Tree House Education share price hit upper circuit after the company updated BSE that it has successfully received all amounts related to preschools and franchise operations that were outstanding as on 30 Sept 2015. (Express Photo)
Tree House Education & Accessories share price hit upper circuit on Tuesday after the company updated BSE that it has successfully received all amounts related to preschools and franchise operations that were outstanding as on 30 September 2015.
The share price of the company surged 9.99 per cent to Rs 167.30. The scrip opened at Rs 145 and had also touched its new 52-week low of Rs 138.10 on December 1.
In a release, the company said, “At present, outstanding receivables stands at Rs 27 crore as compared to Rs 63 crore as on September 30. The management is focused on continuing its aggressive collections strategy, expected to further reduce overall debtors from this level.”
Tree House continued to operate its business as usual with over 700 preschools spread across the country. The company said, “We reiterate that business growth remains healthy and progressing as per our plans and we are on schedule with our preschool expansion plans.”
On a net worth of Rs 679 crore, Tree House has net debt of only Rs 30 crore while its operating EBITDA was Rs 74 crore in the first half of FY16.
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