MT Educare eyes acquisitions

MUMBAI: MT Educare Ltd ( MTEL), a leading education support and coaching services provider, today said it is actively looking for acquisitions.

"We are looking at acquisition opportunities to strengthen our service offerings. We have short-listed a company in existing IIT entrance space," MTEL Chief Financial Officer Yagnesh Sanghrajka told PTI here.

"We have around Rs 65 crore of cash available. The company's networth is also estimated at Rs 99 crore," Sanghrajka said.

The company added 8 coaching centres during the first six months of the financial year, taking the total number of centres to 199, he said.

The company now plans to strengthen its presence in Maharashtra, Tamil Nadu, Karnataka and Gujarat.

The company has reported a consolidated net profit of Rs 11.51 crore for the six months ended September 30, 2012, as compared to Rs 9.62 crore in the corresponding period last year. Total consolidated income for the first six months of FY2012-13 stood at Rs 82.84 crore, a rise of 15 percent y-o-y.