6 A U G ’ 1 2 – 2 0 A U G ’ 1 2

EduTrack Research4I nd ia For t n ight l y updat e o n Educa t io n I ndus t ry

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In The Spotlight Contents

Government ties up with Pearson in school

education

The Central Board of Secondary Education (CBSE)

and the Pearson Foundation will set up a centre for

assessment, evaluation and research, marking the

first concrete move by the Indian government

towards fostering public-private partnership (PPP) in

the space and aimed at reforming the higher-

secondary segment. How the venture fares will help

set the country’s PPP education agenda during the

12th Five-Year Plan (2012-17).

The central government has been trying to set up

2,500 model schools with private participation for the

last two years. The centre will develop research and

assessment capabilities and resources for CBSE, its

network of 13,000 schools and tens of thousands of

teachers. It will focus on international best practices

in school-based assessment, teaching techniques and

high-stake examinations.

The government has been seeking private

participation in education to improve access and

quality. Currently, only 20% of India’s schools are run

by private entities. While CBSE will provide, among

other things, physical infrastructure, Pearson will take

care of operational expenditure, including the salaries

in the initial two-year phase. The details about the

amount to be invested were not revealed by the

either side.

News of the fortnight 1

Investment Activity 2

News and Policy Update 3

Corporate Update 5

Stock Market Update 9

Peer Benchmarking 9

About Four-S Services 10

About Research4India

Research4India is the research

services arm of Four-S Services Pvt

Ltd. Here we provide regular research

reports on key sectors of the Indian

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EduTrack

Research4India 2

Recent PE Deals in 2012

Date Investor(s) Target Stake (%)

Amount ($Mn)

Business Stage

1-Aug-12 SBI Holdings

(Japan)

Liqvid eLearning

Services Pvt Ltd NA 3.0 E-Learning Early

1-Aug-12 Imagine K12 BrainNook NA NA Educational

Game Portal Early

13-Aug-12 Accel Partners &

Others

Mind Edutainment

Pvt Ltd NA 0.5 Edutainment Early

13-Aug-12 IndoUS Venture

Partners & Others Mettl NA 4.0

Online Skill

Assessment Early

16-Aug-12 Seedfund LurnQ NA NA Digital Learning

Solutions Early

Recent Mergers & Acquisitions in 2012

Date Acquirer Target Stake

(%)

Amount

($Mn) Target's Business

26-Jul-12 Ma Foi Strategic Consultants

Axis-V 51% NA Vocational/Skills Development

26-Jul-12 HCL Infosystems Edurix 100% NA Content development

1-Aug-12 Birla Shloka

Edutech Ltd

Ojus Healthcare

Pvt Ltd 51% NA

e-Governance &

healthcare solutions

Year-to-Date PE and M&A Deals in 2011 and 2012

Investment Activity

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Research4India 3

Higher education poised for huge growth:

E&Y

In the next eight years, around 500mn of the

population will be under the age of 20. This will

throw open huge scope for the higher education

market to flourish, according to a latest report

by Ernst & Young (E&Y). The number of

institutes offering higher education in India is

44,668. Of that, 33,668 offer various degrees

and the rest offer diplomas. The total number of

institutes in China is 4,192, while in the US, the

number is 6,500. The growth has not witnessed

any abetment so far as the number of institutes

is concerned. Says the E&Y report, the numbers

of colleges, institutions awarding diploma and

institutes awarding degree stood at 23,264,

6,500 and 408, respectively, during 2007-08.

In the previous financial year, the numbers

were 33,023, 11,000 and 645, respectively. So,

in the last four years, the number of

educational institutions grew almost 50%. The

number of students pursuing higher education

is also on the rise. In 2007-08, 13.6mn

students enrolled themselves in regular

courses, while the number of students in

various distance learning courses stood at

3.6mn. The numbers swelled to 20mn and

4.2mn, respectively, for 2011-12. Though

comparatively lower than developed countries,

India’s gross enrolment ratio (GER) has been

witnessing a rise. In the previous fiscal, it was

17. In the US, GER stands at around 75-80.

UGC lists norms for tie-ups with foreign

varsities

With the foreign educational providers Bill put

on hold, University Grants Commission (UGC)

has finalized regulations through which foreign

institutions would be able to come to India in

collaboration, partnership or in twinning

arrangement with local educational institutions.

The regulations, to be notified shortly, mandate

that only those foreign institutions would be

allowed who are among the top 500 institutions

in the world as per Times Higher Education's

world university ranking or the Academic

Ranking of World Universities of Shanghai Jiao

Tong University. Foreign institutions would have

to ensure that courses offered by them are in

conformity with the standards set by Indian

regulatory bodies. Indian partners of foreign

educational institutions are mandated to have

accreditation by National Assessment and

Accreditation Council with an A or an equivalent

grade. Indian collaborators would require at

least five years experience of offering education

at post-graduate level. However, Indian

educational institutions run by Centre, state or

Union Territory administration would be free

from mandatory accreditation and experience.

UGC proposes regional centres for

education management

The University Grants Commission has

proposed regional centres of education

management in prestigious IIMs to strengthen

and improve teachers' education and develop

specialised cadre of academy of teaching and

teacher educators. It has suggested the

regional centres of education management in

IIMs at Ahmedabad, Kolkata and Bangalore and

National University of Educational Planning and

Administration, the Consultative Committee of

Parliament on HRD was informed. To develop

specialised cadre of academy of teachers, the

panel was also informed that UGC has proposed

a centre of excellence in science and

mathematics in centres such as Indian Institute

of Science and Tata Institute of Fundamental

Research. Towards this end, the Ministry has

set up a committee of Central Advisory Board of

Education (CABE) on national mission on

teachers and teaching under the chairmanship

of Minister of State for HRD D Purandeswari.

India backs out of global education test for

15-year-olds

India has backed out of this year's Programme

for International Student Assessment (PISA), a

global evaluation process by the Organization

for Economic Co-operation and Development

News and Policy Update

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Research4India 4

(OECD) Secretariat that gauges where

schoolchildren stand alongside their peers from

other countries. This academic Olympics

measures the performance of 15-year-olds in

their reading, math and science abilities.

Indians were put to test for the first time in the

last assessment in 2009. On the global stage,

they stood second last among 73 countries,

only beating Kyrgyzstan on reading, math and

science abilities. India ranked second last

among the 73 countries that participated in

PISA, conducted to evaluate education systems

worldwide by the OECD (Organisation for

Economic Co-operation and Development)

Secretariat. It is also yet unclear whether India

will put itself up for the assessment in 2015. In

the last assessment, Tamil Nadu and Himachal

Pradesh, showpieces of India's education and

development, were put through the PISA

evaluation and they performed miserably. The

idea was that the entire country would

participate in the next round of assessment.

However, that plan was also dropped. Experts

estimate that an Indian Class VIII student is at

the same level as a South Korean Class III

student in math abilities or a Class II student

from Shanghai when it comes to reading skills.

New IIT entrance format may see students

migrating to ‘weaker’ States

The furore over the change in common

entrance exam for the elite Indian Institutes of

Technology (IITs) has died down, but concerns

over the format persist. There is a clause under

which students have to score within the top 20

percentile to qualify for IITs. Industry experts

believe that there is a need to examine if the

different boards could be brought on par. Also

the new format may lead to other distortions,

while opening new opportunities for coaching

institutes and hike in the fees of around 5-10%.

Haryana government announces special

training programme for teachers

In its effort to improve the quality of education

in the state-run schools, the Haryana

government today announced a special training

programme for 68,000 teachers. The training

programme for the in-service teachers would

commence from the first week of September

and each session would be of 20 days. An

amount of over ` 204.8mn had been approved

for the project. In addition, 1,665 recently

recruited science and maths teachers have

already received training under the induction

programme. A 12-days training programme for

5,784 head teachers had also been approved

and a sum of ` 11.6mn would be utilised on the

project.

Talent search examination for std VIII, X

The National Talent Search Examination

(NTSE), conducted by the National Council of

Education Research and Training (NCERT) for

standard VIII, will be held for standard X as

well from this year. The examination will be

tough and will be held in two parts - Mental

Ability Test (MAT) and Scholastic Ability Test

(SAT), with a short time gap between the two.

Both MAT and SAT will be of 90 minutes

duration and will carry maximum 100 marks.

The qualifying marks are set at 40 and the two

tests will have 90 questions each. The results

will help identify students for a national

scholarship scheme. The scholarship will be

awarded on the basis of the combined scores of

MAT and SAT.

Plan panel: Indian professors better paid

than BRICS peers

Indian professors are better paid than their

counterparts in BRICS countries (Brazil, Russia,

China and South Africa) and even in France and

Germany, according to the Planning

Commission. The government is examining

working conditions as it seeks to attract

teachers, of whom there is a shortage, into

higher education in India. The perception that

teachers are poorly compensated in India is

misplaced, according to the official. The

Planning Commission note is based on a recent

study by the Center for International Higher

Education, Boston, and the Higher School of

Economics, Moscow that compared academic

salaries across 28 countries on purchasing

power parity (PPP) terms. It said the entry level

salary (in PPP terms) in India is $3,954 against

$259 in China, $433 in Russia and $1,858 in

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Research4India 5

Brazil. However, it’s relatively low when

compared with the US ($4,950) and Canada

($5,733). The study did not take into account

private non-aided institutions. Mid-level

academic salaries ($6,823) are better than in

China ($758), Russia ($563), and Brazil

($3,190), the note said.

Deccan Education Society offers course in

American studies

Deccan Education Society (DES) will be offering

Diploma in American Studies from September

3. The course is designed with the help of

American Centre, Mumbai after it was found

that the over 600,000 Indian students going to

the US every year face various difficulties from

communication to food habits, which affects

their academic performance, said DES

Chairman Ajit Patwardhan. The course can

make students overcome these challenges by

facilitating their understanding of American

culture.

Credai sets up realty institute, offers

scholarships at Ahmedabad

Aiming to promote excellence and bring in

global standards in real estate arena,

developers apex body Credai has announced

two major projects - an institute for research

and professional studies and educational

scholarships for needy students pursuing higher

education. The Credai Institute of Real Estate

Research and professional Studies will be set up

at Ahmedabad. The Credai institute, aiming at

imparting world class education and research in

real estate related subjects, will be functional

from June 2014. It and will have tie-ups and

affiliations with top International Institutes

having expertise in real estate domain. Credai

has also announced the launch of an

Educational Scholarship Scheme (ESS) for

promoting higher education by offering

scholarships to deserving students who are

pursue full-time degree/post-graduate degree

courses in Civil Engineering or Management

Degrees related to Real Estate sector at any of

the colleges or institutes recognized by the All

India Council of Technical Education (AICTE).

TCS, HDFC partner to invest in sports

education startup

Tata Consultancy Services and HDFC have

come together to invest in a startup that is in

the business of sports education. More than a

decade ago, both of these companies entered

into equal JV Intelenet for Business Process

Outsourcing while Susir Kumar playing a key

role. This time, Kumar and the Intelenet team

of a score of executives came up with the idea

for Kids Out Of Home (KOOH). N

Chandrasekharan, CEO of TCS and Susir Kumar

who is CEO of Serco Global Services have

invested 15% each in KOOH. The venture would

ask schools to outsource their Sports Education.

KOOH will compete with startups such as

Edusports, Leapstart and Sportseed, which

provide outsourced sports education for

schools. Two of the co-founders who were part

of the founding team at Intelenet, Prabhu

Srinivasan and Ramachandra Panickar, are on

the board of the new venture along with Kumar.

All the co-founders will continue in their existing

roles at Serco and leave the management of

the new venture to an independent team. Well-

known cricket personality Ajit Wadekar and

former Delhi cricket player Sanjeev Sharma

have joined as advisors. KOOH will draw on

lessons from the business process outsourcing

industry to train coaches in areas such as voice

accents and child psychology. The coaches will

also undergo training at the Lausanne,

Switzerland-based Centre for Sports Education

founded by the International Olympic

Committee. Discussions with a private equity

fund are at an advanced stage according to

Kumar. If a deal fructifies, the fund could hold

15%. The 20 cofounders, including Kumar, will

hold the rest.

IL&FS Education to set up skill

development centre

IL&FS Education and Technology Services Ltd in

collaboration with the West Bengal Government

will set up a skill development centre here for

IT and ITeS courses. As part of the National

Corporate Update

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Research4India 6

Skill Development Corporation’s programme,

IL&FS Education, a subsidiary of IL&FS India,

expects to train 2,000 people a year for five

years at the proposed local centre. The skill

development centre is expected to be

commissioned by September. IL&FS Education

also plans to set up three multi-skill training

centres in the State at Howrah, Durgapur and

Siliguri. In certain sectors, the gap between the

demand and supply of skilled workers was

yawning. Dilip Chenoy, CEO and Managing

Director of NSDC, pointed out that the job

market entrants were less keen to join

infrastructure and construction-related skill

development courses but interested in IT and

ITeS courses. Nearly $ 1tn is likely to be

invested in infrastructure in the 12th Five-year

Plan and the industry requires 103mn skilled

workers.

IT-ITeS firms tie up with educational

institutes

Tired of complaining about the employability of

graduates in the country, individual information

technology-information technology-enabled

services (IT-ITeS) firms are now tying up with

educational institutes to be able to hire more

employable graduates. In the bargain, there will

be not only faculty development and creation of

desired curriculum, but also real-time work

experience for students, all at campus level.

Recently, Genpact signed an agreement with

the Indian Institute of Management, Udaipur

(IIM-U), to create a “knowledge partnership”.

Under the seven-year agreement, IIM-U and

Genpact will jointly develop a centre for asset-

based lending and finance and an analytics

laboratory which will give students the

opportunity to solve real-time problems, work

on proprietary and industry software tools and

technology, as well as get hands-on industry

experience. Genpact will offer summer

internships to full-time students and set up a

merit-based scholarship. HCL Technologies, last

year, entered into a unique tie-up with the

Madras University.

Next Education to raise ` 1.5bn by year-

end

Next Education India Pvt Ltd, a digital learning

technology company, will raise ` 1.5bn from

private equity players by December end.

According to Beas Dev Ralhan, CEO, the

company had so far invested ` 2.5bn, including

` 600mn on research and development of

content. It raised the money from internal

accruals and some debt from Kotak. It clocked

revenue of ` 1bn in the last financial year. The

company has tie-ups with 4,000 schools (in

CBSE and ICSE streams) across the country

and claims a student user base of 800,000.

Birla Shloka Edutech acquires Ojus Health

Care

Birla Shloka Edutech Limited, a Yash Birla group

company has acquired 51.1% stake in Ojus

Healthcare Private Ltd, thereby making it a

subsidiary of the company. Under the terms of

acquisition, the operations of Ojus will be

managed jointly by Birla Shloka and Ojus’s

promoters. Further, two of Birla Shloka’s

personnel Vijay Mishra and Sunil Abraham have

duly been appointed on the board of Ojus.

Established in 2001, Ojus Healthcare provides

innovative IT solutions in e-governance and

health care solutions. Birla Shloka was

established in 1992 by Shyamsunder Rathi and

in 1998, the Yash Birla Group acquired the

controlling stake in the company. It is engaged

in providing IT and IT enabled solutions to

schools and institutions under the Information &

Communication Technology (ICT) projects. This

includes setup of computer labs, Digital

classroom solutions and Audio Visual solutions.

Accel Partners invests in Mind

Edutainment

Mind Edutainment Private Limited has raised `

27mn from Accel Partners and group of angels

led by Meena Ganesh - CEO & MD Pearson

Education. The funds raised will be used to

scale the initial pilot project of THOTS Lab from

3 cities to 8 cities and to integrate ICT in

delivery process to create an ideal mix of ICT

and Experiential Learning. Earlier, the company

had received funding from the Department of

Science and Technology and individual angel

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Research4India 7

investors. Founded in 2007 by Sangeeta

Khurana and Ashutosh Khurana, Mind

Edutainment develops and provides solutions to

improve social and emotional thinking skills

among school-going children. The company has

developed 'Higher Order Thinking Skills'

program with the use of physical Thinking Tools

and Mind Games. The program created has

been adopted by 40 plus schools and 50,000

plus students of UKG to Grade VIII as a

complete subject on thinking skills

development. Mind Edutainment plans to install

THOTS Lab across Delhi, Dehradun,

Chandigarh, Bangalore, Hyderabad, Chennai,

Kochi & Pune.

SBI Holdings Invests In eLearning Content

Provider - LIQVID

LIQVID, an integrated eLearning content

solutions company specializing in English

Language Training, has raised $ 3mn funding

from SBI Ven Capital, a subsidiary of SBI

Holdings, Japan. The company plans deeper

penetration into the school market with its

'EnglishEdge Portable Language Lab' and to

expand its offerings in the college segment with

a comprehensive solution that caters to the

growing demand for English Language

Enhancement, Business Communication skills

and Personality development. LIQVID is focused

on providing technology-aided English Learning

& Training (ELT) solutions to individuals and

organizations under the EnglishEdge brand

name. The solutions are offered on PCs, Tablets

and Mobiles.

Imagine K12 invests in BrainNook

Educational games portal, BrainNook has

secured seed funding from Imagine K12.

Founded by Abhijeet Vijayakar, BrainNook is

online educational games based on important

concept in the critical foundational subjects of

Math and English Grammar. The startup started

off with a focus on India, but is now solely

focused on US market. BrainNook partnered

education-focused social networking platforms

like Edmodo to sell its products in US. Imagine

K12 is a Silicon Valley incubator focusing on

education startups. Imagine K12 Incubates the

edu-startup from early stage to the point of

being a company investable by seed investors

or traditional venture capitalists. The possible

funding is in between $14,000 - $20,000

depending upon the team size, against 4-8%

stake in the company.

Mettl raises Series A funding from IndoUS

Venture Partners, existing investors

An online skill assessment platform Mettl, has

obtained $ 4mn in funding in its Series A round

led by IndoUS Venture Partners and its existing

investors. The startup had earlier raised angel

rounds from Blume Ventures and other

individual investors including Sasha

Mirchandani, Puranjaya Singh, Sunil Sharma

and Naveen Tewari. Founded in 2010 by Ketan

Kapoor and Tonmoy Singhal, both IIT - IIM

alumni, Mettl is an assessment platform to

measure, analyse and improve professional

skills across multiple industries. The

assessment platform is primarily used for

screening pre-hires for recruitments and for

employees for competency tracking/ training

across aptitude, personality and technical

aspects. In addition, job portals, education

companies, large publishers,

colleges/institutions and training/skill

improvement companies are also using Mettl for

their business needs.

Seedfund Invests In Digital Learning

Platform LurnQ

LurnQ, a digital learning platform run by

Mumbai-based Technium Labs Pvt Ltd, has

raised an initial round of funding from

Seedfund, as reported by Techcircle. The report

claims that the funds raised will be utilised to

develop more digital content, and to hire

people. Technium, that runs LurnQ, was

founded in 2011 by Tarun Mitra, Rajshekhar

Ratrey, Ramesh Nidadavolu and Devvrat Arya.

LurnQ is a digital learning platform where users

can post collection of articles/videos to create a

lesson. Other LurnQ users can follow the posts

and comment on the topics.

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Research4India 8

HCL My EduTab Wins ‘Best Tablet

Providers in Education’ Award at the World

Education Awards 2012

HCL Learning, the education & learning division

of HCL Infosystems Ltd., India’s premier

hardware, services and ICT Systems Integration

and Distribution Company, bagged the Public

Choice Award for the ‘Best Tablet Providers in

Education’ for My EduTab at the World

Education Awards 2012, held recently as part of

the World Education Summit in New Delhi.

HCL’s My EduTab received the maximum votes

from the people and emerged as the winner

amongst competition by a huge margin of

public votes. HCL Learning continued its

winning spree by bagging its fifth award since

December 2011. The HCL My EduTab comes in

two versions: K12 and HE (Higher Education).

My EduTab– K12 version enables students,

teachers & parents to connect, collaborate and

share information as well as content over the

Cloud. My EduTab - Higher Education (HE)

Version is an edutainment platform which

brings together world class rich multimedia

content on technical and professional skills,

assessments and Apps.

Innovation in education gets EzVidya

mBillionth South Asia Award

Chennai-based education research and service

provider EzVidya bagged the mBillionth South

Asia Award for their attempts to bridge the

digital divide in the country. The organisation

received the juror's distinction under the m-

education and learning category for its 'BridgeIT

India' project from among 60 nominations.

EzVidya representatives were given the award

for their innovations in reaching out to

government schools to share improved teaching

methodologies using mobile phones. Preloaded

content on phones were attached to televisions

in 89 rural and urban government schools.

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Research4India 9

Stock Market Update

Share Price Performance

Financial Benchmarking

Quarterly Results – Q1 FY ’13, ending 30th June, 2012

Figures in Rs.`mn

Trailing Twelve Months (TTM)

Figures in Rs.`mn

As on 17th Aug 2012 Market Cap Price

(`mn) (In `) 1 Week 1M 3M 6M 12M

Core Education 33,288 294 0.8% 1.6% -0.6% 5.7% -1.3%

Educomp 22,958 159 -1.7% -5.5% 0.0% -31.7% -38.1%

Navneet 12,876 54 -1.4% -5.8% 2.1% -6.2% -12.8%

Tree House 8,570 254 5.5% 16.9% 27.2% 16.8% -

Zee Learn 6,713 26 -6.4% -1.9% 33.4% 70.9% 35.9%

NIIT Ltd 5,704 35 -3.0% -16.0% -14.5% -28.7% -27.3%

Everonn 3,593 164 -0.8% -13.6% -21.4% -47.6% -66.7%

Aptech 3,569 73 5.4% -1.4% 2.3% -20.8% -45.1%

MT Educare 3,310 84 -3.9% -7.0% -10.8% - -

Career Point 2,678 148 1.2% -7.4% -6.1% -37.6% -47.5%

Compucom 866 11 -0.5% -2.2% 6.3% - -

Edserv 503 19 -2.8% -4.3% 16.5% -53.9% -82.1%

Jetking 250 42 -2.0% -9.7% 0.5% -27.5% -39.3%

Percentage Price Change

Current Last Year % growth Current Last Year % growth Current Last Year % growth

Educomp March 2012-13 Q1 3,253 2,924 11% 707 1,054 -33% 49 366 -87%

NIIT Ltd March 2012-13 Q1 1,999 3,148 -36% 114 307 -63% 115 131 -12%

Core Education March 2012-13 Q1 4,826 3,255 48% 1,901 1,240 53% 785 662 19%

Navneet March 2012-13 Q1 3,587 3,030 18% 1,140 959 19% 718 611 18%

Everonn March 2012-13 Q1 671 669 0% -105 343 NA -229 110 NA

Aptech March 2012-13 Q1 386 464 -17% 28 46 -39% 38 537 -93%

Edserv March 2012-13 Q1 121 267 -55% 35 118 -70% 1 73 NA

Career Point March 2012-13 Q1 158 158 0% 23 29 -22% 31 33 -6%

Compucom March 2012-13 Q1 179 183 -2% 100 112 -10% 25 44 -43%

Zee Learn March 2012-13 Q1 233 154 52% -16 -4 NA -34 -8 NA

Tree House March 2012-13 Q1 275 163 69% 158 94 67% 80 52 54%

Jetking March 2012-13 Q1 88 82 7% 7 16 -59% 4 10 -63%

MT Educare March 2012-13 Q1 362 43 25

PATYear Ending QuarterFigures in Rs mn Fiscal year

Revenues EBITDA

TTM Y0 TTM Y-1 % growth TTM Y0 TTM Y-1 % growth TTM Y0 TTM Y-1 % growth

Educomp Q1 FY13 15,242 14,154 8% 3,737 5,813 -36% 1,017 3,440 -70% 25% 7%

NIIT Ltd Q1 FY13 12,883 12,743 1% 1,282 1,613 -21% 1,086 923 18% 10% 8%

Core Education Q1 FY13 17,950 11,967 50% 6,878 4,487 53% 3,355 2,479 35% 38% 19%

Navneet Q1 FY13 6,719 5,641 19% 1,529 1,387 10% 911 849 7% 23% 14%

Everonn Q1 FY13 3,041 3,239 -6% 237 1,660 -86% -504 767 NA 8% -

Aptech Q1 FY13 1,666 1,920 -13% 223 204 9% 259 938 -72% 13% 16%

Edserv Q1 FY13 711 1,274 -44% -176 548 NA -137 395 NA - -

Career Point Q1 FY13 796 786 1% 285 298 -4% 318 274 16% 36% 40%

Compucom Q1 FY13 696 767 -9% 392 429 -9% 92 133 -31% 56% 13%

Zee Learn Q4 FY12 687 427 61% -222 25 NA -301 19 NA - -

Tree House Q4 FY11 885 392 125% 484 169 186% 245 92 166% 55% 28%

Jetking Q1 FY13 338 371 -9% 40 91 -56% 16 58 -73% 12% 5%

MT Educare Q4 FY12 1,272 1,051 21% 231 187 24% 128 80 61% 18% 10%

% EBITDA

margin

% PAT

marginFigures in Rs mn TTM Quarter

Revenues EBITDA PAT

EduTrack

Research4India 10

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