Chennai-based education support services company EdServ has posted a rise of 6% in its net profit at Rs 7.3 crore for the quarter ended 30 June compared with Rs 6.89 crore in the previous corresponding quarter. The company's revenues during the period rose 24% to Rs 26.6 crore against Rs 21.4 crore last year.
During the quarter under review, the company forayed into the mobile application space too which offers a wide range of educational content on smart phones. It also tied up with Samsung and Blackberry to offer tuition, academics, skill development and test prep services on these smart phones.
EdServ raised $23.88 million through GDR issue to fund its e-Learning expansion. It will list the GDR on the Luxembourg Stock Exchange. The current expansion will also focus on expanding globally its recently launched mobile learning services. The company believes that the full impact of this round of fund raising will be seen in FY13.
On the Bombay Stock Exchange, shares of EdServ were trading weak at Rs 115.50, down 0.47% at 1135 hours.
