Everonn Edu
Everonn Education hit a new 52-week low after it reported a bigger loss of Q3FY13 – at Rs.129 crore compared to loss of Rs.6.5 crore on YoY and in Q2FY13, net loss was at Rs.34 crore. Its topline slumped 82% at Rs.16 crore. Its total operating expenses stood at Rs.139 crore, up 68% and of this, its “other expenses” more than doubled up from Rs.57 crore to Rs.115 crore. There is also news of the company now seeking restructuring as apart from the losses, the pile of notices from parties whose money has defaulted and payment is due seems to be only mounting.
The company in its FY12 balance sheet had said that it would be able to do better in FY13 but sadly, that proved to be untrue. The company has blamed it on ‘unforseen circumstances” but looking ahead, with a new management team in place, it hopes to see better days in FY14. As at 31stDec 2012, promoters held 61.31% stake of which 31.99% is pledged.