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Veranda Learning Solutions Limited, a test prep-focused edtech company, saw its FY24 revenue more than double to Rs 361.73 crore while losses for the year narrowed by 3.9%.

The company’s operating revenue for the financial year ended March 31, 2024 was a 124.19% improvement from Rs 161.35 crore earned in FY23, as per consolidated financial statements filed with exchanges. For the last quarter of FY24, its revenue rose 112% year on year to Rs 102.61 crore from Rs 48.80 crore in the corresponding period in FY23.

Notably, other income declined 78.5% to Rs 8.28 crore in FY24 from Rs 38.56 crore in FY23.

Total expenses also increased by 31.7% to Rs 307.73 crore in FY24 from Rs 233.59 crore incurred in the previous fiscal year. Other expenses, which make up almost half of all expenses incurred in FY24, increased by 31.6% year-on-year (YoY) to Rs 170.34 crore.

In Q4, Veranda Learning’s expenses totalled Rs 81.19 crore—a 17.6% YoY increase from the year-ago period.

Its employee benefit expenses rose by 39.7% to Rs 81.83 crore in FY24 from Rs 58.55 crore incurred in FY23.

The company reduced losses by 3.9% to Rs 76.11 crore in FY24 from Rs 79.21 crore incurred in FY23. Its quarterly losses remained flat year-on-year and stood at Rs 38.54 crore.

Last month, the Chennai-based edtech firm had allocated 20 lakh equity shares to its promoters at Rs 307 per share, reflecting a 70% premium over the April 26 closing price of Rs 179.95 per share.

The shares were issued following the conversion of 20 lakh warrants, with a remaining amount of Rs 46.05 crore—75% of the warrant issue price—paid on April 26, 2024. The promoters had previously paid 25% of the issue price when the warrants were initially allotted on October 28, 2022.

Warrants are financial instruments allowing the holder to purchase company shares at a specific price within a set period, which in this instance, have now been converted to equity shares.