Aptech Limited shares locked at upper circuit, up 10 per cent at Rs 175.05 on Thursday after Rajesh Kumar Jhunjhunwala and Rekha Rakesh Jhunjhunwala – brother and wife of ace investor Rakesh Jhunjhunwala — bought 7,63,057 shares in the IT firm via block deals on September 7. The company also announced that it has forayed into preschool education, through a strategic alliance with Montana International Preschool. Branded Montana International Preschool powered by Aptech (MIPA), the alliance intends to set up 1,000 preschools in India over the next two years. Shares of the company opened at Rs 167 on Thursday. The scrip closed at Rs 159.15 on Wednesday.
In a BSE filing, Aptech said, “MIPA aims to stimulate young children’s curiosity and provide positive learning experiences through active learning. In addition to world-class pedagogy, internationally recognised curriculum, MIPA will offer first of its kind App enabling child safety monitoring, live view of child’s activity in class, on-demand child video conferencing, along with host of other features.”
For the quarter ended June 30, 2016, Aptech reported a consolidated net profit of Rs 0.46 crore, down 83.80 per cent, against Rs 2.84 crore in the corresponding quarter a year ago. Net sales of the company jumped by 18.57 per cent year-on-year to Rs 57.92 crore for the quarter under review against Rs 48.85 crore in the same quarter last year. Consolidated operating profit of the company slipped by 50.66 per cent year-on-year to Rs 2.99 crore from Rs 6.06 crore during the same period.
In the past one year, shares of the company soared by 192.29 per cent to Rs 159.15 till September 7, 2016, whereas BSE Sensex gained 16.20 per cent during the same period.
Anuj Kacker, executive director, Aptech Ltd said, “Preschool education market in India is about Rs 16,000 crore. At 23 per cent CAGR this is fastest growing segment in the education landscape.”