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Byju’s-linked exceptional costs drag Aakash into Rs 2,443 Cr loss in FY24

EntrackrEntrackr · 2d ago
Byju’s-linked exceptional costs drag Aakash into Rs 2,443 Cr loss in FY24
Medial

Aakash Educational Services Ltd (AESL) reported a loss of Rs 2,443 crore in the fiscal year ended March 2024, largely due to exceptional items linked to its parent, Think & Learn Private Limited (Byju’s). These included high finance costs and provisions related to loan defaults, repayments, and write-offs involving the related party. Aakash Educational Services’ revenue from operations remained flat at Rs 2,438 crore in FY24, compared to Rs 2,399 crore in FY23, according to its consolidated financial statements sourced from the Registrar of Companies. Aakash Educational Services offers coaching for NEET, IIT-JEE, Olympiads, and NTSE through classroom and distance learning programmes for medical and engineering aspirants. Student fees formed 96% of its total revenue and rose 2% to Rs 2,341 crore in FY24. The remaining income came from the franchisee model, which declined 8.5% to Rs 97 crore during the period. Aakash Educational Services also recorded Rs 433 crore in non-operating income, mainly from interest, manpower services, and unwinding of discounts on security deposits, which took its total income to Rs 2,471 crore in FY24. Employee benefits, which include staff and faculty expenses, formed the largest cost for Aakash Educational Services and accounted for 56% of total expenditure. This expense rose 14% to Rs 1,411 crore in FY24 from Rs 1,239 crore in FY23. Depreciation and amortization expenses also surged 28% to Rs 259 crore in FY24. Advertising and promotional expenses, study material costs, legal and professional fees, IT expenses, franchise fees, and other overheads pushed the total expenditure of Aakash Educational Services up 14% to Rs 2,532 crore in FY24 from Rs 2,225 crore in FY23. Importantly, Aakash Educational Services booked Rs 2,720 crore in exceptional items, largely related to its insolvent parent, Think & Learn Private Limited (Byju’s), which led to a net loss of Rs 2,443 crore in FY24. Of the total exceptional items, Rs 1,363 crore was recorded towards interest and loan obligations, likely linked to Byju’s, while Rs 780 crore in loans extended to the related party were written off. The company also recorded a one-time charge of Rs 100 crore as a termination fee following the end of its service agreement with Think & Learn on May 6, 2023. Other exceptional expenses included impairment of goodwill worth Rs 102 crore, write-down of intangible assets worth Rs 300 crore, and other adjustments. Aakash Educational Services declined to comment on queries sent by Entrackr seeking clarity on the exceptional items. Excluding the impact of exceptional items and deferred tax, Aakash Educational Services Limited reported a loss of Rs 61 crore during the period, compared to a profit of Rs 153 crore in FY23. These exceptional items pushed Aakash Educational Services into heavy losses; however, it remained EBITDA positive at the operational level, reporting an EBITDA of Rs 307 crore. Its ROCE and EBITDA margin declined to 6.76% and 12.57%, respectively, in FY24. On a unit level, the company spent Rs 1.04 to earn one rupee in FY24. As of March 2024, it reported current assets of Rs 315 crore, including Rs 315 crore in cash and bank balance.

Ixigo revenue rises 37% to Rs 283 Cr in Q2 FY26

EntrackrEntrackr · 4m ago
Ixigo revenue rises 37% to Rs 283 Cr in Q2 FY26
Medial

Ixigo revenue rises 37% to Rs 283 Cr in Q2 FY26 Online travel platform ixigo (Le Travenues Technology Ltd) reported strong year-on-year growth in revenue during the second quarter of FY26, though higher expenses dragged the company into a small loss for the period. The company’s revenue from operations grew 37% year-on-year to Rs 283 crore in Q2 FY26 from Rs 206.5 crore in the same quarter last year, according to its consolidated financial statements filed with the stock exchanges. Its total income rose to Rs 288 crore from Rs 211 crore a year earlier. The Gurugram-based company generated the largest share (43%) of its operating revenue from train ticketing, which rose to Rs 123 crore in Q2 FY26 from Rs 110 crore in Q2 FY25. Flight and bus booking services contributed 31% and 23% to the company’s revenue, respectively. On the expense front, ixigo’s total costs increased 52% YoY to Rs 290.4 crore in Q2 FY26 from Rs 191.5 crore in Q2 FY25. This included employee benefit expenses of Rs 74.2 crore (up from Rs 38.7 crore) and other expenses of Rs 212.3 crore (up from Rs 149.9 crore). As a result, the company reported a pre-tax loss of Rs 4 crore during the quarter, compared to a profit of Rs 18.3 crore in Q2 FY25. Its net loss stood at Rs 3.5 crore against a profit of Rs 13.1 crore in the year-ago period. For the first half of FY26, ixigo posted revenue of Rs 597.2 crore, up 54% from Rs 388.3 crore in H1 FY25. However, its net profit fell to Rs 15.5 crore from Rs 27.9 crore in the corresponding period last year, reflecting higher operating costs. As of September 30, 2025, the company’s total assets stood at Rs 989 crore, including cash and cash equivalents of Rs 138.8 crore. During the quarter, ixigo also entered into a share subscription agreement with MIH Investments One B.V. for the proposed preferential allotment of up to 4.63 crore equity shares at Rs 280 per share, amounting to Rs 1,295.5 crore, subject to shareholder approval. At the close of trading on Wednesday, Ixigo’s shares were priced at Rs 325, giving the online travel aggregator a market capitalization of Rs 12,686 crore.

Fractal IPO to fetch over 5X returns for Apax Partners

EntrackrEntrackr · 23d ago
Fractal IPO to fetch over 5X returns for Apax Partners
Medial

Fractal IPO to fetch over 5X returns for Apax Partners AI solutions provider Fractal Analytics has filed its red herring prospectus (RHP) and announced a price band of Rs 857–900 per equity share for its upcoming initial public offering (IPO). At the upper end of the price band, Fractal’s valuation is expected to be around $1.6 billion. According to its RHP, Fractal has trimmed its IPO size by 42% to Rs 2,834 crore, which comprises fresh issue of shares worth Rs 1,023.5 crore and an offer for sale (OFS) of Rs 1,810.4 crore by existing shareholders. Major shareholders, including Apax Partners, TPG, and GLM Family Trust, will participate in the offer for sale (OFS) and are expected to earn healthy returns on their investments through the initial public offering, as per Entrackr analysis. Quinag Bidco Ltd, owned by Apax Partners, holds an 18.64% stake in the company as of the RHP date and will offload the largest portion of the total OFS by selling shares worth Rs 880.9 crore (around $98 million), generating a 5.2X return on its investment. TPG Capital, which is the largest shareholder in the company with a 25.49% stake, will offload shares worth Rs 450 crore ($50 million), yielding a 1.4 times return. Another major shareholder, GLM Family Trust, which owns a 15.59% stake, will also cash out Rs 450 crore through the OFS. Meanwhile, individuals Satya Kumari Remala and Rao Venkateswara Remala are set to earn Rs 29.5 crore from the IPO, with a bumper 450X return at a weighted average cost of acquisition of just Rs 2 per share. Notably, Fractal co-founders Srikanth Velamakanni and Pranay Agrawal will not participate in the OFS and together hold a 10% stake in the firm. At the upper price band of Rs 900, Srikanth Velamakanni’s 5.17% stake stands valued at Rs 790.4 crore (around $88 million), while Pranay Agrawal’s 4.83% stake valued at Rs 738 crore (about $82 million). Founded in 2000, Fractal supports global enterprises across consumer goods and retail, technology, media and telecom, healthcare and life sciences, and BFSI. It counts Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta, and Tesla as clients. The fresh proceeds from the IPO will be used to fund inorganic growth, invest in subsidiaries, meet working capital requirements, and for general corporate purposes. Axis Capital, Citigroup, Morgan Stanley, and Kotak Mahindra Capital Company are the book-running lead managers to the issue. On the financial front, Fractal posted consolidated revenue of Rs 2,765 crore in FY25, up from Rs 2,196 crore in FY24. The company reported a net profit of Rs 220.6 crore in FY25, reversing a loss of Rs 54.7 crore in FY24. In the first half of FY26, it recorded revenue of Rs 1,559 crore and a profit of Rs 71 crore.

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