Incorporated in 2006, MT Educare Limited is an education support and coaching services provider for students in the secondary and higher secondary school. Also they provide coaching services for students pursuing graduation degree in commerce, preparing for various competitive examinations and undertaking chartered accountancy examinations.
MT Educare has serviced over 58,300 students in the year 2010 – 11, has over 1400 faculty & staff and 188 centres in 110 locations. MT Educare is one of the leading coaching services providers in Maharashtra, with primary operations in Mumbai with 138 Coaching Centres in 85 locations as on May 15, 2011. Additionally, They have recently started operations at six locations in New Delhi and Gurgaon under the brand “Study Mate – Powered by MT Educare” through HT Learning Centres Limited (“HTLCL”).
Mahesh R. Shetty, aged 46 years, is the Chairman and Managing Director of our Company.
The object of the issue are to:
Shareholding Pattern | Pre Issue (%) | Post Issue (%) |
Promoter | 48.2 | 42.96 |
Helix | 28.6 | 5.26 |
Bodies corporate | 1.4 | 1.25 |
Inviduals | 19.8 | 48.8 |
Trust | 1.9 | 1.73 |
Total | 100 | 100 |
Financial Performance (Rs/Cr) | |||
Particulars | FY10 | FY11 | H1 FY12 |
Sales | 83.24 | 104.78 | 70.33 |
Other Income | 2.54 | 2.56 | 1.94 |
EBIT | 7.37 | 13.05 | 14.25 |
Depreciation | 7.89 | 8.3 | 3.63 |
Interest | 0.1 | 0.11 | 0.2 |
PAT | 5.23 | 8.24 | 9.75 |
At the higher price band of Rs 80, the shares of MT Educare command a price-to-earnings (P/E) ratio of 16.6 on a post-IPO equity considering annualised earnings per share in the six months ended September 2011. Its peers trade at a P/E of 8-12, which makes MT’s valuation look expensive. In the last few months, several listed education players have not been able to earn handsome returns on bourses following volatility in the stock markets. Investors with higher risk appetite may consider investing in MT’s IPO.
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