Story:MT Educare coaches students in classes IX to XII with a focus on board exams — State, CBSE and ICSE. It also trains them for other certifications such as CA and other competitive exams for engineering admissions in various states. This offering is segregated as schools, science and commerce streams.The company operates 188 coaching centres across 110 locations in States such as Maharashtra, Karnataka, Tamil Nadu and Gujarat. Mumbai is the mainstay for the company with nearly three-fourths of the branches located in the city.Over the last three years, the company has seen increasing enrolments with number of students increasing from 44,317 in FY09 to 58,300 in 2010-11. The increase is across all the three streams, with commerce section growing at a faster pace. In FY11, the company saw its revenues grow 25.1 per cent over the previous fiscal to Rs 107.3 crore, while net profits rose 57.7 per cent to Rs 8.2 crore. In the first half of the current financial year, revenues reported were Rs 72.3 crore, while net profits stood at Rs 9.6 crore.The school section accounts for almost 49 per cent of revenues, the science segment nearly 26 per cent and the commerce stream for around 21 per cent.Also, calculated on a per student basis, revenues have risen from about Rs 16,900 in 2009 to Rs 18,400 levels in 2011.As a play on the “evergreen” student coaching industry and on the Indian education sector at large, MT Educare, with its strong positioning in the lucrative Mumbai market looks set to ride the opportunity well.Investors with a two-year horizon can consider taking exposure at dips,say at around 90 levels.Increasing enrolments across its three segments of operation — school, science and commerce, entrenched presence in school board examination as well as entrance test preparations are key positives.