Chennai based Education Support Services Company EdServ has announced that its Net Profit for Q1 ended 30th June 2011 has risen 6% to Rs.7.31cr from Rs. 6.89cr registered in the same period last year. Revenues for Q1 ended 30th June 2011 went up 24% to Rs.26.69cr as compared to Rs.21.48cr registered in Q1 last year.
- Raises US$23.88m through GDR to fund expansion
During the quarter, EdServ forayed into the mobile application space offering its wide range of Educational content on the Mobile Smart Phone. Subsequently, the company has tied up worldwide with Samsung and Blackberry to offer Tuition, Academics, Skill Development and test prep services on these smart phones.
EdServ has also recently struck a partnership with CAClubIndia.com, the country's biggest Online Platform for Finance Professionals with more than 6lakh members.
Closes GDR Issue - Raises $23.88m
EdServ has also announced the closure of the GDR issue. The company has raised $23.88m through the GDR issue to fund its aggressive eLearning expansion that includes expansion of its school network (K-12), online CA coaching, International Test Preps, IT Skill and Personality skill training. The current expansion will also focus on expanding globally its recently launched mobile learning services and strengthening the presence of lampsglow.com, its flagship eLearning offering. The full impact of this round of fund raising will be seen in FY13.
EdServ will list the GDR in the Luxembourg Stock Exchange.
The company is targeting to achieve 60% growth in revenues this year from the Rs.122cr revenues achieved last year and expects to maintain profitability at 30% of top line.
S. Giridharan, Chairman and CEO, EdServ said, "www.lampsglow.com and the newly emerging mobile as a learning tool will drive the company's growth in the future."