Aptech Ltd

- No concrete information on new fundraising through debt or equity was disclosed during the call. - When asked about potential acquisitions or use of cash, the management stated it cannot be shared on the call. - The company has a large cash balance of ₹237 crore as of March 31, which includes student advances. - Saurabh Gada mentioned that although cash is high, other needs for the money exist that the board has considered. - There are ongoing conversations and interest from FIIs and DIIs regarding shareholding, but no specific fundraising details or agreements have been revealed yet. - Management emphasized they are cautiously approaching growth and investments, not burning money aggressively like some edtech companies.

- No concrete details on specific current or future capex or strategic investment were disclosed during the call. - The company mentioned significant investments in content development for ProAlley but noted that customer acquisition in that segment is still a work in progress without aggressive spending. - The board retains cash (~237 crores as of March 31) including student advances; plans for cash usage beyond dividends were not shared on the call due to confidentiality. - The company is opening over 100 new retail stores (including international stores) this year, implying capital deployment in store expansion. - Innovative franchise/business partner models for tier-3 cities involve lower franchisee investment but do imply infrastructure support from Aptech centrally. - No public announcements on acquisitions or large-scale strategic investments. - Focus remains on organic growth, cautious expansion, and not burning cash for customer acquisition like some edtech peers.

- Aptech aims for 70% to 100% growth in the next three years, targeting revenues between ₹430 to ₹500 crores. (Page 7) - The company plans to open 100+ new stores in the current year, averaging one store every 3-3.5 days, driving new revenue growth. (Page 7) - Growth will come from both same-store sales (close to 50% growth in FY23) and expansion into smaller cities (class 3 and 3A towns). (Pages 7-8) - International expansion includes increasing presence in Africa (from 13 to 23 countries) and Vietnam (30+ centers). (Page 8) - Institutional business order book stands at ₹250 crores for FY24, with expectations of strong growth beyond this, supported by large customer wins. (Pages 3, 6) - Retail business forecasts 40%+ YoY growth, with 18% core student-enrollment revenue growth. (Page 4) - Preschool and aviation segments are new growth areas, with preschool expanding slowly post-COVID due to potential large market size. (Page 14)

- The company expects 70% to 100% growth in earnings over the next three years, implying revenues between ₹430 to ₹500 crores (Page 7). - Retail business growth is driven by same-store sales (~50% growth in FY23), new store additions (100+ stores planned in the year), and innovative franchise models catering to tier-3 cities (Pages 3, 7). - Institutional (Enterprise) business has a ₹250 crore order book for FY24 against ₹172 crores revenue in FY23, with expected additional ₹20-30 crores orders; high fixed cost leverage anticipated to boost profitability (Page 6). - Profit Before Tax (PBT) grew by 89% year-on-year; adjusted for like-to-like basis, up 85%; margins are expected to improve disproportionately with sales growth (Pages 5, 9). - EPS is at a record ₹16.32 with a strong trajectory due to robust operating leverage and expanding businesses (Page 5).

- The company has an order book of approximately ₹250 crores at the start of FY24, compared to revenue of ₹172 crores in the previous year for the Institutional Business. - Apart from this, they expect to secure an additional ₹20-30 crores worth of orders to be delivered during the year. - These orders are mostly billable and expected to contribute to revenue growth without diluting margins, as fixed costs remain constant. - The company is optimistic about winning similar large orders going forward but cannot disclose customer names due to confidentiality. - The strong order book indicates a high growth trajectory for the Institutional Business over the next two to three years.