NIIT logs Q1 net profit of Rs10.4 cr
Skills and talent development firm NIIT on Friday said its consolidated net profit has seen manifold jump to Rs 10.4 crore in June 2017 quarter, helped by strong growth in corporate learning business.
The company's net profit was at Rs 0.8 crore in the corresponding quarter last year.
Its net revenue growth, however, was almost flat at Rs 209.9 crore in the quarter under review compared to Rs 210 crore in the year-ago period.
"The business transformation programme has started to yield results. Our go forward business has grown 5 per cent year-on-year," NIIT CEO Rahul Patwardhan said in a statement.
The company's net debt reduced from Rs 130.4 crore to Rs 40.2 crore on year-on-year basis. NIIT CEO Designate Sapnesh Lalla said the Corporate Learning Group (CLG) business continues to be on a strong growth path.
"We added two new MTS clients this quarter and have significantly expanded services of an existing client. We go into second quarter with a healthy pipeline of new deals," he added.
CLG recorded net revenue of Rs 117.5 crore, up 14 per cent year-on-year in constant currency terms, maintaining a steady operating margin of 15 per cent. The learning platform has generated a revenue visibility of over Rs 6 crore, NIIT said.
It added that the Skills and Careers Group (SNC) recorded net revenue of Rs 68.1 crore during the first quarter of 2017 -18.
Shares of the company were trading 15.92 per cent higher at Rs 103.40 apiece from the previous close on BSE. pti