CORE Education announces Financial Results

CORE Education & Technologies Ltd, India’s largest global education player, announced its annual audited results for FY’12. The company has recorded an impressive growth both in revenue and PAT on a YoY basis. The Company reported higher revenue at Rs. 1638 crore for the year ended 31st March 2012 compared to Rs. 1091 crore for the year ended 31st March 2011 (an increase of 50.1%). The earnings before interest, tax, depreciation and amortization (EBITDA) for FY’12 has increased to Rs. 654 crore as against Rs. 409 crore, over the previous year (a growth of 60%). The Profit After Tax (PAT) for FY’12 has increased to Rs. 323 crore as against Rs. 225 crore, over the previous year ended 31st March 2011 (a growth of 44%). Earnings per share (basic) for FY’12 increased to Rs. 29.05 from Rs. 21.79 in FY’11, an increase of 33%
Mr. Sanjeev Mansotra – Chairman and Global CEO, said “We have been performing consistently and our different verticals have showed healthy performance on both absolute as well as margin parameters. The strong growth shown by business units across the board – in US, UK and India- reflects company’s remarkable resilience and illustrates the benefits of concentrated organizational efforts over the past few years aimed at increasing stakeholder value”.
He further added “As we embark on our next phase of consolidation in existing business lines and growth in new geographies we are confident of meeting our growth objectives. We have made some significant progress in India with total order book of Rs. 568 crore which would be the key growth driver along with our pan-India roll-out of skill schools. “

Highlights for the year:
• CORE forayed into Middle East by establishing Academic Learning Centre at Ras Al Khaimah in partnership with Birla Institute of Technology (BIT), Ranchi to offer programs in Engineering, Architecture & Business Administration
• Company bagged orders worth Rs. 248 crore representing five Indian states in FY’12 and implemented projects worth Rs. 568 crore in five states.
• CORE bagged an order from Karnataka State Electronic Development Corporation to impart employability skills to 12,478 urban BPL youth
• Established operations in Dubai & Singapore to address business opportunities in Middle East, Africa & Far East geographies respectively
• CORE featured in India’s top-ranked company for research and development (R&D), as per a list compiled by the European Commission
• CORE Education & Technologies Ltd has been rated at Level 5 of CMMI process improvement model by KPMG.

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Vocational Training to Get a Boost with CORE’s Entry

Vocational education has emerged as one of the top priorities for education departments in many countries, India being no exception. The Government of India seeks to meet the skilled manpower requirement of the world’s second-fastest growing economy, with PM Manmohan Singh setting a target of training 500 million people by 2022. The central government has already allocated Rs.2,500 crore to the National Skill Development Fund (NSDF) since 2009-10.
According to a July 2011 report by Kotak Securities Ltd. vocational training in India is a $20 billion business opportunity per year and around 475 million people will need training by fiscal 2022, it said. Recognizing the need to bridge the skill gap in the country, Sanjeev Mansotra, Chairman and CEO, CORE Education and Technologies Ltd. believes India needs an additional 140 million skilled workers across segments and as an end-to-end service provider CORE Education would like to focus more on vocational training. A leading entity in this sphere, CORE is set to invest approx. Rs.225 crore in a chain of vocational institutes across India, to train close to three million people over the next five years. CORE has not ruled out a possible tie-up with NSDC (National Skill Development Center), and even a loan accrual from the agency. Should it succeed, the company has to assure at least 80% placement for its students.
CORE Education may not adopt the franchise model for its educational institutes. It instead plans to set up 150 “company owned centers” across the country. The company is looking at Construction, Automobile, Healthcare, Retail, Hospitality, Information Technology (IT) and IT enabled services as key areas.

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CORE Education & Technologies Limited Appraised at Level 5 of CMMI

CORE Education and Technologies rated at Level 5 of CMMI by KPMG

MUMBAI, 19th April 2012 – CORE Education & Technologies Ltd., India’s largest Global Education player, has been rated at Level 5 of CMMI process improvement model by KPMG. Considered a credible benchmark of quality, Level 5- Optimizing, is the highest level of maturity on CMMI (Capability Maturity Model Integration).
Commenting on the occasion Mr. Sanjeev Mansotra, Chairman and Group CEO, CORE Education & Technologies said “We are very happy to receive this recognition. CORE as a leading education solutions continuum have been adhering to all the latest standards of process maturity greatly enhances our capability to manage our deliverables with greater predictability and control of all metrics of quality,”
CORE Education & Technologies Ltd’s appraisal was conducted by KPMG, an SEI Authorized evaluator that reviewed processes and documentation related to development.
CMMI is a process improvement approach that can be applied to work groups, projects, or entire organizations and provides organizations with the essential elements to improve process performance.
Being rated at Level 5 – Optimizing of CMMI can provide improvements in product and service quality, forecasting accuracy, productivity, return on investment, customer satisfaction and other measures of performance.

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CORE- Corporate Video

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Sanjeev Mansotra on CORE’s journey

CORE Projects to CORE Education
CORE Projects and Technologies limited, renamed themselves as Core Education and Technologies Ltd, furthering their resolve and focus to education solutions and technology.
The objective of the rebranding as communicated by Mr. Sanjeev Mansotra (Chairman and Global CEO, CORE Group) is not merely in name. It reflects their commitment to the growth of education in India. The vision of CORE continues to focus on an educated India which will take on the world with greater confidence, to emerge as an economic super power by the year 2020.
CORE has established a presence in more than 9000 schools, pan-India, in less than a year. It has emerged as the newest – and a major – force to reckon with in the rapidly growing education sector. Quality being its forte, they have made major strides in education thanks to its management, consulting, operational, and technical capabilities.
Their presence is glaringly evident in many states of India; they recently won their second large contract from the Gujarat Government, to implement Computer Aided Learning (CAL) in 3236 Primary Schools. This adds manifold to their erstwhile presence of 645 schools in Gujarat, where they were imparting Information and Communication Technology (ICT) solutions. This is widely supplemented by their reach in 2,622 schools of Haryana, 1,250 schools in Punjab, 947 schools in Maharashtra, 267 schools in Meghalaya, and 73 schools in Nagaland with similar CAL & ICT contracts with their respective governments.
• CORE caters to over 85,000 schools across 20 State Governments in US, 40 Educational Departments in UK, 9 African countries and 12 State Governments in India, touching lives of more than 31 million students. They are major players in Enterprise Technology and Solutions as well

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Taking Education Solutions to the next level

CORE’s acquisition of ITN – targeting teacher capacity building

CORE Education and Technologies limited, an Indian listed group, providing education solutions and education technology, acquired ITN Mark Education Ltd. (ITN), an UK based Education Solutions Company, targeting teacher capacity building initiatives for the education sector. ITN is a national provider of supply teachers and teaching assistants.
ITN is one of the leading providers of supply teachers and teaching assistants in England & Wales to primary and secondary schools; with this acquisition, CORE today provides specialized Educational Consultancy Services not only to academies and local authorities, but also works with larger client groups such as education authorities, school clusters, academies, private sector education providers and a range of other educational institutes/bodies.
CORE’s vision, as reflected by Mr. Sanjeev Mansotra, Chairman & Global CEO, is to make teaching globally competitive in each and every sector. With ITN’s focus on imparting industry relevant training to the teachers, CORE is further foraying into the area of specialized education training in existing schools systems.
 ITN Mark is one of the largest firms in UK’s 430 million pound teacher placement segment with a 5% market share in England and Wales.
 CORE is a national player in the education sector in UK, and has expanded its teacher capacity building initiatives in other markets like India and US.

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CORE Education forays into Middle East

Mumbai / DUBAI, February 27, 2012: CORE Education & Technologies Ltd., a leading Global Education Solutions provider, today announced its first international foray in higher education, by entering Middle East. This venture is in partnership with the Government of Ras Al Khaimah & Birla Institute of Technology, Ranchi (BIT), a premier engineering institute of India.

CORE is establishing its Academic Learning Centre at Ras Al Khaimah Free Trade Zone (RAK FTZ) in an agreement with BIT, Ranchi, offering programs in Engineering, Architecture and Business Administration. CORE also plans to launch an executive MBA programme in this academic year in collaboration with a leading international university at RAK campus.

CORE Education & Technologies has established its operations in 46 states in the USA, 40 educational departments in the UK, 12 in India, 3 in Caribbean countries, 8 in Africa, Asia-Pacific and the Middle East. CORE currently has offerings in three major sectors of education – K-12, Skill Development and Higher Education. This initiative in the higher education domain is CORE’s first step towards its larger business goals in this region.

This initiative by CORE Education reinforces the fact that the UAE is definitely the next global educational hub and that the company will act as an academic catalyst for the futuristic brand of education in the region with its breakthrough innovations and research-driven technology solutions.

While announcing the deal, His Highness Sheikh Saud Bin Saqr Al Qassimi, Supreme Council Member and Ruler of Ras Al Khaimah, said, “Ras Al Khaimah is always exploring opportunities that can enhance the quality of education in the region and towards this endeavour; we welcome CORE’s entry into the region and wish them all the best in their efforts.”
Announcing CORE’s Middle East foray, Sanjeev Mansotra, Chairman and Global CEO, CORE Education & Technologies Ltd., said, “With this major step, CORE has reiterated its commitment to make a significant contribution to impart world-class education. CORE International Institute of Higher Education is the first among many of our ventures to place UAE in the education map of the world.”

Mr. Mansotra also added, “The UAE venture is a significant milestone in CORE’s mission of building knowledge economies worldwide. Through our effort, we aim to make UAE the preferred destination of students in the Middle East and the North African region.”

Oussama El Marri, CEO of Ras Al Khaimah Free Trade Zone Authority, said, “We are happy to partner with a global company such as CORE, to extend its diverse educational capabilities and enhance the educational infrastructure of the UAE. I am also confident that this association will definitely help us to strengthen the emerging higher educational requirements in the Emirate. I assure CORE of all the cooperation and support required, in this endeavour.”

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Marrying Technology and Learning

Nobel Prize winning physicist Albert Einstein once said, “The only thing that interferes with my learning is my education.” Have things changed much in the 21st century?

We are perhaps the generation that has witnessed the most dramatic changes in our lives, thanks to technology dominating every aspect of our being. It has changed the way we live, the way we work, and the way we play. However, the way we learn still hangs on to the 19th century methods.

Redefining the Education System

In India, while we continue to use archaic learning methods, the global economy demands that students get more than just a mastery over a subject. Educators do not need to provide just information-we have search engine to do this job. We need to teach students how to redefine knowledge, be self-reliant, and be imaginative. The premium has to be on teaching students to do unstructured problems: Solving, creative thinking, communication, research skills, and analytical thinking.

Students must be taught to collect, process, compile, and disseminate information, instead of ‘remembering’ information and writing ‘correct’ answers. This not only means that the way students are assessed needs to change, but also implies that teachers need skill enhancement. Assessments have to measure the thinking ability of the students, challenge their knowledge, and not test their memorization capacity. For this, we will need psychometric tools linked to differential assessments.

Bridging the Chasm

Today, Generation-Y students are much more tech-savvy than their educators. In urban areas, most students use devices with internet capabilities than ever before. They engage with information in different ways and know how to search for information. On the other hand, teachers are still stuck in the age-old linear textbook-and-lecture teaching style. Many teachers have a technology bias or even fear. The need of the hour is to bridge this chasm between students’ learning styles and teachers’ reluctance to use the technology. This is not a difficult goal. CORE, for instance, has collaborated with Oxford University and started a teacher-capability building program. It aims to bridge the gap between the existing teaching methodology and the 21st century learning needs by providing innovative and interesting learning platforms for the teachers.

CORE: An Innovative Solution

For the 21st century learners, CORE has innovative learning solutions like Immersive Classroom Education and Subject Intervention approaches, where we bring our partnership with NASA CHL for modern 3D immersive learning for simulating real life experience for a complex subjects that are difficult for students to grasp, learn, experience, and then apply.

Technology-enabled Education

A recent study found that technology, cultural shifts, and changing demographics have created 10 job categories in 2011 that did not even exist a decade ago, including social media managers, sustainability managers, and educational consultants. How do we as educationists ensure that students get training to be good at jobs in the future? The only way is by making the students capable of independent thinking, innovation, and ability to perform in uncertain situations through new methods of teaching.

To prepare students for the future, education has to become accessible, affordable, attractive, and applicable. Technology can do this. While a large number of students in the UK schools are already taking e-learning courses using tablets to study subjects such as science and social studies, in India such gadgets are available only to the well-off. Technology-enabled education needs to be equitable and accessible to the lowest common denominator. CORE is sensitive to these needs; and the academic and technology innovation and research groups at CORE are working on an innovative integrated solution, which will make quality learning accessible and affordable to millions in this country.

For example, the projects under ‘Sarva Shiksha Abhiyan’, which CORE has initiated for the Government of Jharkhand, tracks every child in the state, progress of each student along with teachers performance, as well as funds allocated by the Central Government using an advanced project monitoring system. This is a good example were technology-based assessment and governance tools can change the way we assess our projects, students, and teachers, thereby ensuring quality education.

At the end of the 21st century, we should be able to look back and feel good that we have helped marry technology and learning to build India’s next generation to face challenges of the coming years.

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Standard Chartered Mumbai Marathon 2012: CORE for Smile

Mumbai, 5 January 2012: CORE Education and Technologies Ltd. (CORE Education), a leading education company from India, announced its continued association with SMILE Foundation India for the Standard Chartered Mumbai Marathon, 2012. With this sustained partnership, CORE Education is committed to furthering the cause of imparting sustainable education and skills with the larger objective of employability in India.

CORE Education initiated a partnership with Smile Foundation with the Standard Chartered Mumbai Marathon 2011, in support of their STeP Program. This program focused on imparting employability-based skills like computer training, English language, communication and retail management to improve employability opportunities in the services sector. CORE Education’s association with Smile at the Standard Chartered Mumbai Marathon 2011 sponsored the training of about 53 adolescent youth last year with career enhancing skills. These students, residing in urban locations, were all successfully placed with jobs in various sectors, each earning a steady and sustainable income. With the continued association, CORE Education endeavors to positively impact society through education and skill development in 2012 as well.

Commenting on this Corporate Social Responsibility initiative of CORE Education, Mr. Sanjeev Mansotra, Chairman and Global CEO, CORE Group said, “Through this association, we reiterate our commitment of uplifting society through skill development and quality education. It is heartening to see these students get employed and become self-sustaining citizens. This initiative is a small step in our continued endeavor to strive for the betterment of society and the nation.”

CORE Education and Technologies Ltd.:
www.core-edutech.com

CORE Education and Technologies Limited is a leading education company from India, with a strong presence across 12 states in India, over 20 states in the US, 1600 schools in the UK, 7 African and 2 Caribbean Countries. CORE offers transformational and innovative solutions for the entire education continuum of K-12, higher education and vocational training. Listed on the BSE and NSE and has been ranked No. 1 by the Business World in 3 categories viz. Value Ranking (Revenues between 260Cr – Rs. 1000 Cr), Five year performance, Sector “Information Technology”. CORE is included in Forbes 200 Asia’s best under a billion companies in 2010.

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Businessworld recognises Mr. Sanjeev Mansotra as Most Valuable CEO in India, again.

Last year, Businessworld, a leading business magazine in India, named Mr. Sanjeev Mansotra, CORE Group Chairman and Group CEO, as Most Valuable CEO in India under small-cap segment on parameters of Value Ranking (Revenues between 260Cr – Rs. 1000 Cr), Five year performance, and Sector (Information Technology). This year, Mr. Sanjeev Mansotra continued his upward trajectory as Most Valuable CEO in India’s list, moving up to the mid-cap segment (Revenues between 1000Cr – Rs. 4000 Cr) on the same parameter. With this, he was featured among industry stalwarts such as Mr. Uday Kotak, Mr. Rana Kapoor, Mr. B.L. Jain and Mr. Abhijit Rajan as one of BusinessWorld’s Consistent Players, 2010.

A first generation entrepreneur, he forayed into the international education space by launching CORE Education and Technologies in 2003. Sanjeev Mansotra has steered the CORE brand, an integrated global education company, to its current presence in more than 3 continents, providing technology-enabled education solutions and enterprise solutions to government bodies, schools and students.

Businessworld Coverage

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