In an interview to CNBC-TV18, Pramod Maheshwari, CMD and CEO, Career Point Infosystems shares his views on the MOU signed with Rajasthan government for skill development courses.
Below is the verbatim transcript of Pramod Maheshwari's interview with Ekta Batra & Reema Tendulkar on CNBC-TV18.
Ekta: Tell us about your tie-up with regards to the Rajasthan government, can you tell us what this would mean in terms of financial basis for you?
A: We have signed MoU with Rajasthan government for three years. It provides us an opportunity to train 1,500 youth in the first tranche. However, for each student we train, government gives us Rs 10,000-15,000. The total number of youth with government targeted to train in next three years is more than 10 lakh. So initially for the first tranche we will be getting Rs 2 crore and once we complete this target then government will give us next order.
Reema: Overall how is this year shaping up for you? What do you expect to clock in, in terms of FY15 revenues as well as profits?
A: We are expecting the topline to be Rs 70 crore and EBITDA would be close to Rs 12 crore.
Ekta: Would such opportunities might arise going forward from other states and even from Rajasthan. Can you give us a sense in terms of whether you are talking to other state governments and whether you are talking more to Rajasthan to extend this MoU?
A: We have given proposal to the Rajasthan government to train 1 lakh youth in two years time from now and they have accepted our proposal and given first order to train 1,500 youth in the following quarter. We are expecting that based on our understanding of vocational education market we will be able to achieve this target in quarter time and then government will give us more opportunity. I would also like to mention here that vocational and skill development sector is a key focus of central government as well and also many state governments. We are in initial discussion with other governments also and looking forward to get similar kind of MoU with other state governments and central governments.
Ekta: Your initial target was Rs 2 crore from this first tranche of training that you will receive. What is your ballpark figure, how much more do you think this vocational training for state governments can generate in terms of revenue for you, a ballpark figure of 10 crore over FY15 or Rs 12 crore. How much are you working internally with?
A: Rs 2 crore for this financial year and Rs 20 crore for the full year.
Reema: Very recently the company's arm got the Reserve Bank of India (RBI) nod to carryout NBFC business. Can you walk us through the financial implications of that?
A: We are in education business where we run college, universities and tutorial institutes. We have observed that students are not getting loans; the process of the bank finance and education loan is tedious and slow, so we with an objective to provide loan to students seeking for higher education, we started this company. We just got the approval from RBI and within a month's time we will start operation. I am expecting by next year in FY16 our loan portfolio would be close to 25 crore in education loan space.
Ekta: What is the ticket size of loans and why would you look to diversify from your core business operations?
A: The ticket size would be Rs 4 lakh to Rs 10 lakh per student. We are not diversifying as such. We are just strengthening our presence in education space by proving additional support to students who are looking forward to get financial assistance to pursue their career objectives.
Career Point stock price
On December 30, 2014, Career Point closed at Rs 170.35, up Rs 22.80, or 15.45 percent. The 52-week high of the share was Rs 177.05 and the 52-week low was Rs 67.10.
The company's trailing 12-month (TTM) EPS was at Rs 3.82 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 44.59. The latest book value of the company is Rs 179.00 per share. At current value, the price-to-book value of the company is 0.95.
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See FY15 sales at Rs 70cr; EBITDA at Rs 12 cr: Career Point
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