- To add 2million students, Targets Rs.40cr revenues next year through this apps
- Company to look at acquisitions for expansion
- Targets Rs. 170-180cr revenues, EPS of Rs.25 this year
Chennai based eLearning education support services company EdServ has announced that the company's Mobile Education apps, HumThum, is now available on Aircel, the country's leading mobile operator with a strong presence in Tamil Nadu and Eastern India. As part of this, all mobile users of Aircel will be able to access the entire range of education content of EdServ through the HumThum apps on their mobile smart phones. This follows the agreement EdServ signed with Tata Docomo recently for their 'Tutor on Mobile' service.
With its education apps on Aircel, EdServ expects over 2million students to access its education content that includes Tuition, Test prep, Academics and Skill Development through the HumThum apps.
Commenting on this new development, S. Giridharan, Chairman and CEO, EdServ said, "Aircel is one of the leading mobile operators in the country with over 50million subscribers across the country. At a conservative estimate of just 5% of this subscriber base, we will be able to add over 2million new users to our lampsglow.com content. We are targeting revenues of Rs.40cr annually beginning next year."
EdServ is targeting a customer base of 1crore over the next 2-3years from the mobile segment which the company forayed into in June this year.
EdServ ended Q2 with revenues of Rs. 36.18crores (Rs.27crores) and Net Profit of Rs. 1.19cr (Rs.9.1cr).
Commenting on the company's performance in Q2, S. Giridharan, Chairman and CEO, EdServ said, "We had a strong revenue growth achieving a 32% rise in the top line. The Net Profit came down as a result of a onetime provisioning of Rs.20cr as an abundant caution. Without this onetime provisioning, the company has achieved strong growth in the bottom line. The company believes strongly that debtors which are provisioned to be written off can be brought back on realization in the near future."
On the outlook for the 2nd half of this year, Giridharan said, "We have established a strong Pan India presence in the online segment for our flagship education services product www.lampsglow.com. Over the last quarter, we have tied up with Nokia, Samsung and Blackberry smart phones for expanding our offerings in the mobile segment. We have a strong pipeline for the rest of the year. Our target is to achieve revenues of Rs. 170-180cr and Net Profit of about 30% on the top line. The company is targeting an EPS ( Earnings per share) of Rs.25 for the year ended 31st March 2012."On the acquisition plans, Giridharan said, "We are also looking at acquisitions to strengthen and consolidate our presence in the Test Prep education market. We may be able to close out one of the acquisitions during the 2nd half of the year. These acquisitions will also help the company achieve the targeted performance."