Friday, August 05, 2011

Everonn to plough in Rs. 1.5 billion for learning solutions

Everonn Education Ltd. will invest nearly Rs. 150 crore (Rs. 1.5 billion) in the current financial year to expand its footprint in virtual and technology-enabled learning solutions in schools and colleges. The Chennai-based company will use funds from internal accruals. It has Rs. 100 crore (Rs. 1 billion) in cash; a networth of Rs. 520 crore (Rs. 5.2 billion) in the balance sheet; and debt of Rs. 200 crore (Rs. 2 billion).

The company will also use the funds to expand the ICT in Government projects and in its subsidiaries and business development. Everonn is also exploring the option of foraying into overseas markets with Africa being one region that has a lot of potential.

The company reported consolidated net profit of Rs. 68 crore (Rs. 680 million) on revenue of Rs. 425 crore (Rs. 4.25 billion) for the financial year ended March 31, 2011. It has over 10,000 points of presence across the country and touches the lives of over eight million students.

Source: The Hindu Business Line, August 5, 2011
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