29 June 2009 EdServ Q4 net at Rs 1.6 cr

EdServ Softsystems Ltd, the Chennai-based education company, has posted a net profit of Rs 1.61 crore on revenues of Rs 2.75 crore for the fourth quarter ended March 31, 2009.

For the corresponding quarter of last year, the company posted a net profit of Rs 1.14 crore on revenues of Rs 1.89 crore.

It ended the year with a net profit of Rs 3.69 crore (Rs 2.53 crore) on revenues of Rs 8.44 crore (Rs 3.94 crore).

Depreciation for the fourth quarter was Rs 25 lakh (Rs 3 lakh), other income was Rs 13 lakh (Rs 0.76 lakh) and tax expenses were Rs 29 lakh (Rs 39 lakh).

In February, the company collected about Rs 20 crore through its initial public offer. As a result, the company’s reserves swelled to Rs 23.11 crore from Rs 2.71 crore as on end-March 2008. Earnings per share declined to Rs 4.54 for 2008-09 compared with Rs 26.30 for the previous year.

Mr S. Giridharan, CEO, EdServ, said the company’s different models of training have been well accepted. EdServ, formerly known as Lambent Softsystems, has around 120 centres that provide virtual educational training for students.

The company will have around 1,000 centres in this year. Each centre will call for an investment of about Rs 6 lakh to Rs 10 lakh.