1. 6 A U G ’ 1 2 – 2 0 A U G ’ 1 2
EduTrack
Research4India Fortnightly update on Education Industry
In The Spotlight Contents
Government ties up with Pearson in school
education
News of the fortnight 1
The Central Board of Secondary Education (CBSE)
and the Pearson Foundation will set up a centre for
Investment Activity 2
assessment, evaluation and research, marking the
first concrete move by the Indian government
towards fostering public-private partnership (PPP) in News and Policy Update 3
the space and aimed at reforming the higher-
secondary segment. How the venture fares will help
Corporate Update 5
set the country’s PPP education agenda during the
12th Five-Year Plan (2012-17).
Stock Market Update 9
The central government has been trying to set up
2,500 model schools with private participation for the
last two years. The centre will develop research and Peer Benchmarking 9
assessment capabilities and resources for CBSE, its
network of 13,000 schools and tens of thousands of
About Four-S Services 10
teachers. It will focus on international best practices
in school-based assessment, teaching techniques and
high-stake examinations.
The government has been seeking private
participation in education to improve access and
About Research4India
quality. Currently, only 20% of India’s schools are run
by private entities. While CBSE will provide, among Research4India is the research
other things, physical infrastructure, Pearson will take services arm of Four-S Services Pvt
care of operational expenditure, including the salaries
Ltd. Here we provide regular research
in the initial two-year phase. The details about the
reports on key sectors of the Indian
amount to be invested were not revealed by the
economy, and large unlisted
either side.
companies in these sectors. These
reports will be available on our
upcoming site
www.research4india.com, as well as
from leading international research
sellers like Thomson Reuters,
Bloomberg, Research and Markets,
CapitalIQ etc.
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2. EduTrack
Investment Activity
Recent PE Deals in 2012
Stake Amount
Date Investor(s) Target Business Stage
(%) ($Mn)
SBI Holdings Liqvid eLearning
1-Aug-12 NA 3.0 E-Learning Early
(Japan) Services Pvt Ltd
Educational
1-Aug-12 Imagine K12 BrainNook NA NA Early
Game Portal
Accel Partners & Mind Edutainment
13-Aug-12 NA 0.5 Edutainment Early
Others Pvt Ltd
IndoUS Venture Online Skill
13-Aug-12 Mettl NA 4.0 Early
Partners & Others Assessment
Digital Learning
16-Aug-12 Seedfund LurnQ NA NA Early
Solutions
Recent Mergers & Acquisitions in 2012
Stake Amount
Date Acquirer Target Target's Business
(%) ($Mn)
Ma Foi Strategic Vocational/Skills
26-Jul-12 Axis-V 51% NA
Consultants Development
26-Jul-12 HCL Infosystems Edurix 100% NA Content development
Birla Shloka Ojus Healthcare e-Governance &
1-Aug-12 51% NA
Edutech Ltd Pvt Ltd healthcare solutions
Year-to-Date PE and M&A Deals in 2011 and 2012
Research4India 2

3. EduTrack
News and Policy Update
Higher education poised for huge growth: world university ranking or the Academic
E&Y Ranking of World Universities of Shanghai Jiao
In the next eight years, around 500mn of the Tong University. Foreign institutions would have
to ensure that courses offered by them are in
population will be under the age of 20. This will
conformity with the standards set by Indian
throw open huge scope for the higher education
regulatory bodies. Indian partners of foreign
market to flourish, according to a latest report
educational institutions are mandated to have
by Ernst & Young (E&Y). The number of
accreditation by National Assessment and
institutes offering higher education in India is
Accreditation Council with an A or an equivalent
44,668. Of that, 33,668 offer various degrees
and the rest offer diplomas. The total number of grade. Indian collaborators would require at
least five years experience of offering education
institutes in China is 4,192, while in the US, the
number is 6,500. The growth has not witnessed at post-graduate level. However, Indian
educational institutions run by Centre, state or
any abetment so far as the number of institutes
is concerned. Says the E&Y report, the numbers Union Territory administration would be free
from mandatory accreditation and experience.
of colleges, institutions awarding diploma and
institutes awarding degree stood at 23,264, UGC proposes regional centres for
6,500 and 408, respectively, during 2007-08. education management
In the previous financial year, the numbers
The University Grants Commission has
were 33,023, 11,000 and 645, respectively. So, proposed regional centres of education
in the last four years, the number of
management in prestigious IIMs to strengthen
educational institutions grew almost 50%. The and improve teachers' education and develop
number of students pursuing higher education
specialised cadre of academy of teaching and
is also on the rise. In 2007-08, 13.6mn teacher educators. It has suggested the
students enrolled themselves in regular
regional centres of education management in
courses, while the number of students in IIMs at Ahmedabad, Kolkata and Bangalore and
various distance learning courses stood at
National University of Educational Planning and
3.6mn. The numbers swelled to 20mn and
Administration, the Consultative Committee of
4.2mn, respectively, for 2011-12. Though
Parliament on HRD was informed. To develop
comparatively lower than developed countries,
specialised cadre of academy of teachers, the
India’s gross enrolment ratio (GER) has been
panel was also informed that UGC has proposed
witnessing a rise. In the previous fiscal, it was
a centre of excellence in science and
17. In the US, GER stands at around 75-80. mathematics in centres such as Indian Institute
UGC lists norms for tie-ups with foreign of Science and Tata Institute of Fundamental
varsities Research. Towards this end, the Ministry has
set up a committee of Central Advisory Board of
With the foreign educational providers Bill put
Education (CABE) on national mission on
on hold, University Grants Commission (UGC)
has finalized regulations through which foreign teachers and teaching under the chairmanship
of Minister of State for HRD D Purandeswari.
institutions would be able to come to India in
collaboration, partnership or in twinning India backs out of global education test for
arrangement with local educational institutions. 15-year-olds
The regulations, to be notified shortly, mandate
India has backed out of this year's Programme
that only those foreign institutions would be for International Student Assessment (PISA), a
allowed who are among the top 500 institutions
global evaluation process by the Organization
in the world as per Times Higher Education's for Economic Co-operation and Development
Research4India 3

4. EduTrack
(OECD) Secretariat that gauges where commence from the first week of September
schoolchildren stand alongside their peers from and each session would be of 20 days. An
other countries. This academic Olympics amount of over ` 204.8mn had been approved
measures the performance of 15-year-olds in for the project. In addition, 1,665 recently
their reading, math and science abilities. recruited science and maths teachers have
Indians were put to test for the first time in the already received training under the induction
last assessment in 2009. On the global stage, programme. A 12-days training programme for
they stood second last among 73 countries, 5,784 head teachers had also been approved
only beating Kyrgyzstan on reading, math and and a sum of ` 11.6mn would be utilised on the
science abilities. India ranked second last project.
among the 73 countries that participated in
Talent search examination for std VIII, X
PISA, conducted to evaluate education systems
worldwide by the OECD (Organisation for The National Talent Search Examination
Economic Co-operation and Development) (NTSE), conducted by the National Council of
Secretariat. It is also yet unclear whether India Education Research and Training (NCERT) for
will put itself up for the assessment in 2015. In standard VIII, will be held for standard X as
the last assessment, Tamil Nadu and Himachal well from this year. The examination will be
Pradesh, showpieces of India's education and tough and will be held in two parts - Mental
development, were put through the PISA Ability Test (MAT) and Scholastic Ability Test
evaluation and they performed miserably. The (SAT), with a short time gap between the two.
idea was that the entire country would Both MAT and SAT will be of 90 minutes
participate in the next round of assessment. duration and will carry maximum 100 marks.
However, that plan was also dropped. Experts The qualifying marks are set at 40 and the two
estimate that an Indian Class VIII student is at tests will have 90 questions each. The results
the same level as a South Korean Class III will help identify students for a national
student in math abilities or a Class II student scholarship scheme. The scholarship will be
from Shanghai when it comes to reading skills. awarded on the basis of the combined scores of
MAT and SAT.
New IIT entrance format may see students
migrating to ‘weaker’ States Plan panel: Indian professors better paid
than BRICS peers
The furore over the change in common
entrance exam for the elite Indian Institutes of Indian professors are better paid than their
Technology (IITs) has died down, but concerns counterparts in BRICS countries (Brazil, Russia,
over the format persist. There is a clause under China and South Africa) and even in France and
which students have to score within the top 20 Germany, according to the Planning
percentile to qualify for IITs. Industry experts Commission. The government is examining
believe that there is a need to examine if the working conditions as it seeks to attract
different boards could be brought on par. Also teachers, of whom there is a shortage, into
the new format may lead to other distortions, higher education in India. The perception that
while opening new opportunities for coaching teachers are poorly compensated in India is
institutes and hike in the fees of around 5-10%. misplaced, according to the official. The
Planning Commission note is based on a recent
Haryana government announces special
study by the Center for International Higher
training programme for teachers
Education, Boston, and the Higher School of
In its effort to improve the quality of education Economics, Moscow that compared academic
in the state-run schools, the Haryana salaries across 28 countries on purchasing
government today announced a special training power parity (PPP) terms. It said the entry level
programme for 68,000 teachers. The training salary (in PPP terms) in India is $3,954 against
programme for the in-service teachers would $259 in China, $433 in Russia and $1,858 in
Research4India 4

5. EduTrack
Brazil. However, it’s relatively low when
compared with the US ($4,950) and Canada
Corporate Update
($5,733). The study did not take into account
private non-aided institutions. Mid-level TCS, HDFC partner to invest in sports
academic salaries ($6,823) are better than in education startup
China ($758), Russia ($563), and Brazil Tata Consultancy Services and HDFC have
($3,190), the note said. come together to invest in a startup that is in
Deccan Education Society offers course in the business of sports education. More than a
American studies decade ago, both of these companies entered
into equal JV Intelenet for Business Process
Deccan Education Society (DES) will be offering
Outsourcing while Susir Kumar playing a key
Diploma in American Studies from September
role. This time, Kumar and the Intelenet team
3. The course is designed with the help of
of a score of executives came up with the idea
American Centre, Mumbai after it was found
for Kids Out Of Home (KOOH). N
that the over 600,000 Indian students going to
Chandrasekharan, CEO of TCS and Susir Kumar
the US every year face various difficulties from
who is CEO of Serco Global Services have
communication to food habits, which affects
invested 15% each in KOOH. The venture would
their academic performance, said DES
ask schools to outsource their Sports Education.
Chairman Ajit Patwardhan. The course can
KOOH will compete with startups such as
make students overcome these challenges by
Edusports, Leapstart and Sportseed, which
facilitating their understanding of American
provide outsourced sports education for
culture.
schools. Two of the co-founders who were part
Credai sets up realty institute, offers of the founding team at Intelenet, Prabhu
scholarships at Ahmedabad Srinivasan and Ramachandra Panickar, are on
Aiming to promote excellence and bring in the board of the new venture along with Kumar.
global standards in real estate arena, All the co-founders will continue in their existing
developers apex body Credai has announced roles at Serco and leave the management of
two major projects - an institute for research the new venture to an independent team. Well-
and professional studies and educational known cricket personality Ajit Wadekar and
scholarships for needy students pursuing higher former Delhi cricket player Sanjeev Sharma
education. The Credai Institute of Real Estate have joined as advisors. KOOH will draw on
Research and professional Studies will be set up lessons from the business process outsourcing
at Ahmedabad. The Credai institute, aiming at industry to train coaches in areas such as voice
imparting world class education and research in accents and child psychology. The coaches will
real estate related subjects, will be functional also undergo training at the Lausanne,
from June 2014. It and will have tie-ups and Switzerland-based Centre for Sports Education
affiliations with top International Institutes founded by the International Olympic
having expertise in real estate domain. Credai Committee. Discussions with a private equity
has also announced the launch of an fund are at an advanced stage according to
Educational Scholarship Scheme (ESS) for Kumar. If a deal fructifies, the fund could hold
promoting higher education by offering 15%. The 20 cofounders, including Kumar, will
scholarships to deserving students who are hold the rest.
pursue full-time degree/post-graduate degree IL&FS Education to set up skill
courses in Civil Engineering or Management development centre
Degrees related to Real Estate sector at any of IL&FS Education and Technology Services Ltd in
the colleges or institutes recognized by the All collaboration with the West Bengal Government
India Council of Technical Education (AICTE). will set up a skill development centre here for
IT and ITeS courses. As part of the National
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6. EduTrack
Skill Development Corporation’s programme, Next Education India Pvt Ltd, a digital learning
IL&FS Education, a subsidiary of IL&FS India, technology company, will raise ` 1.5bn from
expects to train 2,000 people a year for five private equity players by December end.
years at the proposed local centre. The skill According to Beas Dev Ralhan, CEO, the
development centre is expected to be company had so far invested ` 2.5bn, including
commissioned by September. IL&FS Education ` 600mn on research and development of
also plans to set up three multi-skill training content. It raised the money from internal
centres in the State at Howrah, Durgapur and accruals and some debt from Kotak. It clocked
Siliguri. In certain sectors, the gap between the revenue of ` 1bn in the last financial year. The
demand and supply of skilled workers was company has tie-ups with 4,000 schools (in
yawning. Dilip Chenoy, CEO and Managing CBSE and ICSE streams) across the country
Director of NSDC, pointed out that the job and claims a student user base of 800,000.
market entrants were less keen to join
infrastructure and construction-related skill Birla Shloka Edutech acquires Ojus Health
development courses but interested in IT and Care
ITeS courses. Nearly $ 1tn is likely to be
Birla Shloka Edutech Limited, a Yash Birla group
invested in infrastructure in the 12th Five-year
company has acquired 51.1% stake in Ojus
Plan and the industry requires 103mn skilled
Healthcare Private Ltd, thereby making it a
workers.
subsidiary of the company. Under the terms of
IT-ITeS firms tie up with educational acquisition, the operations of Ojus will be
institutes managed jointly by Birla Shloka and Ojus’s
promoters. Further, two of Birla Shloka’s
Tired of complaining about the employability of personnel Vijay Mishra and Sunil Abraham have
graduates in the country, individual information duly been appointed on the board of Ojus.
technology-information technology-enabled Established in 2001, Ojus Healthcare provides
services (IT-ITeS) firms are now tying up with innovative IT solutions in e-governance and
educational institutes to be able to hire more health care solutions. Birla Shloka was
employable graduates. In the bargain, there will established in 1992 by Shyamsunder Rathi and
be not only faculty development and creation of in 1998, the Yash Birla Group acquired the
desired curriculum, but also real-time work controlling stake in the company. It is engaged
experience for students, all at campus level. in providing IT and IT enabled solutions to
Recently, Genpact signed an agreement with schools and institutions under the Information &
the Indian Institute of Management, Udaipur Communication Technology (ICT) projects. This
(IIM-U), to create a “knowledge partnership”. includes setup of computer labs, Digital
Under the seven-year agreement, IIM-U and classroom solutions and Audio Visual solutions.
Genpact will jointly develop a centre for asset-
based lending and finance and an analytics Accel Partners invests in Mind
laboratory which will give students the Edutainment
opportunity to solve real-time problems, work
Mind Edutainment Private Limited has raised `
on proprietary and industry software tools and
27mn from Accel Partners and group of angels
technology, as well as get hands-on industry
led by Meena Ganesh - CEO & MD Pearson
experience. Genpact will offer summer
Education. The funds raised will be used to
internships to full-time students and set up a
scale the initial pilot project of THOTS Lab from
merit-based scholarship. HCL Technologies, last
3 cities to 8 cities and to integrate ICT in
year, entered into a unique tie-up with the
delivery process to create an ideal mix of ICT
Madras University.
and Experiential Learning. Earlier, the company
Next Education to raise ` 1.5bn by year- had received funding from the Department of
end Science and Technology and individual angel
Research4India 6

7. EduTrack
investors. Founded in 2007 by Sangeeta education startups. Imagine K12 Incubates the
Khurana and Ashutosh Khurana, Mind edu-startup from early stage to the point of
Edutainment develops and provides solutions to being a company investable by seed investors
improve social and emotional thinking skills or traditional venture capitalists. The possible
among school-going children. The company has funding is in between $14,000 - $20,000
developed 'Higher Order Thinking Skills' depending upon the team size, against 4-8%
program with the use of physical Thinking Tools stake in the company.
and Mind Games. The program created has
been adopted by 40 plus schools and 50,000 Mettl raises Series A funding from IndoUS
plus students of UKG to Grade VIII as a Venture Partners, existing investors
complete subject on thinking skills
An online skill assessment platform Mettl, has
development. Mind Edutainment plans to install
obtained $ 4mn in funding in its Series A round
THOTS Lab across Delhi, Dehradun,
led by IndoUS Venture Partners and its existing
Chandigarh, Bangalore, Hyderabad, Chennai,
investors. The startup had earlier raised angel
Kochi & Pune.
rounds from Blume Ventures and other
SBI Holdings Invests In eLearning Content individual investors including Sasha
Provider - LIQVID Mirchandani, Puranjaya Singh, Sunil Sharma
and Naveen Tewari. Founded in 2010 by Ketan
LIQVID, an integrated eLearning content Kapoor and Tonmoy Singhal, both IIT - IIM
solutions company specializing in English alumni, Mettl is an assessment platform to
Language Training, has raised $ 3mn funding measure, analyse and improve professional
from SBI Ven Capital, a subsidiary of SBI skills across multiple industries. The
Holdings, Japan. The company plans deeper assessment platform is primarily used for
penetration into the school market with its screening pre-hires for recruitments and for
'EnglishEdge Portable Language Lab' and to employees for competency tracking/ training
expand its offerings in the college segment with across aptitude, personality and technical
a comprehensive solution that caters to the aspects. In addition, job portals, education
growing demand for English Language companies, large publishers,
Enhancement, Business Communication skills colleges/institutions and training/skill
and Personality development. LIQVID is focused improvement companies are also using Mettl for
on providing technology-aided English Learning their business needs.
& Training (ELT) solutions to individuals and
organizations under the EnglishEdge brand Seedfund Invests In Digital Learning
name. The solutions are offered on PCs, Tablets Platform LurnQ
and Mobiles.
LurnQ, a digital learning platform run by
Imagine K12 invests in BrainNook Mumbai-based Technium Labs Pvt Ltd, has
raised an initial round of funding from
Educational games portal, BrainNook has Seedfund, as reported by Techcircle. The report
secured seed funding from Imagine K12. claims that the funds raised will be utilised to
Founded by Abhijeet Vijayakar, BrainNook is develop more digital content, and to hire
online educational games based on important people. Technium, that runs LurnQ, was
concept in the critical foundational subjects of founded in 2011 by Tarun Mitra, Rajshekhar
Math and English Grammar. The startup started Ratrey, Ramesh Nidadavolu and Devvrat Arya.
off with a focus on India, but is now solely LurnQ is a digital learning platform where users
focused on US market. BrainNook partnered can post collection of articles/videos to create a
education-focused social networking platforms lesson. Other LurnQ users can follow the posts
like Edmodo to sell its products in US. Imagine and comment on the topics.
K12 is a Silicon Valley incubator focusing on
Research4India 7

8. EduTrack
HCL My EduTab Wins ‘Best Tablet
Providers in Education’ Award at the World
Education Awards 2012
HCL Learning, the education & learning division
of HCL Infosystems Ltd., India’s premier
hardware, services and ICT Systems Integration
and Distribution Company, bagged the Public
Choice Award for the ‘Best Tablet Providers in
Education’ for My EduTab at the World
Education Awards 2012, held recently as part of
the World Education Summit in New Delhi.
HCL’s My EduTab received the maximum votes
from the people and emerged as the winner
amongst competition by a huge margin of
public votes. HCL Learning continued its
winning spree by bagging its fifth award since
December 2011. The HCL My EduTab comes in
two versions: K12 and HE (Higher Education).
My EduTab– K12 version enables students,
teachers & parents to connect, collaborate and
share information as well as content over the
Cloud. My EduTab - Higher Education (HE)
Version is an edutainment platform which
brings together world class rich multimedia
content on technical and professional skills,
assessments and Apps.
Innovation in education gets EzVidya
mBillionth South Asia Award
Chennai-based education research and service
provider EzVidya bagged the mBillionth South
Asia Award for their attempts to bridge the
digital divide in the country. The organisation
received the juror's distinction under the m-
education and learning category for its 'BridgeIT
India' project from among 60 nominations.
EzVidya representatives were given the award
for their innovations in reaching out to
government schools to share improved teaching
methodologies using mobile phones. Preloaded
content on phones were attached to televisions
in 89 rural and urban government schools.
Research4India 8

9. EduTrack
Stock Market Update
Share Price Performance
As on 17th Aug 2012 Market Cap Price Percentage Price Change
(`mn) (In `) 1 Week 1M 3M 6M 12M
Core Education 33,288 294 0.8% 1.6% -0.6% 5.7% -1.3%
Educomp 22,958 159 -1.7% -5.5% 0.0% -31.7% -38.1%
Navneet 12,876 54 -1.4% -5.8% 2.1% -6.2% -12.8%
Tree House 8,570 254 5.5% 16.9% 27.2% 16.8% -
Zee Learn 6,713 26 -6.4% -1.9% 33.4% 70.9% 35.9%
NIIT Ltd 5,704 35 -3.0% -16.0% -14.5% -28.7% -27.3%
Everonn 3,593 164 -0.8% -13.6% -21.4% -47.6% -66.7%
Aptech 3,569 73 5.4% -1.4% 2.3% -20.8% -45.1%
MT Educare 3,310 84 -3.9% -7.0% -10.8% - -
Career Point 2,678 148 1.2% -7.4% -6.1% -37.6% -47.5%
Compucom 866 11 -0.5% -2.2% 6.3% - -
Edserv 503 19 -2.8% -4.3% 16.5% -53.9% -82.1%
Jetking 250 42 -2.0% -9.7% 0.5% -27.5% -39.3%
Financial Benchmarking
Quarterly Results – Q1 FY ’13, ending 30th June, 2012
Revenues EBITDA PAT
Figures in Rs mn Year Ending Fiscal year Quarter
Current Last Year % growth Current Last Year % growth Current Last Year % growth
Educomp March 2012-13 Q1 3,253 2,924 11% 707 1,054 -33% 49 366 -87%
NIIT Ltd March 2012-13 Q1 1,999 3,148 -36% 114 307 -63% 115 131 -12%
Core Education March 2012-13 Q1 4,826 3,255 48% 1,901 1,240 53% 785 662 19%
Navneet March 2012-13 Q1 3,587 3,030 18% 1,140 959 19% 718 611 18%
Everonn March 2012-13 Q1 671 669 0% -105 343 NA -229 110 NA
Aptech March 2012-13 Q1 386 464 -17% 28 46 -39% 38 537 -93%
Edserv March 2012-13 Q1 121 267 -55% 35 118 -70% 1 73 NA
Career Point March 2012-13 Q1 158 158 0% 23 29 -22% 31 33 -6%
Compucom March 2012-13 Q1 179 183 -2% 100 112 -10% 25 44 -43%
Zee Learn March 2012-13 Q1 233 154 52% -16 -4 NA -34 -8 NA
Tree House March 2012-13 Q1 275 163 69% 158 94 67% 80 52 54%
Jetking March 2012-13 Q1 88 82 7% 7 16 -59% 4 10 -63%
MT Educare March 2012-13 Q1 362 43 25
Figures in Rs.`mn
Trailing Twelve Months (TTM)
Revenues EBITDA PAT % EBITDA % PAT
Figures in Rs mn TTM Quarter
TTM Y0 TTM Y-1 % growth TTM Y0 TTM Y-1 % growth TTM Y0 TTM Y-1 % growth margin margin
Educomp Q1 FY13 15,242 14,154 8% 3,737 5,813 -36% 1,017 3,440 -70% 25% 7%
NIIT Ltd Q1 FY13 12,883 12,743 1% 1,282 1,613 -21% 1,086 923 18% 10% 8%
Core Education Q1 FY13 17,950 11,967 50% 6,878 4,487 53% 3,355 2,479 35% 38% 19%
Navneet Q1 FY13 6,719 5,641 19% 1,529 1,387 10% 911 849 7% 23% 14%
Everonn Q1 FY13 3,041 3,239 -6% 237 1,660 -86% -504 767 NA 8% -
Aptech Q1 FY13 1,666 1,920 -13% 223 204 9% 259 938 -72% 13% 16%
Edserv Q1 FY13 711 1,274 -44% -176 548 NA -137 395 NA - -
Career Point Q1 FY13 796 786 1% 285 298 -4% 318 274 16% 36% 40%
Compucom Q1 FY13 696 767 -9% 392 429 -9% 92 133 -31% 56% 13%
Zee Learn Q4 FY12 687 427 61% -222 25 NA -301 19 NA - -
Tree House Q4 FY11 885 392 125% 484 169 186% 245 92 166% 55% 28%
Jetking Q1 FY13 338 371 -9% 40 91 -56% 16 58 -73% 12% 5%
MT Educare Q4 FY12 1,272 1,051 21% 231 187 24% 128 80 61% 18% 10%
Figures in Rs.`mn
Research4India 9

10. EduTrack
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