Veranda Learning Solutions Ltd. (Veranda) reported consolidated net loss for the March-ended quarter almost doubled year-on-year to ₹39 crore.
Revenue from operations rose 66% to ₹48 crore, the city-based ed-tech agency stated in a regulatory submitting.
The subsidiary corporations have incurred losses within the present yr and the net price has eroded as of March. The firm has been offering monetary assist to these entities to meet their monetary obligations as and when required within the type of loans, that are recoverable on demand from these subsidiaries.
Considering that the subsidiaries are within the preliminary years of their business operation, the administration is of the opinion that these quantities are thought-about good and absolutely recoverable.
FY24 might be essential for Veranda Learning’s progress trajectory, stated its govt director and chairman Suresh Kalpathi.
“Substantial part of the investments that we have made in FY23 are a one-time expense needed to drive the company’s growth. This non-recurring expenditure will catapult profits in the coming years,” he stated.
