India’s largest digital education company Educomp Solutions’ profits have taken a hit during the second quarter of this fiscal.
The Bombay Stock Exchange-listed company announced a 72 per cent drop in its profit after tax for the September quarter at Rs 3.6 crore, against Rs 12.8 crore during the same period last year.
During the same period, the company’s operational revenue also dipped to Rs 302.1 crore from Rs 319.8 crore in the year-ago period. At the end of the September quarter, the company’s gross debt stands at Rs 2,018.5 crore, while its cash and bank balance is at Rs 126.5 crore, the statement said. As much as 37.5 per cent shares of Educomp are are held by foreign investors.