NIIT Tech net profit up 44.7 per cent to Rs 62.4 crore
17 Oct 2013 5:16 AM IST
IT services firm NIIT Technologies on Tuesday reported a 44.7 per cent jump in its net profit at Rs 62.4 crore for the second quarter ended 30 September, 2013, on the back of growth in US market and depreciating rupee.
The net profit of the company stood at Rs 43.1 crore during the same period last financial year.
The operating profit of the company rose 4.4 per cent to Rs 88.6 crore for the quarter as compared to Rs 84.8 crore last year.
‘Good improvement in net profits is contributed by improved growth in operating profits as well as depreciation of the rupee, which also has been quite significant during the quarter,’ NIIT Technologies CEO and joint MD Arvind Thakur said here.
Consolidated revenues also increased 17.4 per cent to Rs 587.3 crore during the quarter as compared to Rs 500.1 crore in the same period last year.
Thakur said it is encouraging to see uptrend in the US market while Europe continues to be soft with UK showing some improvement.
‘We experienced robust growth in the US with business expanding by 15 per cent sequentially during the quarter. EMEA grew by 11 per cent with a strong intake of fresh new business,’ Thakur said.
The contribution to the total revenues from the US increased to 41 per cent from 38 per cent last year. While from EMEA (Europe, Middle East and Africa), the revenue contribution decreased to 36 per cent from 39 per cent.
The net profit of the company stood at Rs 43.1 crore during the same period last financial year.
The operating profit of the company rose 4.4 per cent to Rs 88.6 crore for the quarter as compared to Rs 84.8 crore last year.
‘Good improvement in net profits is contributed by improved growth in operating profits as well as depreciation of the rupee, which also has been quite significant during the quarter,’ NIIT Technologies CEO and joint MD Arvind Thakur said here.
Consolidated revenues also increased 17.4 per cent to Rs 587.3 crore during the quarter as compared to Rs 500.1 crore in the same period last year.
Thakur said it is encouraging to see uptrend in the US market while Europe continues to be soft with UK showing some improvement.
‘We experienced robust growth in the US with business expanding by 15 per cent sequentially during the quarter. EMEA grew by 11 per cent with a strong intake of fresh new business,’ Thakur said.
The contribution to the total revenues from the US increased to 41 per cent from 38 per cent last year. While from EMEA (Europe, Middle East and Africa), the revenue contribution decreased to 36 per cent from 39 per cent.
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