Educomp Solutions has seen buying by City of New York Group Trust which picked up 87,609 shares of the globally diversified education solutions provider at Rs 2,380 each. Along with the rest of the market, Educomp shares have declined nearly 70 per cent from a 52-week high of Rs 5,650 on January 17, 2008. The company trades at 47 times its trailing 12 months earnings and is yet maintaining its momentum. Revenues for the quarter ended September 2008 were up by 151 per cent at Rs 143 crore, as against Rs 56.89 crore in the corresponding period of the previous year. Net profit was up by 120 per cent at Rs 28.8 crore in the period, as against Rs 13.09 crore in the previous corresponding period. For the six- month period ended September 2008, revenues grew by 162 per cent to Rs 232.11 crore, as compared with Rs 88.57 crore in the corresponding period of the previous year. Profit after tax was up by 115 per cent at Rs 42 crore in the half-year period, as against Rs 19 crore in the previous corresponding period. It is to be seen whether thç market will reward such a strong performance.
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