Veranda Learning Solutions Limited has informed the Exchange about Investor Presentation
Veranda Learning Solutions Limited
January 14, 2025 National Stock Exchange of India Limited The Listing Department, Exchange Plaza, Bandra Kurla Complex, Mumbai – 400 051
BSE Limited Dept of Corporate Services, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400 001
Scrip Code: 543514
Symbol: VERANDA
Dear Sir/Madam,
Sub: Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Investor Presentation
This is further to our communication dated January 13, 2025, intimating the schedule of Knowledge and Launch Session for Investors organized by Go India Advisors on Thursday, January 16,2025 at 3.00 P.M through Video Conferencing (“VC”). In this regard, please find attached the Investor presentation towards the same.
Kindly take the same on record and display the same on the website of your exchange. This information at www.verandalearning.com/web/index.php/stock-exchange-intimations
Company’s
website
hosted
also
the
will
on
be
Thanking you, For Veranda Learning Solutions Limited
S Balasundharam Company Secretary & Compliance Officer M. No: ACS-11114
contact@verandalearning.com
www.verandalearning.com
+91 44 4690 1007
G.R. Complex First floor No.807-
808, Anna Salai, Nandanam,
Chennai -600 035 CIN: L74999TN2018PLC125880
Corporate Presentation
January 2025
Veranda Learning Solutions
Affordability | High-quality Content | Outcome-oriented Approach
1
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
BUSINESS OVERVIEW
FINANCIALS
ANNEXURE
3
One of the Leading Education Players in India
Company at a glance
Business Segments
Financial Metrics
o Diversified and integrated
learning solutions in online, offline & hybrid blended formats to students, aspirants, graduates, professionals & corporate employees
o Technology driven, asset light &
scalable business model
o Successfully acquired legacy brands which are market leaders in their respective segments
Academics
Financial Metrics FY24
Revenue growth: 124% YoY
Commerce Test Prep
Reported EBITDA : 62 INR Crores
Government Test Prep
EBITDA Margin: 17%
73% YoY Growth in enrollments in FY24 to a total of ~7L learners.
Vocational
200+ Centers spread across India.
100+ students secured top rank in competitive exams each year
4
Learning Lifecycle: Age, Offering and brands
B r a n d s
B r a n d s
B r a n d s
B r a n d s
K - 1 2
P o s t S c h o o l i n g E d u c a t i o n
P r o f e s s i o n a l d e v e l o p m e n t
Academic
Commerce Test Prep
Government Test Prep
Vocational Harness data, AI and digital tools
Offering: Catering K-12
Offering: Catering Higher Ed Dedicated coaching for CA, ACCA, CMA, CFA and other foreign commerce courses
Offering: Specialized coaching for various competitive & civil services exams (PSC, SSC, RRB, TNPSC, KPSC, Banking)
Offering: Skill Training & Internships, Upskilling Courses, Recruitment Training in the BFSI sector
5
Leveraging the Opportunity size of ~$210Bn Indian Education Sector split -2024
~ $ 1 . 5 B n
~ $ 5 - 6 B n
~ $ 7 0 B n
T E S T P R E P M A R K E T
P R E – S C H O O L M A R K E T
K - 1 2 M A R K E T
~ $ 4 0 B n
H I G H E R E D M A R K E T
~ $ 1 2 B n
A D U L T L E A R N I N G
o Market is expected to grow with 20-25% annual growth rate.
o Market breakdown by segment:
✓ Govt test prep: 50% of the total market size catering ~25Mn students, expected to grow by 10- 15% annually.
✓ Commerce test prep:15-20% catering ~2.3Mn students, expected to grow by 10-12% annually.
✓ Rest of the market covers
management and engineering and medical test prep.
o Number of
students : ~40-45 million
o Growth Expected:
CAGR 19.2% between FY24-32.
o Number of Students:
~260 million
o Growth Expected:
CAGR 10% expected to reach 89.4 billion by FY30.
o Number of Students: 45 million students with more than 1000 universities and over 40,000 colleges
o Growth Expected:
CAGR 8.5% between FY24-27.
o Number of students:
200 million
o Growth Expected:
CAGR 19% Projected to reach USD 17.34 billion by FY30.
6
E d t e c h M a r k e t i n I n d i a 2 0 2 1 – 2 0 2 7 ( $ b i l l i o n )
G r o w t h R a t e
1 9 . 1 7 % C A G R
( 2 0 2 1 - 2 0 2 7 )
90
80
70
60
50
40
30
20
10
0
Revenue
Growth Rate
2021
27.41
2022
30.48
2023
35.23
2024
41.98
2025
51.25
2026
63.25
2027
78.5
11.20%
15.56%
19.18%
22.07%
23.41%
24.12%
7
OUR USPs
DIVERSIFIED PLATFORM WITH MARQUEE BRAND NAMES
EXTENSIVE PROFESSIONALLY QUALIFIED HUMAN CAPITAL
RESULT ORIENTED TEACHING WITH 360° APPROACH
PAN INDIA PRESENCE
8
01. Strong brand in each segment
TG - (1.5–16 yr)
o Management Services to the k-12
segment.
o
6 owned schools & ~5000 students.
o Moving to asset light model with
management contracts for 3rd party schools.
TG - (16-21 yr)
TG - (19-22 yr)
TG - (23+ yr)
o Management Services to colleges.
o
17 intermediate pre university colleges & ~17000 students
o Network of 17+ campuses with 25 more campuses in the pipeline
o
o
o
Commerce Competitive exam coaching .
Ranked Factory for CA and other professional courses.
214+ CA rankers since 2016.
o Largest test prep player in
South India for Government exams.
o 2/3 banking openings in Tamil Nadu are filled by Race students.
TG - (19-29 yr)
TG - (23+ yr)
TG -(23+ yr)
TG - (23+ yr)
TG - (16+ yr)
o One of the leading players in Fresher’s placement segment that Trains candidates for various job profiles in banking, finance, and insurance.
o
o
Trusted Player in employability training.
1,50,000+ students trained every year.
o
o
Provides best study material for Kerala PSC exams.
25k+ Top rankers generated.
o Offers professional courses in fields such as technology, data science and cloud computing
o
o
o
Live, instructor-led courses to
Focuses on practical learning and hands-on projects.
Reputed educational platform for technology professionals
*TG - Target Group
o
o
o
Offers a wide range of degree and certificate programs from UG (BBA/BCA) to Doctorate (MCA/MTech).
Pathway programs for students planning to study abroad.
Partnerships with top Indian universities (IIM Raipur, XLRI, IIT Guwahati) and international institutions.
9
Diversified and Integrated Learning Solutions
( I n I N R C r o r e s )
Revenue split- By segment
Revenue Split – By learning Mode
30%
108
50
39
34%
122
33%
119
80
33
36
3%
0
0
12
Academic
Govt test prep
1
Commerce test prep
FY22
FY23
FY24
% of total revenue
5%
95%
40%
35%
30%
25%
20%
15%
10%
5%
0%
39%
61%
47%
53%
Vocational
FY21
FY22
FY23
Online
Offline
69%
31%
FY24
10
02. Proven track record of our Promoters
M r . K a l p a t h i S S u r e s h M r . K a l p a t h i S A g h o r a m
M r . K a l p a t h i S G a n e s h M s . K a l p a t h i A A r c h a n a
Chairman & Executive Director
Vice-Chairman & Non-Executive Director
Non-Executive Director
Non-Executive Director
o He holds a B.Tech. from IIT Madras and M.S. from Clemson University
o Experienced in software
development, education, business purchase and integration o Selected for the ‘Outstanding
Entrepreneur of the Year’ in 1999 by Ernst & Young, India
o He holds a Bachelor’s Degree in
Commerce from the University of Madras
o Decades of experience in finance,
education, information technology, entertainment
o Elected and served as Vice President
in TNCA and BCCI
o Holds a Bachelor’s Degree of Applied
o Master’s degree in Computer
Science from Anna University and a Master’s Degree in Software Systems Branch from BITS, Pilani
o Decades of experience in finance,
education, information technology, entertainment
Science from the State University of New York
o Master’s degree in Wealth
Management from Singapore Management University
o Director of AGS Cinemas. Executive producer of AGS Entertainment
11
02 (a) Relevant talent pool with strong focus on academics
M r . A d i t y a M a l i k
Chief Operating Officer
M s . S a r a d h a G o v i n d a r a j a n Chief Financial Officer
M r . P r a v e e n K u m a r
President, Corporate Strategy
o MBA with a work experience of 28 years and Education experience of 8 yrs.
o
Past experience with ANZ Grindlays, Bank Of America, American Express, GE, Talently.
o
o
11+ years of experience in the areas of Finance, Strategy and Operations
BE from College of Engineering, Guindy and MBA from XLRI, Jamshedpur
o
25+ years of experience in cross border acquisitions & pre-acquisition process in M&A
o Member of ICAI and ICWAI
M r . R a j e s h P a n k a j
Chief Program Officer
o
o
30+ years of industry experience spanning technology, education & content development
B.Sc. in Chemistry from Mahatma Gandhi University and PG Diploma from NIIT
M r . V i v e k S a p r e Chief Human Resource Officer
o
o
16+ years leadership role in HR and Managerial Roles of Strategic Significance
Previously worked with NeoGrowth, E&Y and L&T Finance .
M r . P r a v i n M e n o n
Chief Marketing Officer
o
o
26+ years of experience in marketing in EdTech, Media and Publishing businesses
Bachelor’s degree from University of Mumbai
02 (b) Relevant talent pool with strong focus on academics
M r . S a n t o s h K u m a r P
CEO -
o
7+ years of experience in operations management at Veranda RACE
o MBA from Illinois Tech Stuart School of
Business and Master’s degree from Great Lakes Institute
M r . S u b r a m a n y a m K a n t h e t i
CEO -
o
o
15+ years of experience in setting up and Managing K-12 School operations in India
Ex-business head of school management for Pearson India and the Chief operating officer of The Premia Academy, Hyderabad.
M r . B h a r a t S e e m a n CEO – Founder - Chennai Race
M r . V i n e e t C h a t u r v e d i
CEO -
o
10+ years of experience in business leadership
o Master’s degree in Technology from Anna
University
o
o
17+ years of experience in building several large-scale data driven platforms of scale
Held several leading positions at Edureka including Sales, Marketing
P r o f . J i t e n d r a K a n t i l a l S h a h
EC -
o
38+ years of proven industry experience in leading and managing CA coaching classes
C A M u p p a l a S r i d h a r
Founder -
o
He is the Vice Chairman of ICAI – BOS (Board of Studies) and Deputy Convenor of the Digital Re-Engineering and Transformation Directorate of ICAI & Human Recourse Directorate
03.Result Oriented method of teaching with 100+ students securing ranks
01 PERSONALIZED LEARNING PLANS
o Assessing strengths and weakness of students
o Personal Dialogue
o Create a
customized course
02 EXPERT TEACHERS AND MENTORS
o Experienced teachers and professionals motivating and guiding students
03 COMPREHENSIVE CURRICULUM
04 INTERACTIVE LEARNING ENVIRONMENT
05 REGULAR ASSESSMENTS AND FEEDBACK
o Course coverage and upskilling programs to ramp up their presence in job market
o Live online and
o Continuous
virtual classes to create engaging learning experience
evaluation to help students improve their progress
Veranda RACE
JK Shah
BB Virtuals
Six Phrase
Notable Achievements
• 117 Final Selections SBI PO 2024
• 1840 CA rankers since 2001
• 35 Student Selections IBPS RRB Scale 1
• 700+ students cleared TNPSC Gr 2 & 2 A
• 20 students secured All India
Ranks at the May 2024 CA Inter and CA final exams
800+ CA rankers since 2017
1,50,000+ students trained every year
14
04. PAN India Presence
OFFLINE PRESENCE 15+ States & 200+ centers With established presence in South and growing presence in Northern and western regions of the country
ONLINE PRESENCE
5 Mn+
Monthly Website traffic
4 Mn+
YouTube Subscribers
15
Phase 1 Completed: Identified and acquired Profitable brands
I N D I C A T O R S
Total Revenue in INR crores
Total Enrolment
2 8 , 6 7 4
3
F Y 2 1
3 7 0
1 , 5 8 , 4 0 7
9 1 , 6 6 7
2 0 0
8 2 , 0 4 8
2 6 7
5 8 , 6 2 8
7 6
F Y 2 2
F Y 2 3
F Y 2 4
H 1 F Y 2 5
K e y A c q u i s i t i o n s
N e w L a u n c h e s
o D e c 2 0 2 0 : Acquired Content, brand, education materials through Veranda Race; & thereafter commenced operations
o D e c 2 0 2 0 : Launched own mobile app comprising all integrated courses
o J u l 2 0 2 1 : Started CA
courses
o A u g 2 0 2 1 : Started offering courses for UPSC preparation
o S e p 2 0 2 1 : Acquired
Edureka, enabling Veranda to establish global footprints
I P O L i s t i n g & N e w A c q u i s i t i o n s
o A p r 2 0 2 2 : Company
was listed on BSE & NSE at INR 137
o O c t 2 0 2 2 : Acquired
J. K. Shah Classes
E x p a n s i o n o J a n 2 0 2 3 : Business Transfer Agreement
with Chennai Race
o M a y 2 0 2 3 : Announces acquisition of 6
new companies
o J u l 2 0 2 3 : Announces partnership with
Logic School of management
o J a n 2 0 2 4 : Announces to acquire Tapasya o D e c 2 0 2 4 : Announces to acquire BB
Publications & Navkar
15
Adding Value - Case study : JKSHAH (Commerce Test Prep)
Acquired in Oct’22 at a valuation of 445 Cr with a 76% equity stake purchased at 11.2x EBITDA amounting to 337.91 Cr
O p e r a t i o n a l H i g h l i g h t s
F i n a n c i a l H i g h l i g h t s
Growth Driver
Pre-Acquisition
Post Acquisition
•
Service Expansion
Only provided CA CS coaching
Full Fledged Commerce coaching platform
• Modes of expansion
Offline
Online and offline
•
•
Partnership Opportunities
Integrated with colleges and schools for “Integrated B.Com + CA” and “B.Com+ ACCA” coaching
Cross Selling and Partnership Opportunities
Tied up with college to prepare their Bcom students for CA foundation
In INR Crores
Key Metrics – Pre, At and Post Acquisition
74
27%
23
37%
88
90
19%
33
9%
8
2%
107
33%
19%
35
• With Gift city there is huge demand for ACCA students, JK Shah will be
FY21
FY22
FY23
FY24
leveraging that demand effectively
Revenue
EBITDA
Growth%
Margin%
•
Geographic Expansion - Have identified targets in Telangana, Rajasthan and Maharashtra. Also, with acquisition Logic (largest player in Kerala for ACCA coaching) would establish its presence in Kerala for CA coaching
F Y 2 1
F Y 2 2
F Y 2 3 o n w a r d s
Pre-Acquisition
At Acquisition
Post Acquisition
17
Adding Value - Case study : Veranda RACE (Government Test prep)
O p e r a t i o n a l H i g h l i g h t s
F i n a n c i a l H i g h l i g h t s (In INR Crores)
Growth Driver
Pre Acquisition
Post Acquisition
• Geographic Expansion
Only presence in Tamil Nadu
Expanded to Kerala, Andhra Pradesh and Telangana.
• Modes of expansion
• Upgraded
Business Model
Offline
Online (Mobile App and offline)
Veranda pioneered Residential batches achieving high success rates and sustainable margins of 25% to 35% depending on the targeted segments.
Cross Selling and Partnership Opportunities
•
•
Recently acquired Talent (govt. exam prep company in Kerala) with Race’s association has opened up residential program campus in Kerala
Developed a strategic partnership with key players in the segment operating in different geography.
Revenue - Pre, At and Post Acquistion
35.9
0
46.3
44.6
-4%
29%
0
2.5
1404%
78.5
38.2
49.9
31%
57%
FY18
FY19
FY20
FY21
FY22
FY23
FY24
Revenue
Growth%
EBITDA- Pre,At and Post Acquisition
F Y 1 8
Pre Acquisition
F Y 1 9
At Acquisition
F Y 2 0 o n w a r d s Post Acquisition 13
16%
6
12%
2.56
3.01
7%
6%
FY19
FY20
-1.2
0 FY18
-4
0 FY21
-12 0 FY22
EBITDA
Margin
FY23
FY24
>> FY21: Revenue fell drastically due to the impact of COVID -19, As prior to Covid, the company was operating entirely through physical centers. >> FY23: Company saw improvement in EBITDA & PAT, and will be EBITDA positive FY24 onwards
18
Phase-2 Commenced: Monetizing our acquired assets
O r g a n i c g r o w t h
M a x i m i z e c r o s s - s e l l i n g o p p o r t u n i t i e s
B a l a n c e
s h e e t D e l e v e r a g i n g
19
Running Phase 2: Highlighting the Strategic Priorities of each segment...
20
01. Organic Growth - Academics: Profitable business with Revenue expected to increase at CAGR 138% by FY27 - (1/4)
Capabilities: Catering high growth population market : K-12
Veranda K-12 Acquired in Aug-23 •
Schools operated: 5 CBSE Schools spread across Southern Region + 2 international Cambridge Schools (South) Students catered: 5400
•
Strategic & Financial Priorities for Academics Segment : To become an Asset Light Model
Upgrading the business model
Financial implications and targets:
✓ Aims to takeover operational
✓ Overseeing operations will help parent company upstream
management
profits through service fee
✓ End to end Managed school services including and not limited to providing uniforms, faculty, books , transport facility , sports etc.
✓ Builds presence through the value chain
✓ Better cost optimization
✓ EBITDA CAGR is expected to be ~68.2% over the 3 years
from FY24 to FY27.
21
01. Organic Growth - Commerce Test Prep: Highly promising, driven by rising enrollments and strong growth in the sector - (2/4)
R e v e n u e f r o m C o m m e r c e S e g m e n t
( I n I N R C r o r e s )
121.9
JK Shah (Acquired in Oct-22) •
Capabilities: Integrated commerce coaching PAN India presence Catering majorly to northern and western regions of India
•
•
Tapasya (Acquired in Apr-24)
•
Colleges Operated: 26 (current)
• Manages junior colleges and PUC(11th and 12th ) and
Commerce colleges (BCom)
33.1
Strategic & Financial Priorities for Commerce Test Prep
0.8
FY22
FY23
FY24
268% YoY increase in Revenue in FY24 with higher targets promised ahead.
Enrollments are expected to increase by 67% in FY27
EBITDAR Increased by 777% to 41.8 Crores in FY24
Revenue & EBITDAR CAGR (FY24-27E) is expected to be 56% each.
Upgrading the Business Model
Financial Implications of Leveraging intercompany synergies:
•
Recent acquisitions like BB Virtuals and Navkar Institute will help boost growth in the online and offline market.
• Optimizes student acquisition
costs
•
•
Reduces marketing expenses
Streamlines operations and dampens overall expenditures
22
01. Organic Growth - Government Test Prep: Major focus on geographic expansion - (3/4)
R e v e n u e f r o m G o v e r n m e n t T e s t P r e p
( I n I N R C r o r e s )
107.9
Brands:
50
38.5
Veranda RACE (Acquired in Dec-20) VIAS (Commenced in Feb-21)
Phire (Acquired in Aug-23)
Talent (Acquired in Aug-23)
•
Capabilities: starting from UPSC to SPSCs , Public sector banks, Stock selection exams etc.
• Market penetration: Largest in the southern regions
•
In case of Race business which comes under Government test prep segment, most of the centers are operated under FIFO model
FY22
FY23
FY24
Strategic Priorities for Government Test Prep
58% Y-o-Y Revenue growth in FY24 for the brand Veranda RACE
Revenue CAGR (FY24-27E) is expected to be 26%, driven by geographic expansion cost optimization in the segment
•
•
Expansion into other geographies (Eg: Veranda Race business to target North India market)
Increasing publication business for Veranda Race.
23
01. Organic Growth - Vocational: A high-revenue growth segment powered by prestigious partnerships. - (4/4)
R e v e n u e f r o m V o c a t i o n a l
( I n I N R C r o r e s )
119.1
80.4
35.8
FY22
FY23
FY24
Achieved a 48% year-on- year revenue growth in FY24, reflecting strong performance and continued market expansion.
EBITDA CAGR (FY24-27E) is expected to be 162%, driven by leveraging cross selling opportunities.
Brands:
Edureka (Acquired in Sep-21)
Six Phrase (Acquired in Aug-23)
Veranda HigherEd(Started in Aug-22)
Capabilities:
•
•
•
Comprehensive Technology Upskilling Global Marketplace Placement Assistance
Strategic & Financial Priorities for Vocational Segment
•
•
Higher Customer Acquisition Costs (CAC) were initially incurred to onboard customers, with the focus now shifting to leveraging cross-selling and upselling opportunities within this acquired base, which will also drive margin improvement.
Expanding partnerships with additional universities to broaden our offerings and strengthen institutional collaborations
24
02. Cross selling and synergies - Integrated commerce vertical
O n l i n e C o a c h i n g
O f f l i n e C o a c h i n g
Rationale: With the acquisition of BB Virtuals Veranda is well positioned to offer cutting edge online coaching
Rationale: Offline Teaching supported through strategic partnerships with JK Shah and the recently acquired Navkar institute.
Key characterstics of the Integrated model:
•
By harnessing the infrastructure of Tapasya College , this platform will boost growth in the Commerce and Academics Segment majorly.
Courses offered :
• ✓ Online platform for CA and CMA aspirants, ✓ Full fledged CA course ✓ Foreign Professional Courses – US CPA, US CMA, UK ACCA ✓ Company Secretary
25
Expanding target market - Commerce from CA coaching to integrated B Com offering
( I n I N R B n )
E x p e c t e d n u m b e r s b y 2 0 3 0
E x p e c t e d n u m b e r s b y 2 0 3 0
C o m m e r c e U n d e r g r a d c o u r s e
C o m m e r c e P o s t G r a d C o u r s e
25
15.00
15
8.00
10
6.00
4
3.00
B c o m
B B A
B M S
C A
3
2.00
C S
1.5
0.50 C F A
1 1.50
C M A
20
10
5
4
4
3
3
2
1.5 1
M B A
M c o m
C A f i n a l
C F A
C S f i n a l
26
03. Balance Sheet Deleveraging
N e t C a s h G e n e r a t e d f r o m O p e r a t i n g A c t i v i t i e s
( I n I N R C r o r e s )
2 6 . 7
1 4 . 9
1 3 . 4
- 5 . 2
F Y 2 1
- 3 9 . 2
F Y 2 2
F Y 2 3
F Y 2 4
H 1 F Y 2 5
OUR APPROACH TOWARDS DELEVERAGED JOURNEY…
Recently Infused capital : ~ INR 250 Crores • Comprising a mix of equity and cash. • Directed towards acquisitions, repayment of existing NCDs , deferred consideration payouts and grow business operations
27
BUSINESS OVERVIEW
FINANCIALS
ANNEXURE
28
Financial Snapshot
( I n I N R C r o r e s )
Revenue from operations
98%
362
98%
161
96%
75
EBITDA & Margins
-53%
-40
FY22
-45%
-72
FY23
-8
FY21
-302%
FY22
FY23
FY24
Revenue from operations
Gross Margin
EBITDA
EBITDA Margins
88%
3
FY21
RoCE & RoE
FY22
FY23
-23%
-26%
FY24
-1%
-20%
Debt
231
-2.0
203
-3.9
15% 54
FY24
452
PAT & Margin
FY21
FY22
FY23
FY24
-8
-49%
-21%
-78%
-58
-79
-76
-326%
Profit After Tax
PAT Margin %
Interest Coverage & Leverage
8.0
5.0
FY22
-6.4
2.9
FY23
-11.4
4.3
-0.1
FY24
-76%
RoCE pre tax
RoE
FY22
FY23
FY24
Gross Debt
Net debt to EBITDA
Interest Coverage
Financial Leverage
29
BUSINESS OVERVIEW
FINANCIALS
ANNEXURE
30
Industry Overview
Indian Education sector growth (USD Bn)
Indian K-12 Education market (USD Bn)
Indian higher education market size (USD Bn)
CAGR 22%
313
117
125.8
CAGR 10%
48.9
CAGR 9%
89
30
100.0
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
FY20
FY25
2023
2032
FY2023
FY2035E
Education Field 70
38%
60
32%
55
30%
Indian Online Learning Market (USD Bn)
CAGR 19%
9.3
2.1
2.8
Commerce
Science
Others (Art, Humanities and vocational)
Estimated market size
% of total market size
2021
2025
March'29
31
Corporate Structure
Ve r a n d a L e a r n i n g S o l u t i o n s L t d .
Veranda Race Learning Solutions Pvt Ltd
(100%)
Veranda XL Learning Solutions Pvt Ltd (76%)
(24% held by Prof. JK Shah)
Veranda IAS Learning Solutions Pvt Ltd
(100%)
Brain4ce Education Solutions Pvt Ltd (Edureka)
(100%)
Veranda Administrative Learning Solutions Pvt Ltd
(100%)
Veranda Learning Solutions North America, Inc.
(100%)
Veranda Management Learning Solutions Pvt Ltd
(100%)
Sreedhar CCE Learning Solutions Pvt Ltd
(100%)
Tapasya Educational Institutions Pvt Ltd
(51%)
BAssure Solutions Pvt Ltd
(90%)
Veranda K-12 Learning Solutions Pvt Ltd (Educare)
(76%)
Neyyar Education Pvt Ltd
(76%)
Neyyar Academy Pvt Ltd
(76%)
Phire Learning Solutions Pvt Ltd
(99.98%)
Six Phrase Edutech Pvt Ltd
(98%)
Talentely Innovative Solutions Pvt Ltd
(100%)
32
Let’s Connect!
Veranda Learning Solutions Limited
Company Contact
Investor Relations Contact
Mr. Vivek Raghuram, Investor Relations
Ms. Sheetal Khanduja
vivek.r@verandalearning.com
Head of Investor Relations
sheetal@goindiaadvisors.com
Ms. Soumya Chhajed
Research Analyst
Soumya@goindiaadvisors.com
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