Mumbai: Educomp Solutions, an e-learning solutions provider, has reported a consolidated net profit of Rs70.56 crore for the financial year ended March 2008, a two-fold growth over the year-ago period.
“The company had a net profit of Rs28.68 crore in FY07,” Educomp said in a filing to the Bombay Stock Exchange.
The total revenue rose to Rs303.84 crore in FY08 from Rs115.98 crore in the previous fiscal. The board has declared a dividend of 25% at the rate of Rs2.50 each on shares of face value of Rs10 for FY08.
For the year ended March 2008, the company reported a standalone net profit of Rs70.06 crore, a two-fold growth over the last year. Total revenue on a standalone basis rose to Rs303.84 crore in FY08 from Rs115.98 crore in the year-ago period.
The board also approved raising of $250 million through issue of Global Depository Receipts (GDRs). Last month, the shareholders, by way of postal ballot, had approved raising of $500 million through issue of international securities.
“The GDR issue proceeds would be utilised in the company’s Smart Class and ICT business segments,” the filing said.
“The board would also seek shareholders approval for potential strategic acquisitions or joint ventures, both domestic and overseas,” it added.
Shares of the company were trading at Rs3,897, down 1.61% in the late afternoon trade on the BSE.