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NIIT’s Q2 profit slides 14% to Rs 10.1 crore

IT training firm NIIT on Friday said its net profit has declined 14.1 per cent to Rs 10.1 crore in the quarter ended 30 September, 2014.

The company had registered net profit of Rs 12 crore in the same period last year. NIIT’s consolidated revenues declined marginally to Rs 260.4 crore in the said quarter from Rs 262.4 crore in the July-September 2013 quarter. During the quarter, NIIT initiated its Business Transformation plan to usher the firm into the next phase of growth. It has strengthened its management structure and announced a comprehensive succession plan.

It has appointed Rahul Keshav Patwardhan as its CEO Designate. He will take charge on 1 April, 2015.

Also, Shivan Bhargava has joined the company as the Group President of the Skills and Careers Group during the quarter. ‘The induction of Rahul Patwardhan (CEO Designate) and Shivan Bhargava (Group President, Skills & Careers Group) as part of the succession plan provides the impetus and the capacity to drive our ‘growth through transformation’ agenda,’ NIIT Chairman Rajendra S Pawar said here. During the quarter, NIIT’s corporate learning solutions (CLS) recorded net revenues of Rs 124.8 crore, up 26 per cent year-on-year.

‘Overall revenue visibility of CLS was recorded at $164.3 million, up 14 per cent y-o-y. Managed Training Services (MTS) continued to grow by contributing 88 per cent to the total CLS revenue,’ he said.

Two new international clients were added for MTS during Q2, he added. ‘Reaffirming customer confidence, corporate learning business recorded a 50 per cent y-o-y increase in order intake at $20.7 million, registering a revenue growth of 35 per cent y-o-y in dollar terms,’ NIIT CEO Vijay K Thadani said.
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