August 12, 2011 / 22:32 IST
Education support services company EdServ Softsystems has reported a marginal 6% increase in net profit to Rs 7.30 crore for the first quarter ending June 30, 2011.
The Chennai-headquartered company had reported a net profit of Rs 6.88 crore for the same period last year, a company statement issued here said.
For the year ending March 31, 2011, the company has reported a net profit of Rs 41.21 crore, it said.
Net income of the company grew to Rs 26.68 crore in the first quarter ending June 30, 2011, from Rs 21.47 crore during the corresponding period of the previous year.
For the year ending March 31, 2011, net income of the company stood at Rs 122.16 crore, it said.
The company also announced the closure of its GDR issue.
It raised USD 23 million through the GDR issue to fund aggressive expansion of its eLearning business, which includes school networks, online CA coaching, international test preps, IT skills development and personality training.
The company said it would list the GDRs on the Luxembourg Stock Exchange.
EdServ is targeting a 60% growth in revenues and a 30% jump in profitability this year.
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