Veranda Learning Solutions Limited — Interim / Quarterly Report 2024

May 28, 2024

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Veranda Learning Solutions Limited

28[th] May 2024

BSE Limited National Stock Exchange of India Limited Dept of Corporate The Listing Services, Phiroze Department, Jeejeebhoy Towers, Dalal Exchange 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.

Sir/Madam,

Please find enclosed the press release titled ‘Veranda Learning Solutions announces Q4 FY 2023-24 Financial Results” pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 and investor presentation.

This information will also be hosted on the Company’s website at www.verandalearning.com.

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

Thanking you,

For Veranda Learning Solutions Limited

M Digitally signed by M ANANTHARAMAKRISH ANANTHARA NAN Date: 2024.05.28 MAKRISHNAN 18:28:17 +05'30'

M Anantharamakrishnan Company Secretary & Compliance Officer M. No: ACS-7187

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contact@verandalearning.com www.verandalearning.com

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+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 Strong Q4 & FY24 Financial Performance; Turns EBITDA Positive in FY24

“Veranda Learning announces Stellar Top-line performance, Surpassing Rs. 360 Crore milestone with 124% YoY growth in FY24”

Chennai, 28 May 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 solutions, announced its financial results for the fourth quarter and year ended March 31, 2024. The company continues its growth trajectory, delivering exceptional results for both the quarter and fiscal year of 2024. During the quarter, the operating revenue stood at 102.61 crores, marking an impressive year-over-year growth of 111.98% from Rs. 48.41 crores in the same period last year.

For FY24, The company reported an EBITDA of Rs. 62.29 crores and an adjusted EBITDA of Rs. 68.99 crores, a dramatic turnaround from the operating loss of Rs. 33.67 crores in the previous financial year. This remarkable shift was fueled by both organic expansion and strategic acquisitions. Overall, the total operating revenue for FY24 stood at Rs. 361.73 crores, a significant increase from Rs. 161.36 crores recorded in FY23, showcasing Veranda Learning's robust growth and solid financial footing.

This year the company has seen an increase in finance and depreciation costs due to accounting adjustments pertaining to the acquisitions completed. The depreciation costs include a non-cash expense of Rs 36.38 crores arising due to the amortization of intangible assets acquired. The finance cost includes a non-cash expense of Rs 14.63 crores arising due to unwinding of acquisition related liabilities and a non-cash expense of Rs 9.92 crores due to acceleration of processing charges of the loans prepaid . The finance cost also includes a non-recurring cost of Rs 10.25 crores due to prepayment of existing loans.

The Total number of students trained by the Veranda Group for FY24 stood at 6,93,874 with 1,36,194 students trained during this quarter.

Consolidated Financial Highlights:

Particulars (Rs. Crores)	Q4FY24	Q4FY23	Y-o-Y	Q3FY24	Q-o-Q	FY24	FY23	Y-o-Y
Revenue from Operations	102.61	48.41	111.98%	91.84	11.73%	361.73	161.36	124.18%
Other Income	1.30	0.39		3.51		8.29	38.56
Total Revenue	103.91	48.80	112.93%	95.36	8.97%	370.02	199.92	85.08%
Gross Profit	62.95	23.85	163.94%	55.06	14.33%	213.03	73.69	189.10%
Gross Profit Margin (%)	61.35%	49.27%		59.95%		58.89%	45.67%
Operating Expenses
Advt. & Business Promotion	13.31	11.54	15.39%	10.60	25.57%	48.67	42.24	15.22%
Corporate Costs	6.00	4.52	32.74%	5.35	12.15%	19.76	44.15	(55.24)%
Other Expenses	19.11	26.31		19.65		75.60	23.33
Non-Operating Expenses
ESOPs/RSU	1.82	1.68		2.25		6.71	(2.37)
EBITDA	22.71	(20.20)		17.19	32.13%	62.29	(33.67)
Finance Cost	39.50	5.15		19.91		78.17	10.30
Depreciation	22.55	17.67		17.70		65.37	45.46
Tax Expenses	(0.80)	(4.34)		(3.71)		(5.15)	(10.22)
PAT	(38.54)	(38.68)		(16.71)		(76.11)	(79.21)

Key Consolidated Financial Highlights:

• Total Operating Revenue stood at Rs. 102.61 crores in Q4FY24 compared to Rs. 48.41 crores in Q4FY23 a growth of 111.98% YoY; Total Operating Revenue for FY24 stood at Rs. 361.73 crores compared to Rs. 161.36 crores in FY23 witnessing a growth of 124.18% YoY.

• The Gross Profit stood at Rs. 62.95 crores with a Gross Profit margin of 61.35% in Q4FY24 compared to Rs. 23.85 crores with a Gross Profit margin of 49.27% in Q4FY23; In FY24 the Gross Profit stood at Rs. 213.03 crores with a Gross Profit margin of 58.89% in FY24.

• Advertising and business promotion expenses for Q4FY24 & FY24 stood at Rs. 13.31 crores and Rs. 48.67 crores respectively.

• The Company reported an EBITDA of Rs. 22.71 crores in Q4FY24 compared to a loss of Rs. 20.20 crores in Q4FY23. The EBITDA for FY24 stands at Rs. 62.29 crores as compared to a loss of Rs. 33.67 crores in FY23.

• The ESOP expense for the quarter stood at Rs 1.82 crores and the adjusted EBITDA for the quarter stood at Rs 24.53 crores .

• The Finance cost for the quarter includes a non-recurring cash expense of Rs 10.25 crores towards pre-closure charges of existing loans , Rs 8.25 crores ( Rs 14.63 crores for FY24 ) of non-cash expenses pertaining to unwinding of acquisition related liabilities and Rs 6.86 crores ( Rs 9.92 crores for FY24 ) due to acceleration of processing charges of the loans prepaid.

• The Depreciation cost for the quarter includes a non-cash expense of Rs 13.99 crores ( Rs 36.38 crores for FY24 ) arising out of amortisation of intangible assets pertaining to the acquisitions completed.

Commenting on the strong financial performance, Mr. Suresh Kalpathi, Executive Director and Chairman, Veranda Learning Solutions said,

“It is with great pride that I address you today to celebrate a milestone year for our company. In FY24, we have not only seen our operating revenues double to surpass Rs. 360 crores, but we have also achieved a positive EBITDA for the first time. This is a testament to our team's dedication. This has been driven by strategic consolidation of high-quality brands into our portfolio, significantly enhancing our market presence and performance.

This year, we have exceeded our ambitious targets, achieving a remarkable year-over-year revenue growth of over 100% while maintaining a solid EBITDA margin of 17%. These accomplishments underscore the resilience of our business model and our unwavering commitment to financial stability. Looking ahead, we remain confident in sustaining our strong performance and are steadfast in our pursuit of leadership in India's education sector. We will innovate, excel and expand our footprint to empower even larger number of learners nationwide.

As we set our sights on FY25, we anticipate maintaining this momentum to achieve revenues exceeding Rs. 550 crores with an ambitious EBITDA margin of 25%. ”

Acquisition of Tapasya Educational Institutions

Veranda Learning Solutions has acquired 51% of equity shares of Tapasya Educational Institutions Private Limited (“TEIPL” or “Tapasya”) through its subsidiary, Veranda XL Learning Solutions Pvt Ltd, valuing TEIPL at Rs 240 crores. The acquisition of Tapasya will strengthen Veranda's presence in both Telangana and Karnataka. This collaboration will mark the beginning of a new era of growth and opportunity for Veranda. Also, the company is excited to team up with Tapasya, to combine the expertise, innovate and improve the learning experience for students throughout the region.

Successful Fund Raise of Rs. 425 crores

Veranda Learning has obtained debt financing of Rs 425 crore via senior, secured, redeemable, unlisted, and unrated non-convertible debentures from BPEA Investment Managers Private Limited (BPEA Credit). These funds are raised through one or more series and/or tranches, facilitated by BPEA Investment Managers Private Limited (BPEA) or other investors identified by BPEA, to provide inter-corporate loans to group companies, refinance existing loans, support working capital, and fulfil general corporate purposes. This substantial financial injection is a crucial and timely move for Veranda, supporting its growth strategy within the rapidly evolving educational industry landscape.

Veranda XL Learning acquires Logic Management Training Institute

Veranda Learning Solutions has acquired Logic Management Training Institutes Pvt. Ltd., a Kerala-based institution known for its professional financial courses. With this agreement, Veranda will expand its educational offerings across India, leveraging Logic's eight branches and nearly 5,000 annual students. The acquisition includes collaboration with JK Shah Classes, part of Veranda's Commerce Education initiative, aiming to enhance educational value and reinforce Veranda's dedication to innovation in the education sector.

Tie up with Cambridge University Press & Assessment India Pvt. Ltd

Veranda is appointed as an Associate Partner for Cambridge in India to play an important role in recruiting, onboarding, and supporting schools in the Cambridge community with a specific focus on tier 2 and tier 3 cities. This partnership will enhance Veranda’s comprehensive resources and design support, empowering the company to implement the Cambridge Pathway with confidence. This includes expert teachers, teacher training programs, a focus on academic excellence, and essential tools to help students achieve their educational goals. This will further strengthen the company’s dedication to empowering schools with top-notch education on a broader scale.

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, Edureka Learning Centre, SmartBridge, 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 | May 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 01 Result Highlights 02 Company Overview 03 Growth Strategy 04 Industry Overview 05 Financials

Q4 & FY24 Performance

MARCHING TOWARDS GROWTH

A c h i e v e d P o s i t i v e E B I T D A i n F Y 2 4

F Y 2 4 P e r f o r m a n c e H i g h l i g h t s

EBITDA Growth (Rs. in Cr)

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+ 85.08% YoY

Total Revenue

Total Revenue for FY24 stood at Rs. 370.02 crores compared to Rs. 199.92 crores in FY23

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62.29
-33.67
-39.05
FY22 FY23 FY24
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Positive

6.9 lakhs

EBITDA

Reported positive EBITDA of Rs. 62.29 crores against loss of Rs. (33.67) crores in FY23

Students Trained

The Total number of students trained by the Veranda Group for FY24 stood at 6,93,874

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 “It is with great pride that I address you today to celebrate a milestone year for our company. In FY24, we have not only seen our operating revenues double to surpass Rs. 360 crores, but we have also achieved a positive EBITDA for the first time. This is a testament to our team's dedication. This has been driven by strategic consolidation of high-quality brands into our portfolio, significantly enhancing our market presence and performance.

This year, we have exceeded our ambitious targets, achieving a remarkable year-over-year revenue growth of over 100% while maintaining a solid EBITDA margin of 17%. These accomplishments underscore the resilience of our business model and our unwavering commitment to financial stability. Looking ahead, we remain confident in sustaining our strong performance and are steadfast in our pursuit of leadership in India's education sector. We will innovate, excel and expand our footprint to empower even larger number of learners nationwide. As we set our sights on FY25, we anticipate maintaining this momentum to achieve revenues exceeding Rs. 550 crores with an ambitious EBITDA margin of 25%.”

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Consolidated P&L Highlights

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Particulars (Rs. Cr)	Q4FY24	Q4FY23	Y-o-Y	Q3FY24	Q-o-Q	FY24	FY23	Y-o-Y
Revenue from Operations	102.61	48.41	111.98%	91.84	11.73%	361.73	161.36	124.18%
Other Income	1.30	0.39		3.51		8.29	38.56
Total Revenue	103.91	48.80	112.93%	95.36	8.97%	370.02	199.92	85.08%
Gross Profit#	62.95	23.85	163.94%	55.06	14.33%	213.03	73.69	189.10%
Gross Profit Margin (%)	61.35%	49.27%		59.95%		58.89%	45.67%
Operating Expenses Advt & Business Promotion	13.31	11.54	15.39%	10.60	25.57%	48.67	42.24	15.22%
Corporate Costs	6.00	4.52	32.74%	5.35	12.15%	19.76	44.15	(55.24)%
Other Expenses	19.11	26.31		19.65		75.60	23.33
Non-Operating Expenses ESOPs/RSU	1.82	1.68		2.25		6.71	(2.37)
EBITDA	22.71	(20.20)		17.19	32.13%	62.29	(33.67)
EBITDA Margin (%)	21.86%			18.03%		16.83%
Finance Cost Depreciation Tax Expenses	39.50 22.55 (0.80)	5.15 17.67 (4.34)		19.91 17.70 (3.71)		78.17 65.37 (5.15)	10.30 45.46 (10.22)
PAT	(38.54)	(38.68)		(16.71)		(76.11)	(79.21)

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

Veranda Company Overview

Ve randa Learning – A Quick Glance

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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

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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.

15+ States

PRESENCE ACROSS INDIA 5 Mn+ MONTHLY WEBSITE TRAFFIC

4 Mn+ YOUTUBE SUBSCRIBERS

9+/10 AVERAGE USER RATING

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Our Journey so far

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ACQUISITIONS IN VERANDA XL LEARNING SOLUTIONS

J. K. SHAH CLASSES AND LAUNCH OF ELCs

INCORPRATION

LAUNCHES & ACQUISITIONS

• March ’24: Acquired

• Incorporated in November 2018 • July’21: Launched CA course • May’22: Launched Tapasya Educational offered by Veranda CA Edureka Learning Institutions

• • Aug’21: Launched UPSC course Centre (ELCs) • April ’24: Business Transfer offered by Veranda IAS • Oct’22: Acquired J. K. Agreement with Logic

• • Sep’21: Acquired Edureka, Shah Classes Management Training

• enabling Veranda to establish global footprints Institute

• 2018 2020 2021 2022 2022 2023 2024 • Jan’23: Business Transfer Agreement with

• Acquired Content, brand, • Apr’22: Listing on BSE & NSE Chennai Race • May’23: Announces association with 7 companies under Veranda Administrative Learning Solutions

• • July’23: Veranda Race joining hands with

• Launched own mobile app Sreedhar’s College of Competitive Exams

• Dec’20: Acquired Content, brand, education materials through Veranda Race; commenced operations

• Dec’20: Launched own mobile app comprising all integrated courses

LISTING ON EXCHANGES ACQUISITIONS IN VERANDA ADMINISTRATIVE SOLUTIONS

KEY ACQUISITION

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Our Segment wise Brand Portfolio

Academic Vocational Test Prep

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Brands Under Our Portfolio
Segment Brands Segment Details Courses Offered Modes of Delivery
• Online MBA • M.Tech GI
• Online B.Com • M.Tech CSE
• B.Com and • M.Tech DS
This segment provides
academic education from K- Online CA • PhD - working
• Online MCA professionals • Online /Offline
ACADEMIC 12 till the graduation, post-
• CA,CMA,B.COM, Hybrid
graduation & professional
BBA and other
courses
Integrated courses
• DevOps • PMP
• AWS • Microsoft Azure
• Architect • Selenium
• Power BI • Tableau
• Cybersecurity • Data Science
This segment provides all the • Full Stack Web • Data Science with
required upskilling and Development with SQL
VOCATIONAL
reskilling courses for the Python • Cloud and • Online / Offline
individuals • Certification in DevOps
Banking and • Python + SQL
Finance Primer
• Aptitude & Training • Java + SQL Primer
and Foundation
• SSC
• State PSC
• Banking & Insurance
This segment prepares the • RRB
• Online /Offline
TEST PREP individuals for all competitive • CA, CS, CMA, CFA (US) ACCA (UK), CMA
Hybrid
and professional exams (US), EA (US)
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Established a result oriented unique 360[o] Approach

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Weekly lectures by
subject matter experts
with Q&A
Mentors assigned to
every student to track
and ensure progress
Right blend of offline &
online materials to support
the learning outcomes
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Textbooks for all courses
for in-depth structural &
methodical learning
Chapter and paper level
mock tests for practice
Multi-level practice
programmes
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Veranda Learning – Coaching centres across India

200+ Centre

Diversified Footprint across India

s (across all courses) Wide Building presence across India Presence Strong Hold Across Southern and Western India India

Established strong offline presence in 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

Kalpathi S Aghoram Non-Executive Director

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Kalpathi S Ganesh Kalpathi Aghoram Archana
Non-Executive Director 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

• 15

• Bachelor’s degree in Applied Sciences,  Master’s degree in Computer Science Master ‘s degree in Software Systems

• Director of AGS Cinemas; Executive producer of AGS Entertainment

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

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Veranda Learning – Key Team Members (1/2)

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• Praveen Kumar Saradha Govindarajan

• President, Corporate Strategy Chief Financial Officer

• 25+ years of experience in cross border  11+ years of experience in the acquisitions & pre-acquisition process in M&A Finance, Strategy and Operations

• PreviouslyHaskins and Sellsworked worked with SSI and Deloitte  PreviouslyAgarwal’s ledEye QubeHospital Cinemasas and& Haskins and Sellsworked CFO

  • Pravin Menon

  • Chief Marketing Officer

  • 26+ years of experience in marketing in EdTech, Media and Publishing businesses

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

• PreviouslyHaskins and Sellsworked with SSI and Deloitte  PreviouslyAgarwal’s ledEye QubeHospital Cinemasas CFO and& SVP,Dr.  Previously worked with Worldwide Media, Vikatan, Bennet Coleman & Network Digitech

• Member of ICAI and ICWAI Strategy & Operations  BE from College of Engineering, Guindy and  Bachelor’s degree from University of Mumbai MBA from XLRI, Jamshedpur

• Rajesh Pankaj Venkatesh K Vivek Sapre

• Chief Program Officer Chief Instruction Delivery Chief Human Resource Officer

• 30+ years of industry experience spanning technology, education & content development  25+ years of experience in Strategy and  16+ years of experience in leadership role in execution HR and managerial roles of strategic

• Previously worked with Pearson, MPS, HCL TalentCare, Everon Education and Hurix  Previously worked with SSI, e4e, TCS, Primex significance and Wellcorp at senior management roles  Previously worked with NeoGrowth ,E&Y and

• B.Sc in Chemistry from Mahatma Gandhi L&T Finance . University and PG Diploma from NIIT  Executive MBA from IIM-B and is a Certified Corporate Director from IOD  MBA from XLRI Jamshedpur

  • Previously worked with Worldwide Media, Vikatan, Bennet Coleman & Network Digitech

  • Bachelor’s degree from University of Mumbai

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Veranda Learning – Key Team Members (2/2)

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• Santhoshkumar P

• Bharat Seeman

• Aditya Malik CEO, Veranda Race CEO, Veranda IAS

• CEO – Veranda Higher Ed Ex-founder,

• Veranda Race  7+ years of experience in operations

• experience of 28 years &  10+ years of experience in business management at Veranda RACE leadership  MBA from Illinois Tech Stuart School of

• with ANZ Grindlays, Bank Of  Master’s degree in Technology from Anna Business and Master’s degree from University Great Lakes Institute of Management 17

• J K Shah Pooja Shah Vishal Shah

• Executive Chairman, JKSC Joint COO, JKSC Joint COO, JKSC and a seasoned  Education enthusiast focused on disrupting  7+ years of experience in managing business hybrid educational spaces development & operations and lead generation functions

• Before JK Shah, began her journey as an

• and managing CA Articled Assistant at Arvind H Shah & Co  Heads the online coaching vertical at JK Shah Classes 17

• B.Com in Accounting & Finance 17 from University of Mumbai and member of the ICAI  B.Com from NMIMS and member of the ICAI

• MBA with a work experience of 28 years & Education experience of 8 years

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

• Executive Chairman, JKSC

• Founder, pioneer and a seasoned educationist

• 38+ years of proven industry experience in leading and managing CA coaching classes

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Veranda Growth Strategy

Veranda Learning – Growth Strategy

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TRACK RECORD

 Attuned to the evolving demands of learners and job market, constantly New Courses diversify range of courses and Offering  Proactive approach to identify emerging disciplines and skills, and design

• 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

Strengthen Focus on B2C and B2B Spectrum

Content Expansion and Publishing

• 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

Strategic Acquisitions

• 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

Geographic Expansion through Preferred Delivery Centres (PDCs)

• 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)

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ACQUISITIONS (FY23-FY24)

+ 200

PDCs ACROSS STATES

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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%

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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
5.0 0%
10
0 0.0 0%
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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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

23

Financial Performance

Financial Highlights

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Total Revenue (Rs. Cr) EBITDA (Rs. Cr) Revenue Break-up (FY24)
370.02
62.29
31%
199.92
69%
75.60
-33.67
-39.05
Online % Offline %
FY22 FY23 FY24 FY22 FY23 FY24
Enrolments – B2C
158,407
91,667
56,819
FY22 FY23 FY24
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25

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Let’s Connect

Ernst & Young, LLP

Veranda Learning Solutions

Mr. Abhishek Bhatt abhishek.bhatt3@in.ey.com

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Mr Vivek Raghuram, Investor Relations

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vivek.r@verandalearning.com

Ms. Mahalakshmi Venkatachalam

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mahalakshmi.venkatachalam@in.ey.com

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