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NIIT Tech Q2 net up 3%; uncertainties remain

NIIT Tech Q2 net up 3%; uncertainties remain
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First Published: Mon, Oct 18 2010. 06 05 PM IST
Updated: Mon, Oct 18 2010. 06 05 PM IST
New Delhi: India’s software services firm NIIT Technologies Ltd’s net profit for July-September rose 3% aided by new orders, but its chief executive said on Monday the company is still seeing “unusual uncertainty” in some markets.
Profit for the period stood at Rs268.2 crore, compared with Rs260.6 crore a year ago. Net sales jumped 73% to Rs2.04 crore.
The company booked new orders worth $60 million during the quarter, taking the total order book to $141 million, to be completed over a year.
“We are still seeing unusual uncertainty in some markets, specially the United States,” chief executive Arvind Thakur told reporters.
However, confidence is much higher in Europe, and Asia is showing continued unabated recovery, Thakur said.
The company had foreign exchange gains of Rs97.5 crore for the quarter ended 30 September.
Thakur said currency volatility is a “headache” the company has to deal with. “Volatility has to be managed with hedging policy,” he said.
The company at present has about $45.5 million worth hedges against volatility.
NIIT Technologies was spun off from NIIT Ltd, an Indian talent development firm, in 2004. The latter still owns about a quarter of the spun-off firm.
Reacting to the earnings, shares of NIIT Technologies, which the market values at over Rs1,300 crore, rose close to 2% to Rs227.85, in a Mumbai market that rose 0.22%.
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First Published: Mon, Oct 18 2010. 06 05 PM IST