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NIIT Tech Posts 9.2% Drop in Q3 Profit

IT firm NIIT Technologies on Wednesday reported a 9.2 per cent fall in net profit at Rs 48.2 crore for the quarter ended December 31, 2014.
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New Delhi: IT firm NIIT Technologies on Wednesday reported a 9.2 per cent fall in net profit at Rs 48.2 crore for the quarter ended December 31, 2014.

The company had registered a net profit of Rs 53.1 crore for the corresponding period last fiscal year.

Consolidated revenue, however, grew 1.4 per cent to Rs 595.3 crore in the quarter under review from Rs 587.3 crore during October-December 2013.

On a sequential basis, net profit grew by 20.2 per cent on the back of improved operating margins, higher other income and lower depreciation over the July-September 2014 quarter.

"Operating margins improved by 51 basis points sequentially to 14.5 per cent as a result of productivity initiatives," NIIT Technologies CEO and joint managing director Arvind Thakur said.

In constant currency, the company grew one per cent sequentially during the quarter, he added.

NIIT saw healthy expansion in revenue in Asia Pacific (APAC) and India on the back of execution of large orders secured during the year, increasing revenue share from the region to 21 per cent. The Americas contributed 44 per cent, while Europe, Middle East and Africa accounted for 35 per cent of the revenue.

The company added five new customers during the quarter, with two in the US and one each coming from EMEA, APAC and India.

"During the quarter, NIIT secured $109 million worth of new orders. About 55 per cent of new business was secured in the US, which included a large engagement with an insurance major," NIIT Technologies COO Sudhir Chaturvedi said.

The company's total headcount stood at 8,059 at the end of the quarter under review.



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