May 18 2016, 12.48 PM IST || Pocket News Alert
Mumbai, May 18, 2016: MT Educare Limited (MTEL), a leading education support and coaching services provider in India, announced its audited consolidated financial results for the year ended 31st March, 2016. MTEL reported a consolidated net profit of Rs.32.35 crores for the year ended 31st March, 2016 as compared to Rs.25.85 crores adjusted normalized net profit in the corresponding last year. Last year's reported PAT of Rs.29.73 crores included a one-time gain of Rs.3.88 crores (on a post-tax basis) due to change in depreciation policy from WDV method to SLM method and change in useful lives pursuant to implementation of new Companies Act 2013. Hence the FY 15-16 Profit after Tax (PAT) of Rs.3235 crores represents a rise of 25% y-o-y. Consolidated Revenues for FY 15-16 stood at Rs.287 crores as compared to Rs.227 crores in same period last year, a growth of 26.5% y-o-y.
MTEL has recommended a final dividend of 14% (i.e. Rs.1.40 per equity share of Rs.10/- each), resulting in a total payout of Rs.6.71 crores including dividend distribution tax. This alongwith the interim dividend paid in November 2015 takes the total dividend payout to Rs. 2.00 per equity share.
Mr. Mahesh Shetty, Chairman and Managing Director, said, "We are happy to end the year 2015-16 on an encouraging note. "Robomate" our new business vertical, is on a fast track growth. Post the launch of our "Robomate+" App Beta Version in December last year, we have seen over 300,000 downloads and over 225,000 registrations till date. We plan to launch full blown version of the App soon, which will have useful features including assessments / analytics, resulting in enhancing students' academic growth substantially. This initiative is expected to increase awareness amongst our target audience and will help the company in showcasing its service offerings and state of the art Learning Management System (LMS) going forward".