Educomp Solutions posts Q4 net loss of Rs 148cr

Education solutions provider Educomp Solutions reported on Thursday a consolidated net loss of Rs 147.93 crore for the quarter ended March 31, 2013.

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The Gurgaon-based firm had posted a net profit of Rs. 61.53 crore in the year-ago period.

The company's consolidated total income declined by 35 per cent to Rs 336.41 crore in January-March quarter of last fiscal year from Rs 513.61 crore in the same period of 2011-12, it said in filing to the BSE.

"During the quarter, the company has also decided to exit its non-profit/non-core business of counselling, lead generation and online tutoring in its subsidiaries like Savvica Inc, Educomp Software Ltd and Authorgen Technologies Pvt Ltd," it said.

After March 31, 2013, Educomp exited the vocational business by selling its entire 50 per cent stake in Educomp Higher Initiative Pte Ltd for a consideration of USD 12 million as part of its strategy to exit non-core/non-profit business, it added.

For the entire 2012-13, Educomp reported a consolidated net loss of Rs 132.83 crore.

For 2011-12, it had posted a net profit of Rs 135.53 crore.

Its consolidated total income fell to Rs 1,210.92 crore from Rs 1,491.27 crore during the period under review.

Shares in Educomp, on Thursday, ended at Rs. 61.35 apiece on the BSE, down 2.62 per cent from the previous close.