores in H1FY23 witnessing a growth of 153.34% YoY .
The Gross Profit stood at Rs. 60.18 crores with a Gross Profit margin of 61.18% in Q2FY24 compared to Rs. 15.06 crores and Gross Profit margin of 40.84% in Q2FY23; In H1FY24 the Gross Profit stood at Rs. 98.57 crores with a Gross Profit margin of 58.92% in H1FY24 compared to Rs. 26.96 crores and Gross Profit margin of 41.43% in H1FY23.
Advertising and business promotion expenses for Q2FY24 & H1FY24 stood at Rs. 14.46 crores and Rs. 24.74 crores
respectively
The Company reported an EBITDA of Rs. 16.75 crores in Q2FY24 compared to loss of Rs. 15.00 crores in Q2FY23. The EBITDA for H1FY24 stands at Rs. 22.39 crores as compared to a loss of Rs. 28.41 crores in H1FY23; The adjusted recurring EBITDA for the quarter Q2 FY24 stood at Rs 17.85 crores and Rs 25.02 crores for H1FY24.
Speaking on the strong financial performance, Mr. Suresh Kalpathi, Executive Director and Chairman, Veranda Learning Solutions said,
“I am thrilled to share with you the outstanding performance of our company during Q2FY24 and H1FY24. The numbers speak for themselves - our revenue has surged by an impressive 167% in Q2FY24. This is a clear testament to the hard work and dedication of our teams, as well as validation of our strategic decisions. The improvement in EBITDA margin shows the strength and resilience of our business operations and the acquisitions.
After a challenging period of assimilating assets in the education ecosystem over the past two years, we can proudly say that we are now reaping the rewards. We have successfully stitched a fabric through strategic acquisitions, further enhancing our competitive advantage in the market. We are close to achieving the dream of being present across the entire education value chain.
We are confident that this momentum will persist, as we continue to drive growth from both our existing and newly acquired businesses. The future looks promising, and we remain committed to delivering exceptional results and value for our stakeholders.”
Business Verticals Performance Update:
Veranda RACE
Veranda RACE is a premier competitive exam test‑prep institute, preparing students and providing courses in the areas of Tamil Nadu Public Services Commission (TNPSC), Banking, and Kerala Public Service Commission (PSC), Railway Recruitment Board (RRB) and insurance examination for over 10 years. During Q2FY24 the Revenue for the vertical stood at Rs. 29.41 crores compared to Rs. 16.77 crores in Q2FY23 a strong growth of 75.29%. Reported an Adjusted EBITDA of Rs. 7.17 crores compared to Rs. 1.61 crores in Q2FY23. The enrolment during the quarter stood at 17,924 compared to 12,859 in Q2FY23 a growth of 39.39%
Edureka (Brain4ce)
Edureka is a platform for imparting the latest tech skills for technology professionals through curated courses to bridge the gap between industry demand and talent supply. During Q2FY24 the Revenue stood at Rs. 23.27 crores compared to Rs. 19.94 crores in Q2FY23 a robust growth of 16.76% YoY. The reported Adjusted EBITDA of Rs. 2.92 crores in Q2FY24 compared to loss of Rs. 3.41 crores in Q2FY23. The enrolments for Q2FY24 were at 8,032 vs 9,196 in Q2FY23.
JK Shah Classes
JK Shah Classes, a pioneer in coaching CA, CS, and CMA aspirants for the last 39 years collaborated with Veranda Learning Solutions Limited in October 2022. The unparalleled legacy and leadership position in the Chartered Accountancy Test prep course and other Commerce courses JK Shah classes has built a platform for sustained growth. The Revenue for Q2FY24 stood at Rs. 33.84 crores compared to Rs. 27.42 crore in Q1FY24 a growth of 23.4% QoQ. The Adjusted EBITDA was at Rs. 13.73 crore in Q2FY24 compared to Rs. 11.18 crore in Q1FY24 a growth of 22.82% QoQ. The enrolments for Q2FY24 were at 20,618 vs 16,153 in Q1FY24.
Veranda Higher Education Business Veranda Higher Education offers long-term degrees and certification programs in collaboration with prestigious institutions such as IIM Raipur, IIM Shillong, XLRI, IIT – Guwahati, Goa Institute of Management and Sastra University, as well as tie-ups with international universities to offer long term degree and certification programs. The Revenue for Q2FY24 stood at Rs. 2.93 crores compared to Rs. 0.29 crore in Q1FY24. The enrolments for Q2FY24 were at 764 vs 480 in Q1FY24 and bookings grew to Rs 15.40 crores in Q2FY24 as against Rs 8.85 crores in Q1 FY24.
New Acquisitions Performance
This quarter we also consolidated results from the new acquisitions which was completed in Aug 23 in wholly owned subsidiary Veranda Administrative Learning Solutions Pvt Ltd (VALS) . These business which included Educare Infra , Six Phrase, Phire, Neyyar Academy , Neyyar Education and Bassure reported Revenue of Rs. 8.44 crores and Adjusted EBITDA of Rs. 3.37 crores. In addition, the Company announced investment in SmartBridge Educational Services Private Limited this quarter whose acquisition is expected to be completed by 31st Jan 2024. It also entered into a Business Transfer Arrangement with Sreedhar’s College of Competitive Exams (CCE), a prominent test-prep institute in Andhra Pradesh and Telangana during the quarter.
About Veranda Learning Solutions:
Founded in 2018, by the Kalpathi AGS Group - Veranda Learning Solutions is a public listed education technology company that offers a bouquet of training programs for competitive exam preparation, including State Public Service Commission, Banking, Insurance, Railways, IAS, and CA, as well as a slew of professional skilling and upskilling programmes. Veranda Learning Solutions’ platform combines technology, processes, and methodologies to provide high-quality, in-depth, personalised learning opportunities and content to learners across the country. Dedicated to creating an impact on students and delivering successful academic outcomes, Veranda adopts a multi-modal delivery system backed by a rigorous and disciplined learning framework. The company provides services through its subsidiaries: Veranda RACE, Veranda IAS, Edureka - the customer-facing brand of Brain4ce Education Solutions, Veranda HigherEd, and Edureka Learning Centre. Veranda Learning has forayed into high-demand financial courses such as Chartered Accountancy through its partnership with India’s premier CA test-preparation institute, J. K. Shah Classes.
Company Contact:
Ms. Saradha Govindarajan, CFO
Veranda Learning Solutions Limited
saradha.g@verandalearning.com
Investor Relations: Mr. Abhishek Bhatt Ms. Mahalakshmi Venkatachalam Ernst & Young LLP Abhishek.bhatt3@in.ey.com Mahalakshmi.venkatachalam@in.ey.com
Visit us at www.verandalearning.com | CIN L74999TN2018PLC125880
DISCLAIMER:
Certain statements in this document that are not historical facts, are forward-looking statements. Such forward-looking statements are subject to certain risks and
uncertainties like government actions, local, political, or economic developments, industry risks, and many other factors that could cause actual results to differ
materially from those contemplated by the relevant forward-looking statements. Veranda Learning Solutions Limited will not be responsible for any action taken
based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances
Veranda Learning Solutions
Affordability | High-quality Content | Outcome-oriented Approach
Investor Presentation | November 2023
Safe Harbor
• This presentation and the following discussion may contain “forward looking statements” by Veranda Learning Solutions Limited (“Veranda
Learning” or the Company) that are not historical in nature. These forward looking statements, which may include statements relating to
future results of operations, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions,
expectations, estimates, and projections of the management of Veranda Learning about the business, industry and markets in which
Veranda Learning operates.
• These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors,
some of which are beyond Veranda Learning’s control and difficult to predict, that could cause actual results, performance or achievements
to differ materially from those in the forward looking statements.
•
Such statements are not, and should not be construed, as a representation as to future performance or achievements of Veranda Learning.
In particular, such statements should not be regarded as a projection of future performance of Veranda Learning. It should be noted that
the actual performance or achievements of Veranda Learning may vary significantly from such statements.
2
Agenda
01 Result Highlights
02 Company Overview
03 Growth Strategy
04 Industry Overview
05 Financials
Q2 & H1 FY24 Performance
Key Financial & Business Highlights – Q2 & H1 FY24
Revenue from Operations
Revenue from Operations
98.37
36.88
Q2FY23
Q2FY24
Revenue from Operations Revenue from Operations
167.27
65.07
) r
C
. s R n i (
s e
r u g
i f
l l
A
EBITDA EBITDA
16.75
Q2FY23
Q2FY24
-15.00
EBITDA EBITDA
22.39
H1FY23
H1FY24
-28.41
H1FY23
H1FY24
PAT
-1.53
-21.13
Q2FY23
Q2FY24
PAT
-20.86
H1FY24
-41.19
H1FY23
5
From the Chairman’s Desk
Commenting on the results, Mr. Kalpathi. S. Suresh, Executive Director and Chairman, Veranda
Learning Solutions, said “I am thrilled to share with you the outstanding performance of our company during
Q2FY24 and H1FY24. The numbers speak for themselves - our revenue has surged by an impressive 167% in Q2FY24. This
is a clear testament to the hard work and dedication of our teams, as well as validation of our strategic decisions. The
improvement in EBITDA margin shows the strength and resilience of our business operations and the acquisitions.
After a challenging period of assimilating assets in the education ecosystem over the past two years, we can proudly
say that we are now reaping the rewards. We have successfully stitched a fabric through strategic acquisitions, further
enhancing our competitive advantage in the market. We are close to achieving the dream of being present across
the entire education value chain.
We are confident that this momentum will persist, as we continue to drive growth from both our existing and newly
acquired businesses. The future looks promising, and we remain committed to delivering exceptional results and value
for our stakeholders.”
6
Consolidated P&L Highlights
Particulars (Rs. Cr)
Q2FY24
Q2FY23
Y-o-Y
Q1FY24
Q-o-Q
H1FY24
H1FY23
Y-o-Y
Revenue from Operations
Other Income
Total Revenue
Gross Profit#
98.37
1.90
100.27
60.18
36.88
1.89
38.77
15.06
Gross Profit Margin (%)
61.18%
40.84%
Operating Expenses
Advt & Business Promotion
Corporate Costs
Non-Operating Expenses
ESOPs/RSU
Growth Investment
14.46
4.53
-
1.10
-
10.69
5.36
-
3.36
4.99
166.70%
158.63%
299.53%
35.31%
(15.47)%
68.90
1.58
70.48
38.38
55.71%
10.27
5.58
-
40.77%
(18.88)%
24.74
10.11
-
19.16
10.29
-
5.44
6.37
(67.17)%
1.53
(27.96)%
2.64
-
-
42.77%
167.27
3.48
42.26%
170.75
56.80%
98.57
65.07
2.33
67.40
26.96
58.92%
41.43%
EBITDA
16.75
(15.00)
5.64
196.99%
22.39
(28.41)
EBITDA Margin (%)
16.70%
(38.70)%
8.00%
108.76%
13.11%
(42.15)%
Finance Cost
Depreciation
Tax Expenses
PAT
862.00%
(4.72)%
10.31
6.17
1.80
1.07
6.47
(1.42)
(1.53)
(21.13)
8.45
18.96
(2.44)
(19.33)
22.03%
(67.47)%
18.76
25.12
(0.63)
2.79
12.61
(2.61)
(20.86)
(41.19)
157.06%
153.34%
265.57%
29.11%
(1.71)%
(51.49)%
572.15%
99.27%
#Gross profit calculation: (Revenue – Direct Costs) | GP Margin: GP / (Revenue from Operations)
7
Consolidated Balance sheet
Particulars (Rs. Cr)
1. ASSETS
Non-current assets
Property, plant and equipment
Right of use Assets
Capital Work in Progress
Goodwill
Other Intangible Assets
Intangible Assets under development
Investments
Other Financial Assets
Deferred Tax assets (Net)
Income Tax Assets
Other non-current Assets
Total non-current assets
Current assets
Inventories
Financial assets
Trade receivables
Cash and cash equivalents
Bank balances
Other financial assets
Other current assets
Total Current Assets
Total Assets
Sep’23
Mar’23
Particulars (INR Cr)
Sep’23
Mar’23
75.75
72.91
0.36
668.54
346.08
10.81
12.59
8.60
5.11
8.58
0.00
14.08
71.88
0.08
437.44
210.78
2.67
0.01
6.74
4.96
7.24
0.20
1209.33
756.08
2.16
16.34
90.62
10.04
27.83
51.82
198.80
1408.13
1.32
5.51
84.82
2.12
5.40
36.44
135.61
891.69
1. EQUITY
Equity share capital
Other Equity
Total equity
2. LIABILITIES
Non-current liabilities
Provisions
Borrowings
Other Financial Liabilities
Lease Liabilities
Deferred tax liabilities (Net)
Total non-current liabilities
Current liabilities
Financial liabilities
Borrowings
Trade payables
Other financial liabilities – Lease Liabilities
Other Financial Liabilities
Provisions
Other current liabilities
Current tax liabilities
Total current liabilities
Total liabilities
Total Equity and Liabilities
69.20
359.77
428.96
2.74
316.04
327.26
62.09
51.75
759.88
60.61
47.67
15.60
13.95
0.86
79.46
1.15
219.29
979.17
1408.13
61.57
244.37
305.94
2.07
221.24
145.13
62.41
50.38
481.24
9.57
28.44
12.93
4.76
0.72
48.09
0.00
104.51
585.75
891.69
8
Veranda Company Overview
Veranda Learning – A Quick Glance
Veranda Learning Solutions is engaged in the business of offering diversified and integrated learning solutions in online, offline hybrid and offline
blended formats to students, aspirants, and graduates professionals and corporate employees
Strong Leadership:
Promoters have a collective experience of over 40 years in the education sector
and proven track record of entrepreneurial success
S H T
G N E R T S Y E K
Diversified Offerings:
competitive exams courses, professional courses, short term upskilling and reskilling
Provides a wide range of learning solutions through courses including UPSC,
courses to students and professionals
Presence across Platforms:
Courses offered through online, offline hybrid, offline blended, campus in
campus and online live instructor led learning models in various languages
Established a strong presence in competitive exam-oriented courses like Banking,
Established Strong Brand:
SPSC, Insurance, RRB & SSC and created niche online education platforms across all
segments. Edureka is a recognised online education platform for IT professionals that
offers upskilling & reskilling courses
15+ States
PRESENCE ACROSS INDIA
5 Mn+
MONTHLY WEBSITE TRAFFIC
4 Mn+
YOUTUBE SUBSCRIBERS
9+/10
AVERAGE USER RATING
10
Our Journey so far
INCORPRATION
LAUNCHES & ACQUISITIONS
Incorporated in November 2018
• July’21:
Launched CA course offered by
Veranda CA
• Aug’21: Launched UPSC course offered by
Veranda IAS
• Sep’21: Acquired Edureka, enabling Veranda
to establish global footprints
J. K. SHAH CLASSES AND LAUNCH OF ELCs
• May’22: Launched Edureka Learning Centre
(ELCs)
• Oct’22: Acquired J. K. Shah Classes
2018
2020
2021
2022
2022
2023
• Apr’22: Listing on BSE & NSE
• Jan’23: Business Transfer Agreement with
• Dec’20: Acquired Content, brand,
education materials through Veranda
Race; commenced operations
• Dec’20:
Launched own mobile app
comprising all integrated courses
KEY ACQUISITION
LISTING ON EXCHANGES
Chennai Race
• May’23: Announces association with 7 companies under Veranda Administrative Learning Solutions
• July’23: Veranda Race joining hands with Sreedhar’s College of Competitive Exams
ACQUISITIONS IN VERANDA ADMINISTRATIVE SOLUTIONS
11
Strong presence in test preparations & professional skilling segments
Career-defining competitive exams
Hybrid Courses
•
•
•
TNPSC Group 2
• SSC
TNPSC Group 4
• Railways
TN TET
• Kerala PSC
• Banking
• CA Foundation
Professional courses
Exam-oriented courses
Upskilling and Reskilling courses
Online Courses
TNPSC Exam Coaching: • Group 2 & 2A • Group 4
Test Series: • TNPSC • Banking Test Batch • CA -all levels
Banking & SSC Exams: • Tamil • English • Malayalam • Telugu • Kannada
CA Exam Coaching: • CA Foundation • CA Intermediate • CA Final • CA Revision
UPSC Exam •
Integrated Learning Programme
• Prelims Learning
Programme
Kerala PSC Exam Coaching TNUSRB SI
Developed 340+ courses offered in Online, Offline Hybrid & Offline Blended
12
Edureka – A leading player in emerging technology training
Edureka Learning Centres
• A comprehensive learning platform aimed to
bridge the workplace-ready IT skills gap
Pioneering Instructor Led Live Online training
Industry leader in online professional & higher education segment
Upskilling & Reskilling courses
Online Courses
Visit us Link
Global customer presence majorly from US & UK
• Veranda acquired Edureka to build a full-stack
Education business virtually
• Launched Edureka learning with the first set of
Delivery Centres across 105 locations
Courses Offered
• Cloud Computing
• Architecture & Design
• DevOps
• BI Visualization
• Data Science
• Programming & Frameworks
Patterns
• Artificial Intelligence
• Databases
• Data Warehousing and ETL
• Operating Systems
• Frontend Development
• Digital Marketing
• Mobile Development
• Robotic Process
• Software Testing
• Project Management
Automation
• Blockchain
& Methodologies
• Data Science
13
Our Brand Portfolio
14
Brands Under Our Portfolio - Diversified Offerings (1/3)
A premier competitive exam test- prep institute preparing students for Banking, Insurance, SSC, TNPSC and other PSC examinations for +10 years
• SSC • State PSC • Banking & Insurance • RRB
• Online: Recorded and Live • Offline-blended model • Offline hybrid model
3-12 months
Tamil, Kannada, Telugu, English, Malayalam, Hindi
Courses Offered
Modes of Delivery
Average Duration
Languages
A pioneer in instructor-led live online training in India under the supervision of professional instructors
• DevOps • AWS • Architect • Power BI • Cybersecurity
• PMP • Microsoft Azure • Selenium • Tableau • Data Science
Online, live instructor-led platform
24-150 hours
English
Imparts the latest tech skills through curated courses to bridge the gap between industry demand and talent supply
• Full Stack Web Development • Data science • Cloud and DevOps • Full Stack Web Development with Python
• Data Science with SQL • Cloud and DevOps • Python + SQL Primer • Java + SQL Primer and Foundation
• Offline (Self-paced + AF support) • Offline (Online instructor- led + AF support)
1 week to 4 months
English
Provides cutting-edge programme delivery in areas like technology, leadership, and marketing, in partnership with world-class institutions
• Online MBA • Online B.Com • B.Com and Online CA • Online MCA
• M.Tech GI • M.Tech CSE • M.Tech DS • PhD - working professionals
Online/Hybrid
12-36 months
English
A leading test-prep institute for professional commerce courses offered in India as well as globally
• CA, CS, CMA, CFA (US) • ACCA (UK) • CMA (US)
• EA (US) • Class 11 and 12 – CBSE, ISC and MH State Board
• Online: Recorded and live • Offline classroom model • Hybrid model
4-24 months
English, HIndi+English
15
Brands Under Our Portfolio - Diversified Offerings (2/3)
Committed to design a comprehensive learning experience to help aspirants meet the high standards expected by UPSC exams
Veranda Varsity offers integrated courses with top institutions at an affordable cost
Phire is a placement-oriented entity offering expert training for recruitment in private banking and BFSI sectors
SmartBridge is a one-stop platform catering to skill and knowledge development of graduates turning professionals
Courses Offered
Modes of Delivery
Average Duration
Languages
Integrated learning programme (CSAT and optional subjects): Prelims, mains and personality tests
• Online • Offline blended • In-campus
12 months
English
Bachelor of Commerce + CA
Hybrid
36 months
English
Certification in Banking and Finance
Online
100 hours
English/Tamil
• Android Application Development with Kotlin • Machine Learning with Python • Salesforce Administrator • Salesforce Developer • Cybersecurity with IBM Qradar • Data Analytics with IBM Cognos • Internet of Things (IoT) • Software Testing Automation
Virtual Instructor-led Training
4-100 hours
English
Six Phrase is a skill and career development company that has jumpstarted the careers of over 1,00,000 students
• Aptitude Training • Technical Training • English and Soft Skills Training • English Competency Development Programme
• Online • Offline hybrid
5-50 days; courses ranging from one to seven semesters
English
16
Brands Under Our Portfolio - Diversified Offerings (3/3)
Courses Offered
Modes of Delivery
Average Duration
Languages
The academy offers training for Kerala PSC competitive exams and the training experience has bee, translated into publications of repute
• Kerala PSC • SSC • UPSC • SBI/IBPS
Sreedhar’s CCE is a prominent institute for competitive and entrance exams in Andhra Pradesh and Telangana
• Banking • SSC • Railway
Logic School of Management, established in 2005, offers foreign professional financial courses
• CA • CMA • CS • ACCA UK • CPA USA • CMA USA • EA • CIA
• Online • Offline hybrid
6-12 months
English, Malayalam
• Online • Offline
3.5-12 months
English, Telugu
• Online • Offline hybrid
3.5 to 36 months
English, Malayalam
17
Established a result oriented unique 360o Approach
Weekly lectures by
subject matter experts
with Q&A
Mentors assigned to
every student to track
and ensure progress
Right blend of offline &
online materials to support
the learning outcomes
Textbooks for all courses
for in-depth structural &
methodical learning
Chapter and paper level
mock tests for practice
Multi-level practice
programmes
18
Veranda Learning – Coaching centres across India
200+ Centres
(across all courses)
Wide Presence
Strong Hold Across India
Diversified Footprint across India
Building presence across India
Established strong offline presence in Southern and Western India
19
Proficient Team to drive the business
More than a decade of experience in the Education industry
Founded SSI in 1991, providing software education and IT training; key milestones include listing on NSE and BSE, formed a JV
with NASDAQ, acquired Albion Orion Company LLC and acquired controlling stake in Aptech Limited
Founded AGS Entertainment in 2003, a production house and later ventured into film exhibition via AGS Cinemas
Kalpathi S Suresh
Chairman & Executive Director
Founded Kalpathi Investments in 2007, a NBFC which invests in various ventures
Awarded the ‘Outstanding Entrepreneur of the Year’ in 1999 by Ernst & Young, India
Bachelor’s degree of Technology in Electrical Engineering, Master’s Degree in Electrical Engineering
Kalpathi S Aghoram
Non-Executive Director
Kalpathi S Ganesh
Non-Executive Director
Kalpathi Aghoram Archana
Non-Executive Director
Bachelor’s degree in Commerce
A decade of experience in finance,
education, IT, entertainment
Previously associated with TNCA and BCCI
Bachelor’s degree in Applied Sciences,
Master ‘s degree in Software Systems
A decade of experience in finance,
education, IT, entertainment
Master’s degree in Computer Science
20
Director of AGS Cinemas; producer of AGS Entertainment
Executive
20
Veranda Learning – Key Team Members (1/2)
Praveen Kumar President, Corporate Strategy
Saradha Govindarajan Chief Financial Officer
Pravin Menon Chief Marketing Officer
25+ years of experience in cross border acquisitions & pre-acquisition process in M&A
Previously worked with SSI and Deloitte
Haskins and Sells
Member of ICAI and ICWAI
11+ years of experience in the areas of
Finance, Strategy and Operations
Previously
led Qube Cinemas and Dr. Agarwal’s Eye Hospital as CFO & SVP, Strategy & Operations
BE from College of Engineering, Guindy and
MBA from XLRI, Jamshedpur
26+ years of experience in marketing in
EdTech, Media and Publishing businesses
Previously worked with Worldwide Media, Vikatan, Bennet Coleman & Network Digitech
Bachelor’s degree from University of Mumbai
Rajesh Pankaj Chief Program Officer
Venkatesh K Chief Instruction Delivery
Sivakumar Ganesan VP, Sales & Field Force Marketing
30+ years of
industry experience spanning technology, education & content development
Previously worked with Pearson, MPS, HCL
TalentCare, Everon Education and Hurix
B.Sc in Chemistry from Mahatma Gandhi
University and PG Diploma from NIIT
25+ years of experience in Strategy and execution
Previously worked with SSI, e4e, TCS, Primex and
Wellcorp at senior management roles
4+ decades of leadership and entrepreneurial sales & marketing and
experience across education domains
Previously worked with SSI, Aptech and Dunlop
Executive MBA from IIM-B and is a Certified
B.A.
in Economics from University of Madras
Corporate Director from IOD
and PGDM in Marketing from AIMA
21
Veranda Learning – Key Team Members (2/2)
Bharat Seeman CEO, Veranda IAS Ex-founder, Veranda Race
Lovleen Bhatia Co-Founder, Edureka
Santhoshkumar P CEO, Veranda Race
10+ years of experience in business leadership
Master’s degree in Technology from Anna University
18 years+ of technical
leadership and R&D
experience
B.Tech from IIT BHU
7+
years
of management at Veranda RACE
experience
in
operations
MBA from Illinois Tech Stuart School of Business and Master’s degree from Great Lakes Institute of Management 22
J K Shah Executive Chairman, JKSC
Pooja Shah Joint COO, JKSC
Vishal Shah Joint COO, JKSC
Founder, pioneer and a seasoned educationist
38+ years of proven industry experience in leading and managing CA coaching classes
Education enthusiast educational spaces
focused on disrupting hybrid
Before JK Shah, began her journey as an Articled
Assistant at Arvind H Shah & Co
B.Com in Accounting & Finance from University of
22
Mumbai and member of the ICAI
7+ years of experience in managing business development & operations and lead generation functions
Heads the online coaching vertical at JK Shah Classes
22
B.Com from NMIMS and member of the ICAI
22
Veranda Growth Strategy
Veranda Learning – Growth Strategy
New Courses and Offering
Attuned to the evolving demands of learners and job market, constantly
diversify range of courses
Proactive approach to identify emerging disciplines and skills, and design
courses to meet needs of learners for rewarding career opportunities
Strengthen Focus on B2C and B2B Spectrum
Holistic approach by catering to both individual
learners
(B2C) and
corporate clients (B2B)
Provide tailored learning solutions to businesses to help them upskill their
employees/students and enhance their workforce’s capabilities
Content Expansion and Publishing
Content expansion and publishing hold a pivotal
role within strategic
priorities, and invest in relevant initiatives that support this.
Strategic Acquisitions
Committed to identifying and seizing strategic acquisition opportunities Acquiring complementary educational platforms, content providers, and
technology companies
Aims to enrich offerings and expand customer reach
Geographic Expansion through Preferred Delivery Centres (PDCs)
Recognises the importance of catering to regional preferences and diverse learning needs thus established Preferred Delivery Centres (PDCs) in strategic locations
These physical hubs facilitate the integration of
localised content and
teaching methodologies, ensuring
TRACK RECORD 15+
COURSES ADDED DURING FY23
91,550
INDIVIDUAL LEARNERS (B2C)
117
CORPORATE CLIENTS (B2B)
9
ACQUISITIONS (FY23-FY24)
200+
PDCs ACROSS STATES
24
I
’ S E G E T A R T S C N A G R O N
-
I
I
I
S E G E T A R T S C N A G R O
I
Strategic Acquisitions & New Launches to Scale business Operations
Veranda RACE
Edureka
Edureka Learning Centres
J.K Shah Classes
Veranda Administrative Solutions Pvt Ltd Sreedhar’s College of Competitive Exams
Acquired Chennai RACE in December 2020
Acquired Brain4ce Education Solutions (“Eduerka”) in September 2021
Launched Edureka Learning Centres in May 2022
Acquired in October 2022
Acquisition/investment with 7 Companies in May 2023
Veranda Race partnered with Sreedhar’s College in June 2023
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
2021
2022
2023
Veranda RACE
Edureka
J. K. Shah Classes
Edureka Learning Centres (ELC)
Chennai RACE was engaged in running coaching institutes in Tamil Nadu, Kerala and Punjab. With this acquisition, Veranda expanded offline & Hybrid operations.
Veranda expanded its offerings in academic learning, professional skilling in & corporate to trending technologies.
training services
courses
related
Through J. K. Shah Classes Veranda collaborates with India’s leading brand to offer courses like CA, CS, CMA, CFA, ACCA, etc
The company intends to deliver high quality, affordable, and experienced instructor led courses across tier 2 and tier 3 towns.
Revenue Contribution in FY23 Revenue Contribution in FY23
Revenue Contribution in FY23 Revenue Contribution in FY23
Acquired Majority Stake in J. K. Shah Acquired Majority Stake in J. K. Shah
50.5% 50.5%
47.5% 47.5%
76.0% 76.0%
25
Collaboration with J. K. Shah – India’s leading institute for CA test prep
Forayed into an imperative segment of high-demand financial courses such as Chartered
Accountancy through acquisition of India’s premier CA test-preparation institute, J. K. Shah Classes.
Veranda acquired J. K. Shah Classes (JKSC)
Veranda will provide its rich technological expertise meanwhile leveraging J. K. Shah’s strong
brand recognition and legacy; additionally Veranda will aid JKSC to establish presence in
the South, North, & East of India, along with strengthening its online and hybrid offerings.
Synergy of Veranda & J. K. Shah Classes
39 years of legacy
~75 Centres in India
Veranda has acquired 76% stake as on 31st Mar 2023.
Deal Status
1,870 CA Rankers Since 2001
JKSC’s alumni includes marquee names like Mr. Kumar Mangalam Birla, India’s leading industrialist and
Chairman of the Aditya Birla Group; Mr. Piyush Goyal, Hon’ble Minister of Commerce and a member of
214 CS Rankers since 2016
the Rajya Sabha; Mr. Nilesh Shah, MD of Kotak Mahindra AMC.
Marquee Alumni
26
Industry Growth Drivers
Geographical Segmentation - Global
Region
Market Size (2021)
Market Size (2027)
Growth Rate CAGR (2021-27)
Asia Pacific Countries (APAC)
$107.63 BN
$277.39 BN
17.09%
North America
$52.62 BN
$109.27 BN
12.95%
Europe
$39.62 BN
$92.26 BN
15.13%
Latin America
$29.68 BN
$72.95 BN
16.17%
Middle East & Africa
$25.25 BN
$53.52 BN
13.34%
Source: Arizton Advisory & Intelligence Report
28
Indian Ed-tech Sector – Market Size
Growth Rate
19.17% CAGR
(2021-2027)
90
80
70
60
50
40
30
20
10
0
Edtech Market in India 2021–2027 ($ billion)
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
Revenue Growth Rate
2021
27.41
2022
30.48 11.20%
2023
35.23 15.56%
2024
41.98 19.18%
2025
51.25 22.07%
2026
63.25 23.41%
2027
78.5 24.12%
Source: Arizton Advisory & Intelligence Report
29
Indian Sector – Boom for Upskilling & Reskilling Courses
Upskilling and Reskilling – A budding requirement
A McKinsey global survey in February 2020 found that 9 in 10 executives and managers are either already facing skills gaps in their organizations or expect gaps to develop within the next 5 years
HR providing employees with Upskilling & Reskilling Training
Model of employees receiving Upskilling & Reskilling Training
Employees prefer to work with company providing Upskilling & Reskilling Training
KEY SURVEY RESPONSES
Upskilling
31%
Reskilling
2%
Both
59%
69%
20%
26%
11%
Never
8%
Source: McKinsey global survey in February 2020
Online Offline
Both
Yes No
74%
30
Financial Performance
Financial Highlights
Total Revenue (Rs. Cr) Total Revenue (Rs. Cr)
EBITDA (Rs. Cr) EBITDA (Rs. Cr)
Revenue Break-up (H1FY24) Revenue Break-up (H1FY24)
199.92
170.75
75.60
FY22
FY23
H1FY24
22.39
-39.05
FY22
-33.67
FY23
H1FY24
32%
68%
Online %
Offline %
Enrolments Enrolments
ARPUARPU
91,667
87,766
56,819
Brain4ce (Edureka)#
Veranda Race
31,323
27,765
14,838
19,404
12,609
12,699
FY22
FY23
H1FY24
FY22
FY23
H1FY24
FY22
FY23
H1FY24
#Brain4ce Edureka includes Veranda Higher Ed Business for FY23
32
Veranda Learning Solutions
Ms. Saradha Govindarajan, CFO
saradha.g@verandalearning.com
Let’s Connect
Ernst & Young, LLP
Mr. Abhishek Bhatt
abhishek.bhatt3@in.ey.com
Ms. Mahalakshmi Venkatachalam
mahalakshmi.venkatachalam@in.ey.com
Veranda Learning Solutions Ltd, 34, Thirumalai Pillai road, T. Nagar, Chennai, Tamil Nadu – 600 017