As we march towards creating a NEW INDIA of 2022, our country has gradually moved on from being a global labour provider to being rechristened as a global capital for providing exceptional talent and skill. India''s higher education system has reached a level where it is being providing globally competitive talent. The aspirations of young India are now boundary less and the onus now is on the knowledge providers to shape them to meet their dreams. At MT Educare over the last 3 decades, we have been working relentlessly to empower our each & every student with the right capabilities. We have been taking a number of steps to provide to our students the right environment needed for learning and also for increasing the desire to walk an extra mile.
Globally education industry is also being confronted by a new challenge of adapting to the era of connectivity. With smartphones becoming a necessity from a luxury, connectivity has reached a point without which lives today are unimaginable. The younger generation is amongst the first acceptors of the technology, creating a new generation of tech savvy students. This has bought a paradigm shift in the education industry disrupting the modes of learning and teaching. Education no more is limited within the four walls of the classroom and within fixed hours. The era of connectivity has bought in anytime & anywhere learning. At MT Educare, as always, we have been a pioneer in understanding and bring in the best to our students. To seize this new opportunity of anytime & anywhere learning we have been providing online learning to our students under our brand Robomate . This has revolutionized the way education was imparted, significantly enhancing the practicality part of the knowledge with focus on making students understand the applicability of the knowledge. Through our tech-driven teaching modules, we have provided students with uninterrupted access to learning by using their computers, laptops, mobiles, tabs, and other hand-held devices anytime, anywhere, enabling self-paced learning.
To significantly enhance our service offering and also enhance the reach of our services, we have decided to associate with Zee Learn, a flagship company of the Essel Group. Hence, during the year we have allotted 3.20cr equity shares on preferential basis to Zee Learn Limited for their investment of Rs. 200 cr in our Company. With this investment, Zee Learn has become the largest shareholder of MT Educare, with total holding of 44.53%. We truly believe that this investment with the extensive network of Zee Learn and strong management team will help us to further enhance our growth momentum.
During the year, we have consolidated our participation with the government for public-private-partnership projects due to a longer payment cycle leading to higher working capital cost. We intend to be more cautious in taking PPP projects and would prefer only those projects having easier payment cycles with precise deliverables. Our focus shall be more on undertaking coaching projects which are our forte. Hence, we have consciously allowed our revenues to come down, which stood at Rs. 222.6 cr in FY18, down by 26% YoY. During the year, we have also moved to the new IndAS accounting policy which has led to an expected credit loss of Rs. 62.94cr for the year FY18. This one time charge has significantly impacted our profitability in FY18.
At MT Educare Ltd, we always endeavor towards extending our hand towards the unprivileged students and also other sections of society. Our philosophy is to serve the society in the fields of education and women empowerment. With this approach we have been teaching students of many schools belonging to the Municipal Corporation of Greater Mumbai (MCGM). We have coached almost 25,000 underprivileged students through our CSR initiatives for FY18.
I would like to take this opportunity to thank all our stakeholders for their unhindered support to your Company. I would also like to thank our employees for their passion and dedication towards enabling your Company to continuously evolve and grow through different phases of our growth life-cycle. As the aspirations of young India are touching new highs, we take the onus on us to create strong pillars of growth for the nation as well as for our stakeholders. Let us all march together towards creating a NEW INDIA which has 100% literacy & 100% employability of the youth of our country.
Mahesh Raghu Shetty