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Updated on: Thursday, May 30, 2019, 01:15 AM IST

Indore: IIM fetches impressive hike in income from consultancy services

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The elite b-school saw 84% rise in income from consultancy services in a single year, as it generated Rs 16.54 crore in fiscal 2016-17 through consultancy projects, which is about Rs 7.5 crore more to what it had earned in 2015-16.

Indore : With operation cost escalating, Indian Institute of Management Indore has focused on increasing its revenue from consultancy services the institute have been providing to top companies for quite some time.

The elite b-school increased its income from consultancy by 84 per cent in a single year, as it generated Rs 16.54 crore in fiscal 2016-17 through consultancy projects, which is about Rs 7.5 crore more to what it earned in 2015-16.

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The premier b-school had made about Rs 9 crore in 2015-16 and nearly Rs 6.13 crore in 2014-15 through consultancy projects. Apart from course fees, providing consultancy is one of the major sources of earning of IIM Indore which spent about Rs 80 crore on salary, purchase of items and maintenance of the infrastructure in 2016-17.

“The operation cost of IIM Indore is huge. To meet expenses and fill coffers, the institute focuses on increasing its income. One of the sources of revenue is providing consultancy to different organisations. The institute encourages its faculty members to bring in more and more consultancy projects,” said IIM Indore media incharge Ananya Mishra.

The institute had witnessed its faculty clinching as many as 52 consultancy projects in 2016-17 which were 44 in 2015-16 and 35 in 2014-15.

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The faculty members of IIM Indore provided consultancy to many big private and government organisations in 2016-17 including ONGC, MP higher education department, Mahendra finance limited, ICICI Prudential Life Insurance, Bharat Electronics Limited, Border Security Force.

Maintenance cost shoots up

IIM Indore’s academic infrastructure maintenance cost shot up from Rs 5.5 crore to Rs 17 crore per annum. In a report submitted to NIRF for national rankings 2018, IIM Indore stated that the maintenance cost of academic infrastructure was about Rs 17 crore in 2016-17, which excluded expenditure borne on hostel maintenance. The institute also witnessed an increase in amount paid in from of salary of teaching and non-teaching staff. The institute spent about Rs 26 crore on salary in 2014-15, Rs 31 crore in 2015-16 and Rs 34.5 crore in 2016-17.

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Published on: Wednesday, December 27, 2017, 11:06 AM IST
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