The shares of this education business Company jumps up to 13 percent after announcing strong Q2 FY24 results.
With a market capitalization of Rs. 18.19 crores, the shares of Ironwood Education Ltd started Friday’s trading session on a higher note at Rs. 24.99 compared to its previous close of Rs. 23 making a gain of around 13 percent. The share is currently trading at Rs. 23.97 apiece.
Such a bullish movement was observed after the company announced its June-September results. The company’s revenue marginally decreased by 12 percent from Rs. 94.94 lakhs during the June quarter to Rs. 83.85 lakhs in the September quarter. On a contrasting note, the company shifted from a net loss of Rs. 41 lakhs to Rs. net profit of Rs.53.42 lakhs in the same period.
Comparing these metrics on a YoY basis, the revenue zoomed by 132 percent from Rs. 36.12 lakhs in Q2 FY23 to Rs. 83.85 lakhs during Q2 FY24. In addition, the company recorded a net profit of 53.43 lakhs in Q2 FY 24 against a net loss of 62.74 lakhs during Q2 FY23.
According to the annual report published by the company, the company are pioneer in the vocational education sector. Being a largely under-penetrated field, the vocational training industry in India holds enormous opportunities for growth. The company with its team of professionals is expected to tap the potential opportunities for growth by collaborating with leading universities or educational institutions to deliver courses to their existing students.
According to the latest shareholding pattern, Promoters have a 57.40 percent stake in the company, Public has 40.14 percent holdings, and the remaining 2.46 percent is with FIIs.
Headquartered in Mumbai, Ironwood Education Ltd was incorporated in the year 1983. The company pioneer in vocational Education & training in sectors. The company’s primary business focus is offering career-centered professional courses leading to industry-relevant skills, job employability, and entrepreneurship.
Written By Vaibhav Patil
