© 2015, Christensen Investor Relations (I) Private Limited. All Rights Reserved.

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 Consolidated Financial Results – Brief Snapshot

Net Profit EBITDA

✓ 20.1 Cr – Mar 19 ✓ 40.2 Cr – Mar 19
✓ 5.9 Cr – Mar 18 ✓ 22.8 Cr – Mar 18
✓ 34.2 Cr – Mar 17
✓ 16.0 Cr – Mar 17

76.2%

EBITDA Margin
16.8% ✓ 11.4% – Mar 19
239.6% ✓ 7.6% – Mar 18
✓ 12.5% – Mar 17

Total Revenue
380 bps
✓ 352.5 Cr – Mar 19
✓ 301.8 Cr – Mar 18
✓ 273.9 Cr – Mar 17

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 Q4 & FY 2019 Consolidated Financial Results
Rs. In Cr.

FY19 FY18 Y-o-Y (%) Q4 FY19 Q4 FY18 Y-o-Y (%)

Revenue from operations 339.3 288.9 17.4% 80.9 79.5 1.7%
Other income 13.2 12.9 2.5% 4.6 0.1 3094.8%
Total Income 352.5 301.8 16.8% 85.4 79.6 7.3%
Total expenses 328.1 294.0 11.6% 82.4 81.1 1.6%
EBITDA 40.2 22.8 76.2% 7.0 2.1 231.6%
PBT (Continued Ops) 24.5 7.9 209.8% 3.2 (1.6) N.A.
Net Profit (Inc OCI) 20.1 5.9 239.6% 2.4 (1.6) N.A.

Mar 19 Mar 18

Basic EPS (In Rs.) 14.21 4.18

▪ All financial health indicators showing
EBITDA Margin 11.4% 7.6% positive movement
Net Profit Margin 5.7% 2.0% ▪ EPS grew to 3.4x viz. Mar-18
ROCE (EBIT / CE) 8.6% 4.3%
ROE (PAT / Equity) 5.9% 1.8%
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FY 2019 Segmental Metrics

Particulars FY19 FY18 YoY (%)

Total Revenue from Operations 339.3 288.9 17.4%

Consumer ^ 221.1 202.1 9.4%

- Test Prep 182.1 158.3 15.0%

Revenue

- Publishing 39.0 43.8 -11.1%*

Enterprise ^ 150.9 119.7 26.1%

- Corporate 126.0 102.0 23.6%

- Institutional 24.9 17.7 40.6%

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Contents

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FY 2019 Operational Performance

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Consumer Operating Metrics

Rs. In Cr.
Particulars FY19 FY18 YoY (%)

Consumer 221.1 202.1 9.4%

Revenue ^
- Test Prep 182.1 158.3 15.0%

- Publishing 39.0 43.8 -11.1%

Consumer KPIs FY19 FY18

No. of Test - Prep Centers 203 187*

No. of enrolled TP students 77,162^ 72,005^

%age of online TP students 31.9% 28.7%

No. of active GK Publications titles 2,796 2,665

No. of books sold 1.15 1.25

%age of books sold to Online distributors 20.7% 31.2%

^ Adjusted for TCS Mock CLAT & discontinued product lines

* Adjusted for ETEN closures

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Key Highlights

Test Prep

• New Segments (SP, CA-CS, IAS, GATE) contributed 12.2% to billing vs 6.7% LY
( ~ Rs. 25 Cr vs ~Rs 12 Cr)
• Digital Biz grew 26%
• International Biz > 7 Cr, up by 23%

Publishing

• UPSC & School Biz show 13% growth

• Core BAU Biz:
▪ Technical job market slow down
▪ GATE Test takers dipping considerably from 2015 highs.
(~6.3 Lac in 2019 vs ~9.8 Lac in 2015)

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FY 2019 Operational Performance

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Enterprise Operating Metrics

Particulars FY19 FY18 YoY (%)

Revenue^ Enterprise 150.9 119.6 26.1%

- Corporate 126.0 102.0 23.6%

- Institutional 24.9 17.7 40.6%

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Enterprise Operating Metrics

FY19 FY18

INSTITUITIONAL
Revenue Revenue
# Clients # Clients
(Rs. in Cr.) (Rs. in Cr.)
Media 141* 17.0 120 10.2
Research Incubation 12 4.0 10 3.5
Total 153 21.0 130 13.7

*Including TEQIP

FY19 FY18

Revenue Revenue
CORPORATE

# Clients # Clients
(Rs. in Cr.) (Rs. in Cr.)

Domestic 77 118.6 80 93.7

International 23 7.4 14 7.8

Total 100 126.0 94 101.5

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Organizational Updates & New Initiatives

Merger Update

✓ BSE & NSE Approval received

✓ SEBI approval awaited

✓ Next Step: NCLT process

✓ Expected Closure: 5-6 Months

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Annexures

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 Indian Education Landscape
Operating in sizable @$100 bn+, fast-growing industry
Figures in Rs Cr
CL’s focus areas
JEE GATE Medical MBA Law CA UPSC, SSC,
14,600 1,680 6,400 390 83 2,520 Bank PO
A $100 bn+ market 11,500
growing @16% Unregulated/
Education
CAGR Informal/ Test-prep/
Industry Entrepreneurial Coaching CL’s market-leading offerings
7.2% GDP Growth
expected in the Rs 37,800 Cr in FY16 growing @ 14% CAGR**
$2.2 trillion Indian
economy in FY18 Regulated/ Formal Integral part of Test-
Publishing Actual coaching/ mentoring $28 mn with a
(IMF) ~ 2/3rd of the Industry prep services>> growth rate of
Assessments – Schools,
College, Placements 20%
Budget’19 Digital Publishing ~$ 5.4 bn academic
allocation to K-12 Education Assessments Publishing book publishing by
education Is Rs $52 bn growing @ 14% CAGR FY21 @ 12% CAGR
8,187 bn, Up 10%
YoY Sunrise segment - Boosted by recently introduced universities ranking
Higher Education Research Services (NIRF) by MHRD, increased corporate demand for innovation &
$15 bn growing @ 20% CAGR research solutions

Huge Employability Skills demand – ~1mn youth enter the job market
Vocational Education Skill Training every month, Government encouraging Public Private Partnerships for
28-29 mn people to be trained by Skill Training
FY20 (21-22% CAGR)
India’s digital learning market is ~$2bn in 2016, and is expected to
Source: Technopak, CAGR – 2016 to 2020
** Source: CRISIL, Google & KPMG
EdTech reach $ 5.7bn by 2020, , online market to 8-fold by 2021 to reach $2bn
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Q3FY19 Investor Presentation
 CL’s portfolio

Comprehensive product portfolio in Knowledge & Career Services

MBA I Law I Bank/SSC I
Aptitude Products (AP) International
Test-prep

Consumer Knowledge Products (KP) GATE I IIT I Medical I CA I Civils

Services
Publishing

CL Group

Corporates Integrated Marketing Services (Corporates)

Enterprise
Services Integrated Marketing Services (Institutions)
Universities
Integrated Marketing Services (Research)
Govt. Vocational
Now Discontinued

Kestone Integrated Marketing CL Media Pvt. Ltd Accendere Knowledge Management

CL Educate Ltd GK Publications Pvt. Ltd Services Pvt. Ltd
Services Pvt. Ltd
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Q3FY19 Investor Presentation
 Corporate Structure

CL Educate

Parent Company

100% 50.7% 100% 100% 100% 100%

Accendere
Kestone ICEGATE GK Publications CL Media Knowledge Mgt. CLEIS 44.18%
Services Eduvisors
Content Research
Integrated Test preparation Incubation & Career Launcher
development,
Business, GATE based Test publisher with Support Education Specialist K-12
books for sale via
Marketing & sales Prep company significant owned focused education
GKP, Student Corporate Infrastructure &
services for services company
content base Outreach support Research
corporates Services Ltd owning Indus World
to Edu Institutes Incubator Schools Portfolio
100% 100%
Kestone 100% Kestone CL US CLIP
Singapore Ltd. 361 DM
Integrated Integrated Career Launcher (Associate Company)
Business, Business, Infrastructure
Marketing & sales Marketing & Private Ltd
services for 4.43% Research &
sales services Technology-led
corporates for corporates learning &
education company

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Q3FY19 Investor Presentation
 Consumer Vertical

Leader in Test-Prep Segment

Growing Brand Equity from Sustainable Strengths

Consumer Bouquet of Products (MBA, Most comprehensive product-reach portfolio: 12

Law, Civils, GATE, Engg, etc.) 1 product groups + Network of 212* centers pan India
& ~25K online users in FY18
National Test-Prep leader
Household Test-Prep Brand - Market leader in
2 Aptitude Products (AP) MBA & Law offerings
Well known Publications for
test-prep Scalable & asset-light business - 212* test prep centres
3 with 63* owned & 149 under partnership in FY18
Delivering Successful Outcomes

Strong Content – Comprehensive, fully owned

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70 6 2,939 content, complemented by experienced faculty &
Students received calls from at
trainers. 2,665 active titles (FY18) in Publishing
CL Students in top 100 in the out of Top 10 in CLAT 18 &
CLAT (Law) exam in May 2018 AILET 18 least one IIM in CAT 2016 out
of 19,020 calls
Technology driven – Multiple modes to reach
5 students via digital strategies. 28% digital enrolments
233 18 125 in FY18
CL Students cleared Civil selected in final merit list CL students New brand acquisitions - Addition of Knowledge
services (Preliminary) of the Civil Services Shortlisted in SBI PO 6 Products (KP) via ETEN CA & IAS business acquisition;
Examination 2016 Examination 2016 from Mains Exam in 2017
CL planned majority in ICE GATE Academy
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Q3FY19 Investor Presentation
 Enterprise Vertical

Knowledge services for Corporates, Educational Institutions

Differentiated offerings + One of the best execution capabilities

Knowledge Services for Corporates

Sales
1 Kestone • Managed Manpower Services
• Training & Development
2,500+ Marketing
Creative, approachable, • Marketing Communication
multidiscipline Kestonians
Enterprise • Customized Engagement Programs
Unique Learning cum productivity 100+
Strong reach and infrastructure to Indian
• Digital Marketing
DNA in Corporate services cities & 10 + global destinations • Experiential Marketing

Pioneer & Leader in Research & Research Services & Innovation

Corporates Universities Ranking improvement services For Corporate & Universities –facilitates wrt
3% Share
35% Share
2 CL Media reaching out to the right student set and
improving their quality of intake. Provides
marketing services to corporates

For Universities – facilitates universities wrt

3 Accendere improving their rankings through research and
start-up incubation

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Q3FY19 Investor Presentation
 Unique Synergies

Cross-leveraging between consumer & enterprise platforms

CONSUMER ENTERPRISE

Brand recognition …She then meets us

in college for test
across learning life CL initial brand contact prep or experiences …And then again in
cycle when she is in school…. our research the workplace...
services...
Multi-monetising of
same customer at
various stages of life
Institutional R&D platform Corporate Marketing
Using same Publishing division Test Prep Platform for schools/colleges and manpower services
infrastructure at
different times of day
and year for high ROI
Cross sell publications to captive test prep/tutoring Use Accendere to form tie-ups with Leverage corporate network of Kestone
base schools/colleges and cross sell tutoring /test to arrange industry partners for
Indirect advertising for test-prep/tutoring in prep services research projects at schools
publications Gain student mindshare early through undertaken through Accendere
research projects at schools, can be later Corporate network to aid student
leveraged to cross sell test prep services placement services in B2B 25
Q3FY19 Investor Presentation
 Strong ethos
Strong team, complete focus on governance & processes
Satya Narayanan R., Gautam Puri, Nikhil Mahajan,
Professionally Chairman & Executive Director Vice Chairman & Managing Director Executive Director & CEO Enterprise business
qualified, • 19+ years of experience in • 19+ years of experience in the • 18+ years of experience in finance and High Corporate Governance
the education sector education sector education
experienced and • Bachelor’s degree in • Bachelor’s degree in Chemical • Bachelor’s degree in Electrical
active board Computer Sciences from St Engineering from Punjab Engineering Engineering from Benaras Hindu
Stephen’s College University ✓ Independent/ Nominee
• Post Graduate Diploma from • Post Graduate diploma from IIM • Post Graduate diploma from IIM
IIM Bangalore Bangalore Bangalore
Directors are a majority on
Board
Girish Shivani, Imran Jafar, Viraj Tyagi, ✓ Internal Audit by a reputed
Additional Independent Director, Additional Director (Non Executive Independent Director
Chairman Audit Committee & Non-Independent) • Over 21 years of experience in the
external firm
• 23+ Yrs of exp in IT, Telecom, • Co-Founder & Managing Partner Gaja financial services sector ✓ Audit Committee, Nomination &
Media, Finance, Corporate Capital. 18+ Yrs exp. In PE, Pharma & • Post Graduate diploma from IIM Remuneration Committees have
Strategy & Operations Technology Bangalore
• Co-Founder & Managing • MBA from IIM-B, & Masters degree in
only independent/ nominee
Partner – Yournest Venture software engineering from BITS Pilani directors
Capital
✓ Whistle-blower mechanism
Madhumita Ganguli, S K Roongta, ✓ Statutory Auditors – Haribhakti
independent Director Independent Director
• Over 25 years of
& Co LLP
• Over 30+ years of Experience
experience and heads a
large part of HDFC • Ex. Chairman - SAIL

Arjun Wadhwa, R Shiva Kumar, Sreenivasan .R, Sujit Bhattacharyya,

Chief Financial Officer (CFO) Chief Customer Officer Chief Digital Officer
Key Senior Chief Academic Officer
• 10+ Yrs of Experience in education space • 18+ years of experience in the • Over 15 years of experience in the • Over 15 years of experience in the
Management • Profitable entrepreneurship ventures –
private education sector, education sector, education sector,
Thesportscampus.com & Goals for Souls. • Bachelor’s degree in • Master’s degree in Technology from • Bachelor of Technology degree in Electrical
Technology from IIT Madras, Jawahar Lal Nehru University; Engineering from IIT Kharagpur;
• Post Graduate diploma from MDI,
Gurgaon • Post Graduate diploma from • Master’s degree in Business • Post Graduate diploma from IIM Bangalore
IIM Kolkata Administration from IIM Bangalore 26
Q3FY19 Investor Presentation
 Two Big Rocks - Corporate

Consolidation

Realignment

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Q3FY19 Investor Presentation
 Big Rock 1

Consolidation (Capital Reallocation)

K12 ASSETS SALE GREATER NOIDA ASSET SALE

▪ BTA deal did not fructify; fund raising & ▪ Lack of demand – Outright Sale
related challenges ▪ Potential Option – to lease out the
▪ Alternate asset sale conversations underway infrastructure

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Q3FY19 Investor Presentation
 Big Rock 2

Realignment (Effort and Capital)

GUIDING PRINCIPLES BUSINESS SEGMENT PRODUCTS BRANDS

▪ Strengthen Market Share,

Civil Services/ CA
growth and profitability
▪ Strategic Entry into large
addressable, scalable GATE
segments CONSUMER

YARDSTICKS IX-XII (Maha)

▪ Return of Investment in 3 – 4
years Campus Training
▪ Post return, RoCE @ 20%
ENTERPRISE Research

Capital Deployed since April 2017 – 22 crs

(FY 2018) 7,500 students, 26 crs Revenue, (4) crs EBITDA (FY 2019 Estd.) 10,000 students, 37 crs Revenue, 4 crs EBITDA
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Q3FY19 Investor Presentation
 Shareholding Pattern
Outstanding Shares (Mar 31, 2019) Key investors > 1.75%
14,165,678

Investors Shareholding %

GPE (INDIA) LTD / GAJA TRUSTEE COMPANY PRIVATE LIMITED 8.45

Non-
Institutional, SUNDARAM MUTUAL FUND A/C 6.50
28.2% ARJUNA PTE LTD. 5.01
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED 4.19
Promoters, DSP SMALL CAP FUND 3.68
48.1%
PRINCIPAL MUTUAL FUND 3.01
BNP PARIBAS ARBITRAGE 1.75

Institutional,
23.7%

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Q3FY19 Investor Presentation