Veranda Learning Solutions Limited — Interim / Quarterly Report 2024

Feb 7, 2024

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Veranda Learning Solutions Limited

7[th] February, 2024

BSE Limited Dept of Corporate Services, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400 001 Scrip Code: 543514

National Stock Exchange of India Limited The Listing Department, Exchange Plaza, Bandra Kurla Complex, Mumbai – 400 051 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 Q3 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 ANANTHARAMAKRISHNAN ANANTHARAMAKRIS Date: 2024.02.07 17:38:37 HNAN +05'30'

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

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contact@verandalearning.com www.verandalearning.com +91 44 4296 7777 34,Thirumalai Road, T.Nagar, Chennai, Tamil Nadu-600017 CIN: L74999TN2018PLC125880

Press Release

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Veranda Learning Solutions announces Q3 & 9MFY24 Financial Results

Veranda Learning reported a stellar top line growth of 92% YoY during Q3FY24, Q-o-Q growth in EBITDA

Chennai, 07 February 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, announced its financial results for the third quarter and nine months ended December 31, 2023. The company has reported another strong quarter, with the Operating Revenue standing at Rs. 91.84 crores in Q3FY24 compared to Rs. 47.88 crores in the same period last year achieving a robust growth of 91.83% YoY. Veranda continues to stay focused on sustainable and profitable growth whilst providing affordable quality education.

The company reported an EBITDA of Rs. 39.57 crores for 9MFY24 with an adjusted EBITDA of Rs. 44.46 crores compared to an operating loss of Rs. 13.71 crores in the corresponding period of the previous financial year. The operating revenue grew by 129.41 % on a YoY basis. The total operating revenue for 9MFY24 stood at Rs. 259.12 crores, a significant increase compared to the Rs. 112.95 crores recorded in 9MFY23.

The Total number of students trained by the Veranda Group for 9MFY24 stood at 5,57,680 with 1,33,863 students trained during this quarter.

Consolidated Financial Highlights:

Particulars (Rs. Crores)	Q3FY24	Q3FY23	Y-o-Y	Q2FY24	Q-o-Q	9MFY24	9MFY23	Y-o-Y
Revenue from Operations	91.84	47.88	91.83%	98.37	(6.64) %	259.12	112.95	129.41%
Other Income	3.51	35.84		1.90		6.99	38.17
Total Revenue	95.36	83.72	13.90%	100.27	(4.90) %	266.11	151.12	76.09%
Gross Profit	56.02	22.87	144.92%	56.63	(1.07) %	151.03	49.84	203.06%
Gross Profit Margin (%)	61.00%	47.77%		57.56%		58.29%	44.12%
Operating Expenses
Advt. & Business Promotion	10.62	11.55	(7.98) %	14.46	(26.54) %	35.36	30.70	15.16%
Corporate Costs	5.35	23.57	(77.31) %	4.53	18.07%	15.46	33.85
Non-Operating Expenses
ESOPs/RSU	2.25	-9.48		1.10		4.89	-4.05
EBITDA	17.19	14.54	18.20%	16.75	2.62%	39.57	-13.71	-
Finance Cost	19.91	1.95		10.31		38.67	4.91
Depreciation	17.70	15.18		6.17		42.82	27.79
Tax Expenses	-3.71	-3.26		1.80		-4.34	-5.88
PAT	-16.71	0.66		-1.53		-37.57	-40.53

Key Consolidated Financial Highlights:

• Total Operating Revenue stood at Rs. 91.84 crores in Q3FY24 compared to Rs. 47.88 crores in Q3FY23 a growth of 91.83% YoY; Total Operating Revenue for 9MFY24 stood at Rs. 259.12 crores compared to Rs. 112.95 crores in 9MFY23 witnessing a growth of 129.41% YoY.

• The Gross Profit stood at Rs. 56.02 crores with a Gross Profit margin of 61.00% in Q3FY24 compared to Rs. 22.87 crores with a Gross Profit margin of 47.77% in Q3FY23; In 9MFY24 the Gross Profit stood at Rs. 151.03 crores with a Gross Profit margin of 58.29% in 9MFY24.

• Advertising and business promotion expenses for Q3FY24 & 9MFY24 stood at Rs. 10.62 crores and Rs. 35.36 crores respectively.

• The EBITDA for 9MFY24 stands at Rs. 39.57 crores as compared to a loss of Rs. 13.71 crores in 9MFY23.

• The ESOP expense for the quarter stood at 2.25 crores and the adjusted EBITDA for the quarter stood at Rs 19.44 crores .

• The finance cost for the quarter includes a non-recurring expense of Rs. 2.70 crores towards debt repaid. It also includes a non cash expense of Rs. 5.93 crores towards unwinding costs arising out of acquisition related liabilities. The finance cost for the company is 12.12% on the outstanding debt of Rs. 256.56 crores leading to an annual interest expense of Rs 31.1 crores.

• The depreciation cost for the quarter includes a non cash expense of Rs 9.92 crores arising out of amortisation of intangible assets pertaining to the acquisitions completed.

Whilst speaking on an exemplary Q3 FY24 performance, Mr. Suresh Kalpathi, Executive Director and Chairman, Veranda Learning Solutions said,

“We are extremely pleased to announce the strong and continued growth of our organisation in Q3FY24, where our revenue has increased by 92 percent YoY. Notably, our achievement of positive EBITDA for this quarter is a milestone moment for us, considering the third quarter was a lean period in general for companies in the education sector. This quarter was mired by delayed enrolments due to the presence of multiple festivals and rescheduling of important exam dates. This achievement signifies that our acquisitions and their integration exercise is paying dividends and would yield even better profits in the coming quarters. Traditionally, Q4 is a strong quarter across all our business verticals. We expect to close the year with revenues of Rs. 380-400 crores. The company expects to register a YoY revenue growth of more than 100%. Veranda will maintain EBITDA margins of 16-18% for FY24.

The company is also looking at corporate restructuring initiatives to address non cash expenditure items currently reflecting in the financial statements. This is to ensure the financial statements are a true reflection of the business performance. These initiatives are expected to aid the company become PAT positive for FY25.”

Strategic Partnerships during the quarter

Veranda Learning Solutions has forged a strategic partnership with Illinois Institute of Technology (Illinois Tech), Chicago's sole technology-focused university to offer Innovative multi-disciplinary tech-focused courses. This collaboration aims to enhance the educational offerings in both Information Technology and K–12 Dual Credit programs, providing students with unparalleled access to cutting-edge courses and fostering a seamless pathway to higher education.

Veranda Learning to acquire Tapasya Education Institutions

Acquisition of 50% of Tapasya Educational Institutions Private Limited (TEIPL) would be done by Veranda XL Learning Solutions Private Limited (VXL), a material subsidiary Company of Veranda Learning Solutions Limited (VLS) for a consideration of Rs 120 Crore. Tapasya caters to a wide range of educational and allied needs for colleges offering courses and it offers services to 19 Inter/ PU Colleges and 10 Degree Colleges across 13 locations in Telangana and Karnataka, with over 13,000 students.

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, Veranda HigherEd, and Edureka Learning Centre. 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 at www.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 | December 2023

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

Q3 & 9M FY24 Performance

Key Financial & Business Highlights – Q3 & 9M FY24

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PAT
Revenue from OperationsRevenue from Operations EBITDAEBITDA
91.84
17.19
0.66
47.88
14.54
Q3FY24 Q3FY23
-16.71
Q3FY24 Q3FY23 Q3FY24 Q3FY23
Revenue from Operations EBITDAEBITDA PAT
Revenue from Operations
259.12 39.57
112.95
-37.57
9MFY24 9MFY23 -13.71
9MFY24 9MFY23 -40.53
9MFY24 9MFY23
All figures (in Rs. Cr)
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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 “We are extremely pleased to announce the strong and continued growth of our organisation in Q3FY24, where our revenue has increased by 92 percent YoY. Notably, our achievement of positive EBITDA for this quarter is a milestone moment for us, considering the third quarter was a lean period in general for companies in the education sector. This quarter was mired by delayed enrolments due to the presence of multiple festivals and rescheduling of important exam dates. This achievement signifies that our acquisitions and their integration exercise is paying dividends and would yield even better profits in the coming quarters. Traditionally, Q4 is a strong quarter across all our business verticals. We expect to close the year with revenues of Rs. 380-400 crores. The company expects to register a YoY revenue growth of more than 100%. Veranda will maintain EBITDA margins of 16-18% for FY24.The company is also looking at corporate restructuring initiatives to address non cash expenditure items currently reflecting in the financial statements. This is to ensure the financial statements are a true reflection of the business performance. These initiatives are expected to aid the company become PAT positive for FY25.”

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Consolidated P&L Highlights

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Particulars (Rs. Cr)	Q3FY24	Q3FY23	Y-o-Y	Q2FY24	Q-o-Q	9MFY24	9MFY23	Y-o-Y
Revenue from Operations	91.84	47.88	91.83%	98.37	(6.64) %	259.12	112.95	129.41%
Other Income	3.51	35.84		1.90		6.99	38.17
Total Revenue	95.36	83.72	13.90%	100.27	(4.90) %	266.11	151.12	76.09%
Gross Profit#	56.02	22.87	144.92%	56.63	(1.07) %	151.03	49.84	203.06%
Gross Profit Margin (%)	61.00%	47.77%		57.56%		58.29%	44.12%
Operating Expenses Advt & Business Promotion	10.62	11.55	(7.98) %	14.46	(26.54) %	35.36	30.70	15.16%
Corporate Costs	5.35	23.57	(77.31)%	4.53	18.07%	15.46	33.85
Non-Operating Expenses ESOPs/RSU	2.25	(9.48)		1.10		4.89	(4.05)
EBITDA	17.19	14.54	18.20%	16.75	2.62%	39.57	(13.71)
EBITDA Margin (%)	18.02%	17.37%		16.70%		14.87%	(9.07)%
Finance Cost	19.91	1.95		10.31	16.70%	38.67	4.91
Depreciation	17.70	15.18		6.17		42.82	27.79
Tax Expenses	(3.71)	(3.26)		1.80		(4.34)	(5.88)
PAT	(16.71)	0.66		(1.53)		(37.57)	(40.53)

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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 created niche online education platforms across all Established Strong Brand: segments. Edureka is a recognised online education platform for IT professionals that offers upskilling & reskilling courses

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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INCORPRATION

LAUNCHES & ACQUISITIONS

J. K. SHAH CLASSES AND LAUNCH OF ELCs

• July’21: Launched CA course offered by •

• Incorporated in November 2018 May’22: Launched Edureka Learning Centre Veranda CA (ELCs)

• • Aug’21: Launched UPSC course offered by Veranda IAS • Oct’22: Acquired J. K. Shah Classes

• • Sep’21: Acquired Edureka, enabling Veranda to establish global footprints

• 2018 2020 2021 2022 2022 2023

• • Dec’20: Acquired Content, brand, • Apr’22: Listing on BSE & NSE • Jan’23: Business Transfer Agreement with education materials through Veranda Chennai Race Race; commenced operations • May’23: Announces association with 7

• May’23: Announces association with 7 companies under Veranda Administrative Learning Solutions

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

• July’23: Veranda Race joining hands with Sreedhar’s College of Competitive Exams

KEY ACQUISITION

LISTING ON EXCHANGES

ACQUISITIONS IN VERANDA ADMINISTRATIVE SOLUTIONS

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Strong presence in test preparations & professional skilling segments

• Career-defining competitive exams Hybrid • TNPSC Group 2 • SSC Courses • TNPSC Group 4 • Railways • TN TET • Kerala PSC • Banking • CA Foundation

• Professional courses TNPSC Exam Coaching: CA Exam Coaching: • Group 2 & 2A • CA Foundation • Group 4 • CA Intermediate • CA Final

• Exam-oriented courses Test Series: • CA Revision Online • TNPSC

• Courses • Banking Test Batch UPSC Exam • CA -all levels • Integrated Learning Programme

• •

• Banking & SSC Exams: Prelims Learning • Tamil Programme • English

• •

• Upskilling and Reskilling courses Malayalam Kerala PSC Exam Coaching • Telugu TNUSRB SI • Kannada

• Developed 340+ courses offered in Online, Offline Hybrid & Offline Blended

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Edureka – A leading player in emerging technology training

• A comprehensive learning platform aimed to bridge the workplace-ready IT skills gap

Edureka Learning Centres

• Pioneering Instructor Led Live Edureka Learning Centres Online training • Veranda acquired Edureka to build a full-stack Education business virtually

• • Launched Edureka learning with the first set of

• Industry leader in online professional Delivery Centres across 105 locations

• & higher education segment Courses Offered • • Cloud Computing Architecture & Design Patterns

• • DevOps • Artificial Intelligence

• Upskilling & Reskilling courses Online Courses • BI Visualization • Databases

• • Data Science

• Visit us Link • Data Warehousing and ETL

• • Programming & Frameworks • Operating Systems

• • • Frontend Development Digital Marketing

• Global customer presence • Mobile Development • Robotic Process majorly from US & UK • Automation Software Testing • Blockchain

• • Project Management & Methodologies • Data Science

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Our Brand Portfolio

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Brands Under Our Portfolio - Diversified Offerings (1/3)

	Courses Offered	Courses Offered	Modes of Delivery	Average Duration	Languages
A premier competitive exam test- prep institute preparing students for Banking, Insurance, SSC, TNPSC and other PSC examinations for +10 years	• SSC • State PSC • Banking & Insurance • RRB		• Online: Recorded and Live • Offline-blended model • Offline hybrid model	3-12 months	Tamil, Kannada, Telugu, English, Malayalam, Hindi
A pioneer in instructor-led live online training in India under the supervision of professional instructors	• DevOps • AWS • Architect • Power BI • Cybersecurity	• PMP • Microsoft Azure • Selenium • Tableau • Data Science	Online, live instructor-led platform	24-150 hours	English
Imparts the latest tech skills through curated courses to bridge the gap between industry demand and talent supply	• Full Stack Web Development • Data science • Cloud and DevOps • Full Stack Web Development with Python	• Data Science with SQL • Cloud and DevOps • Python + SQL Primer • Java + SQL Primer and Foundation	• Offline (Self-paced + AF support) • Offline (Online instructor- led + AF support)	1 week to 4 months	English
Provides cutting-edge programme delivery in areas like technology, leadership, and marketing, in partnership with world-class institutions	• Online MBA • Online B.Com • B.Com and Online CA • Online MCA	• M.Tech GI • M.Tech CSE • M.Tech DS • PhD - working professionals	Online/Hybrid	12-36 months	English
A leading test-prep institute for professional commerce courses offered in India as well as globally	• CA, CS, CMA, CFA (US) • ACCA (UK) • CMA (US)	• EA (US) • Class 11 and 12 – CBSE, ISC and MH State Board	• Online: Recorded and live • Offline classroom model • Hybrid model	4-24 months	English, HIndi+English

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Brands Under Our Portfolio - Diversified Offerings (2/3)

	Courses Offered	Modes of Delivery	Average Duration	Languages
Committed to design a comprehensive learning experience to help aspirants meet the high standards expected by UPSC exams	Integrated learning programme (CSAT and optional subjects): Prelims, mains and personality tests	• Online • Offline blended • In-campus	12 months	English
Veranda Varsity offers integrated courses with top institutions at an affordable cost	Bachelor of Commerce + CA	Hybrid	36 months	English
Phire is a placement-oriented entity offering expert training for recruitment in private banking and BFSI sectors	Certification in Banking and Finance	Online	100 hours	English/Tamil
SmartBridge is a one-stop platform catering to skill and knowledge development of graduates turning professionals	• Android Application Development with Kotlin • Machine Learning with Python • Salesforce Administrator • Salesforce Developer • Cybersecurity with IBM Qradar • Data Analytics with IBM Cognos • Internet of Things (IoT) • Software Testing Automation	Virtual Instructor-led Training	4-100 hours	English
Six Phrase is a skill and career development company that has jumpstarted the careers of over 1,00,000 students	• Aptitude Training • Technical Training • English and Soft Skills Training • English Competency Development Programme	• Online • Offline hybrid	5-50 days; courses ranging from one to seven semesters	English

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Brands Under Our Portfolio - Diversified Offerings (3/3)

	Courses Offered	Modes of Delivery	Average Duration	Languages
The academy offers training for Kerala PSC competitive exams and the training experience has bee, translated into publications of repute	• Kerala PSC • SSC • UPSC • SBI/IBPS	• Online • Offline hybrid	6-12 months	English, Malayalam
Sreedhar’s CCE is a prominent institute for competitive and entrance exams in Andhra Pradesh and Telangana	• Banking • SSC • Railway	• Online • Offline	3.5-12 months	English, Telugu
Logic School of Management, established in 2005, offers foreign professional financial courses	• CA • CMA • CS • ACCA UK • CPA USA • CMA USA • EA • CIA	• Online • Offline hybrid	3.5 to 36 months	English, Malayalam

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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

• 19

• 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 areas of acquisitions & pre-acquisition process in M&A Finance, Strategy and Operations

• Previously worked with SSI and Deloitte  Previously led Qube Cinemas and Dr. Haskins and Sells CFO

• Pravin Menon

• Chief Marketing Officer

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

• Previously led Qube Cinemas and Dr. Agarwal’s Eye Hospital as CFO & SVP, Strategy & Operations

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

• Bachelor’s degree from University of Mumbai

• Member of ICAI and ICWAI

• BE from College of Engineering, Guindy and MBA from XLRI, Jamshedpur Sivakumar Ganesan

• Venkatesh K VP, Sales & Field Force Marketing

• Chief Instruction Delivery  4+ decades of leadership and entrepreneurial

• 25+ years of experience in Strategy and execution experience across sales & marketing and education domains

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

• Rajesh Pankaj

• Chief Program Officer

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

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

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

• Previously worked with SSI, Aptech and Dunlop

• B.A. in Economics from University of Madras and PGDM in Marketing from AIMA

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

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Veranda Learning – Key Team Members (2/2)

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• Bharat Seeman Lovleen Bhatia

• CEO, Veranda IAS Co-Founder, Edureka Ex-founder,

• Veranda Race

• 10+ years of experience in business leadership  18 years+ of technical leadership and R&D

• Master’s degree in Technology from Anna University experience  B.Tech from IIT BHU

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

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

• Pooja Shah Vishal Shah

• Joint COO, JKSC Joint COO, JKSC

• Education enthusiast focused on disrupting hybrid  7+ years of experience in managing business educational spaces development & operations and lead generation functions

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

• Heads the online coaching vertical at JK Shah Classes 21

• B.Com from NMIMS and member of the ICAI

• B.Com in Accounting & Finance from University 21 of Mumbai and member of the ICAI

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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 courses to meet needs of learners for rewarding career opportunities

• Holistic approach by catering to both individual learners (B2C) and

• Strengthen Focus on B2C corporate clients (B2B) and B2B Spectrum  Provide tailored learning solutions to businesses to help them upskill their employees/students and enhance their workforce’s capabilities

Content Expansion and Publishing

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

15+

COURSES ADDED DURING FY23

91,550

INDIVIDUAL LEARNERS (B2C)

117

CORPORATE CLIENTS (B2B)

Strategic Acquisitions

Geographic Expansion through Preferred Delivery Centres (PDCs)

• 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

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ACQUISITIONS (FY23-FY24)

200+

PDCs ACROSS STATES

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Strategic Acquisitions & New Launches to Scale business Operations

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Veranda RACE Acquired Chennai RACE in December 2020 Edureka Acquired Brain4ce Education Solutions (“Eduerka”) in September 2021 Edureka Learning Centres Launched Edureka Learning Centres in May 2022 J.K Shah Classes Acquired in October 2022 Veranda Acquisition/investment with Administrative 7 Companies in May 2023 Solutions Pvt Ltd Sreedhar’s College Veranda Race partnered of Competitive with Sreedhar’s College Exams in June 2023 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 2021 2022 2023

Veranda Administrative Solutions Pvt Ltd Sreedhar’s College of Competitive Exams

Veranda RACE

Edureka

J. K. Shah Classes

Edureka Learning Centres (ELC)

Chennai RACE was engaged in running coaching institutes in Tamil Nadu, Kerala and Punjab. With this acquisition, Veranda expanded offline & Hybrid operations.

Revenue Contribution in FY23

Veranda expanded its offerings in academic learning, professional skilling & corporate training services in trending courses related to technologies.

Revenue Contribution in FY23

47.5%

Through J. K. Shah Classes Veranda collaborates with India’s leading brand to offer courses like CA, CS, CMA, CFA, ACCA, etc

Acquired Majority Stake in J. K. Shah 76.0%

The company intends to deliver high quality, affordable, and experienced instructor led courses across tier 2 and tier 3 towns.

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50.5%

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– Collaboration with J. K. Shah India’s leading institute for CA test prep

Veranda acquired J. K. Shah Classes (JKSC)

Forayed into an imperative segment of high-demand financial courses such as Chartered Accountancy through acquisition of India’s premier CA test-preparation institute, J. K. Shah Classes.

Synergy of Veranda & J. K. Shah Classes

Veranda will provide its rich technological expertise meanwhile leveraging J. K. Shah’s strong brand recognition and legacy; additionally Veranda will aid JKSC to establish presence in the South, North, & East of India, along with strengthening its online and hybrid offerings.

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39 years of legacy

~75

Centres in India

Deal Status

Veranda has acquired 76% stake as on 31[st] Mar 2023.

1,870 CA Rankers Since 2001

Marquee Alumni

JKSC’s alumni includes marquee names like Mr. Kumar Mangalam Birla, India’s leading industrialist and Chairman of the Aditya Birla Group; Mr. Piyush Goyal, Hon’ble Minister of Commerce and a member of the Rajya Sabha; Mr. Nilesh Shah, MD of Kotak Mahindra AMC.

214

CS Rankers since 2016

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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

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Financial Performance

Financial Highlights

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Total Revenue (Rs. Cr) EBITDA (Rs. Cr) Revenue Break-up (9MFY24)
266.11 39.57
34%
199.92
66%
75.60
-33.67
-39.05 Online % Offline %
FY22 FY23 9MFY24 FY22 FY23 9MFY24
Enrolments ARPU
Brain4ce (Edureka) [#] Veranda Race
123,917
31,323 14,885
91,667
26,823
19,404
56,819
12,609 12,699
FY22 FY23 9MFY24 FY22 FY23 9MFY24 FY22 FY23 9MFY24
# Brain4ce Edureka includes Veranda Higher Ed Business for FY23
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Let’s Connect

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

Veranda Learning Solutions

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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, 34, Thirumalai Pillai road, T. Nagar, Chennai, Tamil Nadu – 600 017