Edserv posts 18 cr net in FY10, up by 388%

CHENNAI: In the first full year after its IPO, Chennai based education and placement company EdServ has posted a net profit of Rs 18.02 crore for the year ending March 31, 2010, up by 388% over Rs 3.69 crore in the previous year.

Revenue grew by 517.54% to Rs.52.12 crore ( Rs.8.44 crore). EPS stood at Rs 15. The board has declared a dividend of 30%.In Q4, net profit increased by 284.47% to Rs 6.19 crore ( Rs 1.61 crore).Revenues grew by 656% to Rs.20.79 crore (Rs.2.75crore).

Company chairman and CEO, S Giridharan said," We are bullish on the outlook for the next 12 months and are targeting to achieve a 200% growth in revenues that will take our revenues well over Rs.150crores. We are targeting an EPS of Rs.35 for the year ended 31st March 2011,".

Further, he said, "We expect our Rs.130crore fund raising plan, through the QIP route, to be completed this quarter. With this 2nd round funding (after the IPO), we will be able to achieve scalability and further improvement in our performance, going forward."