Veranda Learning Solutions Ltd

Veranda Learning Solutions Limited engaged in the business of offering diversified and integrated learning solutions in online, offline hybrid and offline blended formats to students, aspirants, and graduates professionals and corporate employees enrolled with company courses through multitude of career-defining competitive exams, professional courses, exam-oriented courses, short term upskilling and reskilling courses. They provide comprehensive long term and short term preparatory courses in a simple and lucid manner for Students preparing for UPSC Exams, State Public Service Commission, Staff Selection Commission, Banking, Insurance, Railways and Chartered Accountancy. They also provide customised short term skilling courses, long term courses and other corporate courses to our Learners. They also deliver these courses to employees of corporates through our B2B offerings.  Company primarily provide services through online, offline hybrid and offline blended learning models. Company's offline hybrid learning model involves classroom teaching supported with online assessments and access to self-paced learning material to enhance recall and retention. Its offline blended model involves a mix of Online content and Offline delivery, wherein the centre delivers LMS Study Materials together with traditional classroom experience of personal mentoring from Mentors, with a dedicated Mentor in each class room available for assistance to a Students. Its offline hybrid and offline blended learning models offer traditional classroom experience of personal mentoring from experienced Mentors along with highly curated digital content and online assessments. Company's tech-infused online learning model allows Students to engage in self-paced inclusive and individualised learning experience without being hindered by the restriction of needing to be present in a physical classroom. Its Online learning model comprises recorded videos and online live instructor led learning mode. We also focus on delivering specific courses in regional languages to better reach out to Students of Tier 2 and 3 cities and rural areas. As per financial performance, Veranda learning Solutions Limited has posted total income/net profits (loss) of Rs.2.54 cr. / Rs. (8.28) cr. (FY21), Rs. 15.56 cr. / Rs. (18.26) cr. (H1FY22). So company has given very limited financial data. Company has posted an average EPS of Rs. (207.86). Issue is priced at a P/BV of 22.68 as per NAV of 6.04 on 30.09.21. As Company is making losses, so there is no measure to check, If it is fairly priced or not. As per RHP, there are no listed peers in market. On BRLM's front, Systematix Corporate Services Limited associated with this  IPO and has not handled any IPO in last 3 years. ( as on 24.03.22 ) As per financials, Veranda Learning Solutions Limited has shown growth in top-line but making losses and P/BV is 22.68. The company is working in very highly competitive business segment with high growth opportunities. There is nothing unique in this company. So, we are giving AVOID rating to this IPO.

• 1 Mr. Kalpathi S.Aghoram
• 2 MR. Kalpathi S. Ganesh
• 3  Mr.Kalpathi S. Suresh