This is a very vital question and a vital problem.

Question because:The requirements from educational organisations are dichotomic.These have conceptually socio-friendly objectives because educational organisations are meant for societal service

Vital because barring a few educational organisationsmost entrants post globalisation of Indian economy since Nov 1991 have been profit oriented. If they do not get desired and preconceived profits, they would not support quality any further.

Now the pertinent question -  "profit maximization strategies"

1. reduction of expenses - should be competence oriented - not affluence

2. Large classes ( effectiveness and efficiency of teaching - learning process)

3  higher utilisation of infrastructure ( evening batches / double shifts)

4. higher infra / teachers/ resource productivity

5 superior teaching standards and use of Thareja's  AUM model of total quality

6. by making students more responsible and self learninig.

Actually you need to consider the SWOT matrix in which you will find that your purpose is the ST area which is an interesting region for the Strategic Decision including:

So you can arrange respective variables and go on.

I go for SWOT matrix to find out how we would arrive at optimization. As you know, a SWOT analysis is a study undertaken by an organization to identify its "internal" strengths & weaknesses, as well as its "external" opportunities & threats. These are commonly used in business to evaluate companies & industries but they can be also applied to academic institutions.

Academic institutions look after "profit making" really but they cannot do it in the same way as other businesses. They have to utilize their points of strengths & to seize opportunities as they arise.

A senior lecturer in a 3rd world country suggested,e.g. that the university itself engages in transportation from & to it by using few buses. He also suggested a small batch industrial plant inside the university producing soaps & detergents. These suggestions were refused.

On the other hand, there is a university in Germany which has an agriculture faculty that is engaged in dairy product. That faculty makes lot of profits & these profits are used to cover many expenses in that "splendid" university. 

There is an agricultural univ in Himachal Pradesh India wherein the department grows own green tea and packages and sells it.

Infact there are many instutions... who make money.

Aptly saying 'Academic institutions look after "profit making" really [but as this is considered as a part of sustainability, it is different].  they cannot do it in the same way as other businesses."