Veranda Learning Solutions Limited — Interim / Quarterly Report 2025

Nov 14, 2024

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Veranda Learning Solutions Limited

14[th] November 2024

BSE Limited National Stock Exchange of India Limited Dept of Corporate The Listing Services, Phiroze Department, Exchange Jeejeebhoy Towers, Dalal Plaza, Street, Fort, Bandra Kurla Complex, Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 543514 Symbol: VERANDA

Sub: Press Release on Financial Results pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 and investor presentation

Dear Sir/Madam,

Please find enclosed the press release titled ‘Veranda Learning Solutions announces Q2 FY 2024-25 Financial Results” pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 and investor presentation.

This information will be hosted on the Company’s website at https://www.verandalearning.com/web/index.php/stock-exchange-intimations

Kindly take the same on record and display the same on the website of your exchange.

Thanking you, For Veranda Learning Solutions Limited

SWAMINADHAN Digitally signed by SWAMINADHAN BALASUNDHAR BALASUNDHARAM AM Date: 2024.11.14 17:53:30 +05'30'

S Balasundharam Company Secretary & Compliance Officer M. No: ACS-11114

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contact@verandalearning.com www.verandalearning.com +91 44 4296 7777 G.R. Complex First floor No.807808, Anna Salai, Nandanam, Chennai -600 035 CIN: L74999TN2018PLC125880

Press Release

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Veranda Learning Solutions Reports Stellar Q2 & H1 FY25 Performance

Total Income up 56% YoY, EBITDA grew 2.6X YoY for H1 FY25

•

Chennai, 14th November 2024: Veranda Learning Solutions Limited , a public listed Education company (BSE: 543514, NSE: VERANDA) and a pioneer in the industry offering end-to-end Education services and solutions, announced its financial results for the second quarter and half year ended September 30, 2024. Building on its momentum, the company maintained strong growth by seizing new opportunities and consistently delivering exceptional results. During the quarter, the operating revenue stood at 138.62 crores, reflecting a growth of 40.91% from Rs. 98.37 crores in the same period last year. The company also reported Rs. 100 crores in deferred revenue, setting it up well for its sustained success in the coming quarters.

The company has achieved a robust EBITDA of Rs. 30.40 crores, up significantly from Rs. 16.75 crores reported in the corresponding period of the previous financial year. This was achieved through a strong growth trajectory across business segments, as well as improved operational efficiencies. Overall, the total revenue for H1FY25 stood at Rs. 257.61 crores, as compared to Rs. 167.27 crores in H1FY24. The Total number of students trained by the Veranda Group for H1FY25 stood at 1,72,198.

Consolidated Financial Highlights:

Particulars (Rs. Crores)	Q2 FY25	Q2 FY24 Y-o-Y Q1 FY25 Q-o-Q	H1FY25	H1FY24 Y-o-Y
Revenue from Operations Other Income Total Income	138.62	98.37 40.91% 118.99 16.50% 1.90 7.43 100.27 40.07% 126.42 11.09%	257.61	167.27 54.00% 3.48 170.75 56.29%
	1.83		9.26
	140.45		266.87
Gross Profit Gross Profit Margin (%)	84.17	56.63 48.64% 72.44 16.19% 57.56% 60.88%	156.61	95.01 64.83% 56.80%
	60.72%		60.79%
Operating Expenses Advt. & Business Promotion Corporate Costs Other Expenses Non-Operating Expenses ESOPs/RSU		14.46 9.45% 16.05 (1.40)% 4.53 37.28% 5.87 5.94% 21.68 44.94% 29.13 7.89% 1.10 92.01% 1.22 74.01%		24.74 28.89% 10.11 19.52% 38.62 56.81% 2.64 26.60%
	15.83		31.88
	6.22		12.08
	31.43		60.55
	2.12		3.34
EBITDA	30.40	16.75 81.54% 27.61 10.13%	58.01	22.39 159.13%
Finance Cost Depreciation Tax Expenses	33.23	10.31 29.92 6.17 22.33 1.80 0.51	63.15	18.76 25.12 (0.63)
	24.22		46.56
	3.32		3.82
PAT	(30.37)	(1.53) (25.16)	(55.52)	(20.86)

Key Consolidated Financial Highlights:

▪ Total Income stood at Rs. 140.45 crores in Q2FY25 compared to Rs. 100.27 crores in Q2FY24 registering a growth of 40.07% YoY; Total Income for H1FY25 stood at Rs. 266.87 crores compared to Rs. 170.75 crores in H1FY24 witnessing a growth of 56.29% YoY.

▪ The Gross Profit stood at Rs. 84.17 crores with a Gross Profit margin of 60.72% in Q2FY25 compared to Rs. 56.63 crores and Gross Profit margin of 57.56% in Q2FY24; In H1FY25 the Gross Profit stood at Rs. 156.61 crores with a Gross Profit margin of 60.79% in H1FY25 compared to Rs. 95.01 crores and Gross Profit margin of 56.80% in H1FY24.

• Advertising and business promotion expenses for Q2FY25 & H1FY25 stood at Rs. 15.83 crores and Rs. 31.88 crores respectively.

• The Company reported an EBITDA of Rs. 30.40 crores in Q2FY25 compared to Rs. 16.75 crores in Q2FY24. The EBITDA for H1FY25 stands at Rs. 58.01 crores as compared to Rs. 22.39 crores in H1FY24.

• The ESOP expense for Q2FY25 and H1FY25 stood at Rs. 2.12 crores & Rs. 3.34 crores respectively; and the adjusted EBITDA for the quarter and half yearly ended stood at Rs. 32.52 crores and Rs. 61.35 crores .

• The Finance cost for the quarter stood at Rs. 33.23 crores . This includes Rs.18.47 crores cash interest paid and accrued premium on the NCDs issued and non-cash expenses of Rs. 9.46 crores pertaining to the acquisition related liabilities

• The Depreciation cost for the quarter stood at Rs . 24.22 crores . This includes non-cash expense of Rs. 13.65 crores arising out of amortization of intangible assets pertaining to the acquisitions completed.

Commenting on the Stellar Financial Performance, Mr. Suresh Kalpathi, Executive Director and Chairman, Veranda Learning Solutions said,

“I am pleased to announce that Veranda Learning made remarkable progress in Q2FY25, demonstrating the resilience of our core verticals. Leveraging the strong start from Q1, we focused on expanding our academic footprint and have successfully executed a series of high-impact initiatives that continue to drive our growth momentum.

During Q2FY25, we strengthened our academic alliances through partnerships with several prestigious institutions in India and internationally, reaffirming our commitment to delivering world-class educational solutions. Our foray into the Middle East with J.K. Shah Classes, in partnership with Jumeira University Connect, marks a pivotal step in our international growth strategy. This venture not only enhances our global presence but also aligns with our vision to bring quality education to a broader audience.

Our commitment to building a world class organization has been further reinforced by the addition of distinguished experts in the field of education as directors to our Company’s Board, whose insights and experience will be invaluable as we explore new growth avenues.

As we look forward to the second half of FY25, we remain focused on optimizing operational efficiencies and expanding our educational portfolio to meet evolving market needs. With robust performance in H1FY25, we are well on track to exceed our projected full-year EBITDA target of ₹120 crore. We are committed to achieving our long-term goal of becoming India’s leading educational brand, and we thank our stakeholders for their continued support as we advance in this journey.”

Key Business Highlights:

Veranda IAS and M.O.P. Vaishnav College for Women signed a MoU

M.O.P. Vaishnav College (Autonomous) has partnered through an MoU to offer a Diploma in Governance and Policy Studies, designed to prepare students for over 200 competitive exams while pursuing their undergraduate degrees. This six-month course, developed by Veranda IAS, is tailored to enhance readiness for public-sector roles, covering key subjects like public policy, ethics, and economics. With 200 hours of classroom training and 40 hours of practical experience, the program provides a robust foundation for careers in government, NGOs, think tanks, and further studies in Public Policy and Social Work.

Strategic partnership with University of Technology Sydney

Veranda HigherEd, partnered with the University of Technology Sydney to offer two new short courses in Digital and Social Media Marketing and Business Analytics. These courses are designed to provide professionals with the latest skills for success in the modern business world. The marketing course focuses on utilizing digital tools and social media to enhance customer engagement, while the analytics course teaches practical techniques for data collection, analysis, and project management to improve business outcomes.

Veranda XL entered into a MoU with Madras Christian College

Veranda XL, part of Veranda Learning Solutions, has partnered with Madras Christian College (MCC) to offer professional Chartered Accountancy training on campus through JK Shah Classes. This collaboration brings a highquality CA curriculum to MCC, ranked 14th in the 2024 NIRF College Category, furthering its tradition of academic excellence and expanding professional opportunities for its students.

Expanding Footprints into the Middle East

Veranda Learning has expanded into the Middle East with its popular brand, J.K. Shah Classes, by partnering with Jumeira University Connect to offer a Chartered Accountancy (CA) preparation course in the UAE. This new course aligns with the high standards of Dubai’s Knowledge and Human Development Authority (KHDA), ensuring that it meets local educational needs while incorporating global best practices. This partnership represents a major step in Veranda Learning’s international growth.

About Veranda Learning Solutions:

Founded in 2018, by the Kalpathi AGS Group - Veranda Learning Solutions is a public listed education technology company that offers a bouquet of training programs for competitive exam preparation, including State Public Service Commission, Banking, Insurance, Railways, IAS, and CA, as well as a slew of professional skilling and upskilling programmes. Veranda Learning Solutions’ platform combines technology, processes, and methodologies to provide high-quality, in-depth, personalised learning opportunities and content to learners across the country. Dedicated to creating an impact on students and delivering successful academic outcomes, Veranda adopts a multi-modal delivery system backed by a rigorous and disciplined learning framework. The company provides services through its subsidiaries: Veranda RACE, Veranda IAS, Edureka - the customer-facing brand of Brain4ce Education Solutions, Six Phrase, Veranda HigherEd, BAssure Solutions, Talent Academy and Publications, Sreedhar’s CCE, Veranda K12, Tapasya and PHIRE. Veranda Learning has forayed into high-demand financial courses such as Chartered Accountancy through its partnership with India’s premier CA test-preparation institute, J. K. Shah Classes.

	Company Contact:	Investor Relations:
		Mr. Abhishek Bhatt
	Mr. Vivek Raghuram, Investor Relations	Ms. Mahalakshmi Venkatachalam
	Veranda Learning Solutions Limited	Ernst & Young LLP
	vivek.r@verandalearning.com	Abhishek.bhatt3@in.ey.com Mahalakshmi.venkatachalam@in.ey.com
	Visit us atwww.verandalearning.com	CIN L74999TN2018PLC125880

DISCLAIMER:

Certain statements in this document that are not historical facts, are forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political, or economic developments, industry risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. Veranda Learning Solutions Limited will not be responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

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Veranda Learning Solutions Affordability | High-quality Content | Outcome-oriented Approach

Investor Presentation | November 2024

Safe Harbor

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• This presentation and the following discussion may contain “forward looking statements” by Veranda Learning Solutions Limited (“Veranda Learning” or the Company) that are not historical in nature. These forward looking statements, which may include statements relating to future results of operations, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the management of Veranda Learning about the business, industry and markets in which Veranda Learning operates.

• These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond Veranda Learning’s control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements.

• Such statements are not, and should not be construed, as a representation as to future performance or achievements of Veranda Learning. In particular, such statements should not be regarded as a projection of future performance of Veranda Learning. It should be noted that the actual performance or achievements of Veranda Learning may vary significantly from such statements.

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Agenda Result Highlights 01 Company Overview 02 03 Veranda’s Ecosystem Growth Drivers 04 Financial Highlights 05

Q2 & H1FY25 Performance

MARCHING TOWARDS GROWTH

R e p o r t e d S t r o n g E B I T D A G r o w t h o f 8 1 . 5 4 % ( Y O Y )

Q 2 F Y 2 5 P e r f o r m a n c e H i g h l i g h t s

EBITDA Trend (Rs. in Cr)

30.40 27.61 22.71 16.75 17.19 5.64 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25

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40.91%
YoY
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Positive
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58,936

Total Income

Total Income for Q2FY25 stood at Rs. 140.45 crores compared to Rs. 100.27 crores in Q2FY24

EBITDA

Reported positive EBITDA of Rs. 30.40 crores compared to Rs. 16.75 crores in Q2FY24

Students Trained

The Total number of students trained by the Veranda Group for Q2FY25 stood at 58,936

Key Financial & Business Highlights – Q2 & H1 FY25

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Revenue from Operations EBITDA PAT
138.62 30.40
-1.53
98.37
16.75
-30.37
Q2FY24 Q2FY25
Q2FY24 Q2FY25
Q2FY24 Q2FY25
Revenue from Operations EBITDA PAT
257.61 58.01
167.27
-20.86
22.39
-55.52
H1FY24 H1FY25
H1FY24 H1FY25
H1FY24 H1FY25
Q2 FY 25
All figures (in Rs. Cr)
H1 FY 25
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From the Chairman’s Desk

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Commenting on the results, Mr. Kalpathi. S. Suresh, Executive Director and Chairman, Veranda Learning Solutions, said “I am pleased to announce that Veranda Learning made remarkable progress in Q2FY25, demonstrating the resilience of our core verticals. Leveraging the strong start from Q1, we focused on expanding our academic footprint and have successfully executed a series of high-impact initiatives that continue to drive our growth momentum.

During Q2FY25, we strengthened our academic alliances through partnerships with several prestigious institutions in India and internationally, reaffirming our commitment to delivering worldclass educational solutions. Our foray into the Middle East with J.K. Shah Classes, in partnership with Jumeira University Connect, marks a pivotal step in our international growth strategy. This venture not only enhances our global presence but also aligns with our vision to bring quality education to a broader audience.

Our commitment to building a world class organization has been further reinforced by the addition of distinguished experts in the field of education as directors to our Company’s Board, whose insights and experience will be invaluable as we explore new growth avenues.

As we look forward to the second half of FY25, we remain focused on optimizing operational efficiencies and expanding our educational portfolio to meet evolving market needs. With robust performance in H1FY25, we are well on track to exceed our projected full-year EBITDA target of ₹ 120 crore. We are committed to achieving our long-term goal of becoming India’s leading educational brand, and we thank our stakeholders for their continued support as we advance in this journey.”

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Consolidated P&L Highlights

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Particulars (Rs. Crores)	Q2 FY25	Q2 FY24 Y-o-Y Q1 FY25 Q-o-Q	H1FY25	H1FY24 Y-o-Y
Revenue from Operations Other Income Total Income	138.62	98.37 40.91% 118.99 16.50% 1.90 7.43 100.27 40.07% 126.42 11.09%	257.61	167.27 54.00% 3.48 170.75 56.29%
	1.83		9.26
	140.45		266.87
Gross Profit Gross Profit Margin (%)	84.17	56.63 48.64% 72.44 16.19% 57.56% 60.88%	156.61	95.01 64.83% 56.80%
	60.72%		60.79%
Operating Expenses Advt. & Business Promotion Corporate Costs Other Expenses Non-Operating Expenses ESOPs/RSU		14.46 9.45% 16.05 (1.40)% 4.53 37.28% 5.87 5.94% 21.68 44.94% 29.13 7.89% 1.10 92.01% 1.22 74.01.%		24.74 28.89% 10.11 19.52% 38.62 56.81% 2.64 26.60%
	15.83		31.88
	6.22		12.08
	31.43		60.55
	2.12		3.34
EBITDA	30.40	16.75 81.54% 27.61 10.13%	58.01	22.39 159.13%
Finance Cost Depreciation Tax Expenses	33.23	10.31 29.92 6.17 22.33 1.80 0.51	63.15	18.76 25.12 (0.63)
	24.22		46.56
	3.32		3.82
PAT	(30.37)	(1.53) (25.16)	(55.52)	(20.86)

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#Gross profit calculation: (Revenue – Direct Costs) | GP Margin: GP / (Revenue from Operations)

Veranda Company Overview

Ve randa Learning – Empowers from learning to leading

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Veranda Learning Solutions is engaged in the business of offering diversified and integrated learning solutions in online, offline hybrid and offline blended formats to students, aspirants, and graduates professionals and corporate employees

15+ States

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Promoters have a collective experience of over 40 years in the education sector Strong Leadership: and proven track record of entrepreneurial success Provides a wide range of learning solutions through courses including UPSC, Diversified Offerings: competitive exams courses, professional courses, short term upskilling and reskilling courses to students and professionals Courses offered through online, offline hybrid, offline blended, campus in Presence across Platforms: campus and online live instructor led learning models in various languages Established a strong presence in competitive exam-oriented courses like Banking, SPSC, Insurance, RRB , SSC and CA and created niche education platforms across Established Strong Brand: academic and vocational segments.

PRESENCE ACROSS INDIA

5 Mn+

MONTHLY WEBSITE TRAFFIC

4 Mn+

YOUTUBE SUBSCRIBERS

10 9+/

AVERAGE USER RATING

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Our Journey so far

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Expansion

• Jan 2023: Business Transfer Agreement with Chennai Race

• May 2023: Announces acquisition of 6 new companies

• Jul 2023: Announces partnership with Sridhar CCE and Logic School of management

• Dec 2023 – Announces to acquire Tapasya

New Launches

• Jul 2021: Started CA courses

• Aug 2021: Started offering courses for UPSC preparation

• Sep 2021: Acquired Edureka, enabling Veranda to establish global footprints

Incorporation

• Nov 2018 : Company was incorporated with registered office in Chennai

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• Apr 2024 : Promoter share warrants - 20 lakh shares issued to promoters at 70% premium (Rs.307)

• Mar 2024 : Raises ~INR 425 crs via unlisted NCDs from BPEA credit for repayment of existing loans and acquiring Tapasya

IPO Listing & New Acquistions

• Apr 2022: Company was listed on BSE & NSE at INR 137

• • Oct 2022: Acquired J. K. Shah Classes

Key Acquisitions

• Dec 2020: Acquired Content, brand, education materials through Veranda Race; & therafter commenced operations • Dec 2020 : launched own mobile app comprising all integrated courses

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Veranda’s Ecosystem

Ve randa Learning Empowers – A path to success

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COURSES CRAFTED FOR EVERY PATH
K - 12 Test Preparation Undergraduate Courses
Higher Education Test Preparation
Test Preparation Professional Skill development
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Our Business Segments & its offerings

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Commerce Government Academic Vocational Test Prep Test Prep OFFERINGS Specialised coaching Dedicated coaching Skill Training & Internships, Veranda K – 12 for CA, ACCA, for various competitive Upskilling Courses, & CMA, CFA and other & civil services exams Recruitment Training in the Higher Education foreign commerce (PSC, SSC, RRB, TNPSC, BFSI sector courses KPSC, Banking)

14

Effective Delivery Models & its Strong Brand Presence

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High Quality Education
Online
Learning
Efficient Recruitment &
Blended
Training
Learning
Personalised Learning
Strategic Partnerships
Innovative Technology
Live Online
Integration
Classes
Scalable and Efficient
Business Model
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Veranda Learning – Coaching centres across India

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200+
Diversified Footprint across India
Centres
(across all courses)
Wide
Building presence across India
Presence
Strong Hold
Established strong offline presence in
Across India Southern and Western India
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Proficient Team to drive the business

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Kalpathi S Suresh Chairman & Executive Director

• More than a decade of experience in the Education industry

• Founded SSI in 1991, providing software education and IT training; key milestones include listing on NSE and BSE, formed a JV with NASDAQ, acquired Albion Orion Company LLC and acquired controlling stake in Aptech Limited

• Founded AGS Entertainment in 2003, a production house and later ventured into film exhibition via AGS Cinemas

• Founded Kalpathi Investments in 2007, a NBFC which invests in various ventures

• Awarded the ‘Outstanding Entrepreneur of the Year’ in 1999 by Ernst & Young, India

• Bachelor’s degree of Technology in Electrical Engineering, Master’s Degree in Electrical Engineering

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Kalpathi S Aghoram
Non-Executive Director
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• Bachelor’s degree in Commerce

• A decade of experience in finance, education, IT, entertainment

• ▪ Previously associated with TNCA and BCCI

• Kalpathi S Ganesh

• Non-Executive Director

• ▪ Bachelor’s degree in Applied Sciences, Master ‘s degree in Software Systems

• ▪ A decade of experience in finance, education, IT, entertainment

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Kalpathi Aghoram Archana
Non-Executive Director
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• ▪ Master’s degree in Computer Science ▪ Director of AGS Cinemas; Executive producer of AGS Entertainment

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Prominent Board Members

S. Lakshminarayanan Independent Director

• Former CFO in IT education/software and Finance Director in facility management with over 30 years in finance, audit, and corporate taxation

• Fellow Chartered Accountant, Associate Company Secretary, and Cost & Management Accountant

Prof. Jitendra Kantilal Shah Non-Executive Director

• Experienced and Pioneer leader in education for over 40 years

• JK Shah Classes, led by him, has effectively trained numerous candidates for CA, CS, CMA, and CFA certifications, influencing the careers of thousands of professionals throughout India

Revathi S. Raghunathan Independent Director

• Chartered Accountant and Insolvency Professional, registered with the Insolvency and Bankruptcy Board of India

• Certified in Forensic Accounting and Fraud Detection by ICAI and a Certified Information Systems Auditor (ISACA)

Prof. Ashok Misra Independent Director

• Professor at Indian Institute of Science (IISc), Bengaluru.Served on the boards of esteemed institutions like IIT Roorkee and IIT Delhi

• Held various board positions in major companies, including Reliance Industries Limited & National Thermal Power Corporation (NTPC) and continues to serve on the board of Kirloskar Electric

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P.B. Srinivasan Independent Director

• Partner at P. B. Vijayaraghavan & Co., overseeing audits for listed companies, public sector firms, banks, and large nonprofits for 20+ years

• Contributed to ICAI's SIRC Study Group for ‘Branch Audit of Banks – An Approach

N. Alamelu Independent Director

• Experienced and Qualified Associate Cost and Management Accountant and Associate Company Secretary & a Member of the Institute of Chartered Accountants of India (ICAI)

• Certified in IFRS by ACCA Global, UK & holds a Post Graduate Diploma in International Business

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Veranda Learning – Key Team Members (1/2)

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• Aditya Malik Pravin Menon

• Chief Operating Officer Chief Marketing Officer

• ▪ Formerly served as the CEO – Veranda Higher ▪ 26+ years of experience in marketing in Ed EdTech, Media and Publishing businesses

• ▪ MBA with a work experience of 28 years & ▪ Previously worked with Worldwide Media, Education experience of 8 years Vikatan, Bennet Coleman & Network Digitech

• ▪ Previously worked with ANZ Grindlays, Bank Of ▪ Bachelor’s degree from University of Mumbai

• Saradha Govindarajan Chief Financial Officer

• ▪ 15+ years of experience in the areas of Finance, Strategy and Operations

• Previously led Qube Cinemas and Dr. ▪ Agarwal’s Eye Hospital as CFO & SVP, Education experience of 8 years Strategy & Operations ▪ Previously worked with ANZ Grindlays, Bank Of

• ▪ BE from College of Engineering, Guindy and America, American Express, GE, Talently MBA from XLRI, Jamshedpur Rajesh Pankaj Venkatesh K

• Chief Program Officer Chief Delivery Officer

• Previously worked with ANZ Grindlays, Bank Of America, American Express, GE, Talently

• Vivek Sapre

• Chief Human Resource Officer

• ▪ 17+ years of experience in leadership role in HR and managerial roles of strategic significance

• 30+ years of industry experience spanning technology, education & content development

• 25+ years of experience in Strategy and execution

• Previously worked with Pearson, MPS, HCL TalentCare, Everon Education and Hurix

• Previously worked with SSI, e4e, TCS, Primex and Wellcorp at senior management roles

• Previously worked with NeoGrowth ,E&Y and L&T Finance .

• B.Sc in Chemistry from Mahatma Gandhi University and PG Diploma from NIIT

• Executive MBA from IIM-B and is a Certified Corporate Director from IOD

• MBA from XLRI Jamshedpur

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Veranda Learning – Key Team Members (2/2)

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Bharat Seeman

CEO, Veranda IAS Ex-founder, Veranda Race

• 10+ years of experience in business leadership

• Master’s degree in Technology from Anna University

• Santhoshkumar P

• CEO, Veranda Race

• ▪ 7+ years of experience in operations management at Veranda RACE

• MBA from Illinois Tech Stuart School of Business and Master’s degree from Great Lakes Institute of Management

K. Subramanyam CEO, Veranda k-12

• 15+ years of experience in setting up & managing k-12 school operations

• Previously worked with School of management for Pearson India & The premia Academy, Hyderabad

Pooja Shah Joint COO, JKSC

• Education enthusiast focused on disrupting hybrid educational spaces

• ▪ Before JK Shah, began her journey as an Articled Assistant at Arvind H Shah & Co

• ▪ B.Com in Accounting & Finance from University of Mumbai and member of the ICAI

• Vishal Shah Muppala Sreedhar

• Joint COO, JKSC Chairman- Tapasya Educational Institutions

• ▪ 7+ years of experience in managing business ▪ Vice Chairman ICAI Board of studies development & operations and lead ▪ Deputy Convenor of the Digital Regeneration functions engineering & Transformation Directorate

• ▪ Heads the online coaching vertical at JK ▪ Human Resources Directorate of ICAI 20 Shah Classes 20 20

• ▪ B.Com from NMIMS and member of the ICAI

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Veranda Growth Strategy

Veranda Learning – Growth Strategy

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TRACK RECORD – FY 24

New Courses and Offering

Strengthen Focus on B2C and B2B Spectrum

Content Expansion and Publishing

Strategic Acquisitions Geographic Expansion through Preferred Delivery Centres (PDCs)

• ✓ Attuned to the evolving demands of learners and job market, constantly diversify range of courses

• ✓ Proactive approach to identify emerging disciplines and skills, and design courses to meet needs of learners for rewarding career opportunities

• ✓ Holistic approach by catering to both individual learners (B2C) and corporate clients (B2B)

• ✓ Provide tailored learning solutions to businesses to help them upskill their employees/students and enhance their workforce’s capabilities

• ✓ Content expansion and publishing hold a pivotal role within strategic priorities, and invest in relevant initiatives that support this.

• ✓ Committed to identifying and seizing strategic acquisition opportunities

• ✓ Acquiring complementary educational platforms, content providers, and technology companies

• ✓ Aims to enrich offerings and expand customer reach

• ✓ Recognises the importance of catering to regional preferences and diverse learning needs thus established Preferred Delivery Centres (PDCs) in strategic locations

• ✓ These physical hubs facilitate the integration of localised content and teaching methodologies, ensuring

6,93,874 TOTAL NO. OF LEARNERS

1,58,407 INDIVIDUAL LEARNERS (B2C)

117

CORPORATE CLIENTS (B2B)

200+

PDCs ACROSS STATES

22

Industry Growth Drivers

Geographical Segmentation - Global

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Region	Market Size (2021)	Market Size (2027)	Growth Rate CAGR (2021-27)
Asia Pacific Countries (APAC)	$107.63 BN	$277.39 BN	17.09%
North America	$52.62 BN	$109.27 BN	12.95%
Europe	$39.62 BN	$92.26 BN	15.13%
Latin America	$29.68 BN	$72.95 BN	16.17%
Middle East & Africa	$25.25 BN	$53.52 BN	13.34%

24

Source: Arizton Advisory & Intelligence Report

Indian Ed-tech Sector – Market Size

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90 30.00%
Edtech Market in India 2021–2027 ($ billion)
80
25.00%
70
60 20.00%
Growth Rate 50
15.00%
40
19.17%
CAGR 30 10.00%
(2021-2027) 20
5.00%
10
0 0.00%
2021 2022 2023 2024 2025 2026 2027
Revenue 27.41 30.48 35.23 41.98 51.25 63.25 78.5
Growth Rate 11.20% 15.56% 19.18% 22.07% 23.41% 24.12%
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25

Source: Arizton Advisory & Intelligence Report

Indian Sector – Boom for Upskilling & Reskilling Courses

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Upskilling and Reskilling – A budding requirement

A McKinsey global survey in February 2020 found that 9 in 10 executives and managers are either already facing skills gaps in their organizations or expect gaps to develop within the next 5 years

KEY SURVEY RESPONSES

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HR providing employees with Upskilling & Model of employees receiving Upskilling &
Reskilling Training Reskilling Training
20%
Upskilling 31%
Reskilling 2%
11%
Both 59%
69%
Never 8%
Online Offline Both
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Employees prefer to work with company
providing Upskilling & Reskilling Training
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26%
74%
Yes No
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Source: McKinsey global survey in February 2020

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Financial Performance

Financial Highlights

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Total Income (Rs. Crores)
370.02
266.87
199.92
FY23 FY24 H1FY25
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EBITDA (Rs. Crores) Revenue Break-up (H1FY25)
62.29
58.01 30%
70%
-33.67 Online % Offline %
FY23 FY24 H1FY25
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Enrolments – B2C
1,58,407
91,667
82,048
FY23 FY24 H1FY25
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Let’s Connect

Ernst & Young, LLP Mr. Abhishek Bhatt abhishek.bhatt3@in.ey.com

Veranda Learning Solutions Limited Mr. Vivek Raghuram, Investor Relations vivek.r@verandalearning.com

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Ms. Mahalakshmi Venkatachalam mahalakshmi.venkatachalam@in.ey.com

Veranda Learning Solutions Ltd, G.R. Complex, First Floor, No. 807808, Anna Salai, Nandanam, Chennai - 600035, Tamil Nadu