NIIT Q2 profit ticks up to Rs 21.6 cr
Skill and talent development firm NIIT on Wednesday said its net profit for the September quarter has grown marginally to Rs 21.6 crore on the back of strong growth in its corporate learning business. Its net profit after associate profit (including contribution from NIIT Technologies and other ventures) was at Rs 20.8 crore in the year-ago period. At the operational level, the company’s net profit was up 43 per cent at Rs 8.7 crore in the reported quarter, from Rs 6.1 crore in July-September 2015.
Its revenue grew 10 per cent to Rs 298.4 crore in the second quarter of 2016-17, from Rs 272.5 crore in the year-ago period. “We have continued to grow revenue for the sixth consecutive quarter. This comes on the back of a robust growth of 23 per cent year-on-year this quarter in our corporate learning business and a strong profit improvement in our skill and career business,” NIIT CEO Rahul Patwardhan told reporters here. This quarter, NIIT also reduced net debt and made substantial improvement in working capital management, he added. The company’s net debt came down 30 per cent from the previous quarter to Rs 91.7 crore.