In the year gone by, we focused on growth strategies to enhance our
Kidzee and Mount Litera brands. Our thoughtful growth strategies have helped in increasing
the number of franchises and improving the business generated per franchisee.
Dear esteemed shareholders,
'Education is the most powerful weapon which you can use to change the
world'
This quote of Nelson Mandela highlights the power of education and its
importance in a time where individuals need knowledge to adapt and thrive in a dynamic
world. Education holds a transformative power, the ability to not only shape individuals
but also societies—it serves as the key to unravel the complexities of the modern
world. Beyond empowering individuals, education can drive a change in the society, making
it a better place for the generations to come.
With this belief in our heart, at Zee Learn, we always go to the extra
mile to shape India's tomorrow. We go beyond mere rote education methods to ignite the joy
of learning in the little ones, inspire and nurture their young minds and help them
unleash their highest potential.
As I take this opportunity to present to you the annual report for
financial year 2023-24, I wish to express my gratitude to our stakeholders for your
continued support and trust in our vision. The financial year has seen Zee Learn embark on
a journey of significant transformation, achieving milestones and reinforcing our
commitment to excellence in the education sector. Herein, I present an overview of our
accomplishments in the year under review and a snapshot of the strategic goals set for the
future.
Our robust financial performance
During the financial year 2023-24, we have celebrated remarkable
milestones. Our revenues reached an all-time high of Rs 252.63 crores, representing an
amazing growth of 33%. This achievement is a testament to our commitment to enhancing our
offerings and expanding our market presence.
Additionally, our EBITDA also witnessed stupendous growth, soaring by
55% to Rs 86.86 crores. Notably, our EBITDA margin improved significantly from 29% to 34%,
highlighting our operational efficiency, ability to drive profitability and expertise to
gain a competitive edge over our peers.
In the year gone by, we focused on growth strategies to enhance our
Kidzee and Mount Litera brands. Our thoughtful growth strategies have helped in increasing
the number of franchises and improving the business generated per franchisee. At the same
time, for Mount Litera, we aim to attract more enrollments. We strive to steadily
implement robust initiatives to expand our franchise, accelerating our growth in the
coming years.
Evolving our Vision
In the quest of educational excellence, it is imperative to evolve our
vision and align it with the dynamic educational landscape. We aim to further fortify our
market position, especially within the pre-primary education sector where Kidzee stands
tall as the market leader. We aspire to stay ahead of the curve by providing the best
facilities, significantly outpacing our peers.
Our strategic efforts have contributed to stabilising the Mount Litera
business, placing us in a favourable position to capitalise on growth opportunities moving
forward. We are excited about the potential that our K-12 franchisee business holds for us
as we explore our opportunities in this relatively uncharted territory in the nation.
Strategizing according to the market dynamics
Our success can be attributed to our ability to understand and respond
to the distinct needs of our diverse clientele. We cater to a wide array of demographics
across tier 1, tier 2, tier 3 and tier 4 cities, tailoring our offerings for each segment.
We had in the previous year launched a new curriculum, Pentemind, designed to meet the
specific needs and affordability of different markets.
We have also initiated a comprehensive rebranding exercise to modernise
our image and enhance our visibility. As part of this endeavour, we introduced a vibrant
and contemporary brand identity, supported by a character mascot, KAPIH—a mischievous
and relatable mascot to engage children and parents alike.
Commitment to standardisation and integrating advanced technology
As we expand our operations, the necessity for standardisation becomes
increasingly evident. Therefore, we are diligently working on a three-pronged strategy to
address this need.
Our approach focuses on customising our services, especially providing
premium offerings, to align with customer needs. Simultaneously, we also aim to establish
a strong and consistent brand identity that resonates across all our centres.
To enhance the operational efficiency of our franchisees, we are
streamlining processes through automation and tech- driven strategies, ensuring a cohesive
customer experience throughout our 2100 plus locations. Additionally, we have made
significant strides in technological integration by migrating to Darwin Box for HR
management. We have also upgraded our CRM system to improve communication both to and fro,
with our expansive network of franchisees. Furthermore, with our transition to Microsoft
365, it has enhanced collaboration and productivity, providing us with a robust platform
to explore AI advancements in the future.
Cultivating a holistic workplace environment
At Zee Learn, we acknowledge the important contribution of our
workforce in driving our organisation to new heights of success. Thereby, we have
encouraged and ensured to foster a positive work culture that encourages both personal and
professional development of our employees.
In financial year 2023-24, we implemented several initiatives to
promote employee engagement, including introducing midyear appraisals. We believe this
initiative provides employees with constructive feedback and helps them align their goals
with the organisation?s growth objectives. Additionally, we introduced biannual
employee satisfaction surveys to measure our employee sentiments. This helps us in
adopting better strategies to ensure our workforce remains engaged and satisfied.
Furthermore, our policy for talent retention encourages long-term
association with the organisation and has already showed promising results by reducing
attrition rates. In line with our business plans, as we aim to double our workforce in the
coming two years, we are dedicated to attracting diverse talent and facilitating
continuous learning and development for our employees.
Transcending the set norms
At Zee Learn, we have always focused on our responsibility of
contributing to a better tomorrow. As a responsible corporate citizen, we are increasingly
aware of the importance of sustainability. As we grow from strength-to-strength, we have
undertaken several initiatives to minimise our environmental impact and impact positively
on the society. Moving forward, we plan to further emphasise sustainability initiatives
across our platforms, ensuring we become a more responsible member of society, going
beyond our role as educators.
Vote of thanks
Lastly, I wish to reiterate my heartfelt appreciation to our
shareholders for their support and belief in Zee Learn?s vision and mission. We enter
financial year 2024-25 with renewed vigour and resolute commitment to unlocking the
highest potential of every child. Together, we will continue to innovate, inspire and
implement strategies that will shape the future of education in India.
As we nurture the leaders of tomorrow, we stride ahead with confidence
toward a prosperous future.
Warm regards,
Manish Rastogi
Whole-Time Director & CEO Zee Learn Limited