NIIT Technologies Q3 net dips 5.3%
15 Jan 2014 12:32 AM GMT
IT solutions company NIIT Technologies on Tuesday reported 5.3 per cent decline in its consolidated net profit at Rs 53.1 crore for the third quarter ended 31 December, 2013. The city-based firm had posted a net profit of Rs 56 crore in the year-ago period.
Consolidated revenues rose by 14.2 per cent to Rs 587.3 crore in October-December quarter this fiscal compared to Rs 514.4 crore in the same quarter of 2012-13 fiscal. NIIT Technologies also announced that it secured a large $300 million deal with a 10-year period from a US-based client in the BFSI segment. Commenting on the performance, NIIT Technologies CEO and Joint Managing Director Arvind Thakur said: 'Strong growth in western markets, particularly in the US, contributed to the sequential growth in services.'
On decline in net profit, NIIT Technologies CFO Pratibha Advani said: 'There was a loss in other income as a result of revaluation of foreign currency assets and liabilities due to period end exchange difference resulting in a decline in net profits.'
Consolidated revenues rose by 14.2 per cent to Rs 587.3 crore in October-December quarter this fiscal compared to Rs 514.4 crore in the same quarter of 2012-13 fiscal. NIIT Technologies also announced that it secured a large $300 million deal with a 10-year period from a US-based client in the BFSI segment. Commenting on the performance, NIIT Technologies CEO and Joint Managing Director Arvind Thakur said: 'Strong growth in western markets, particularly in the US, contributed to the sequential growth in services.'
On decline in net profit, NIIT Technologies CFO Pratibha Advani said: 'There was a loss in other income as a result of revaluation of foreign currency assets and liabilities due to period end exchange difference resulting in a decline in net profits.'
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