NIIT Technology Q2 profit rises 14% to Rs67.2 crore
New Delhi: NIIT Technologies on Wednesday posted 14.4% increase in consolidated profit after tax at Rs67.2 crore for the second quarter ended 30 September. The company had registered PAT of Rs58.9 crore in the same period a year ago.
The total revenue of the company increased by about 7% to Rs745.4 crore in the reported quarter from Rs696.7 crore in the corresponding quarter of previous fiscal. “Robust sequential growth during the quarter came on the back of strong growth in the US, APAC (Asia Pacific) and India,” NIIT Technologies CEO and Joint MD Arvind Thakur said in a statement.
NIIT Technologies recorded 5.5% growth in revenues from the US sequentially during the quarter and now contributes to 50% of the revenue mix, the statement said. “APAC and India represent 11% and 10% of the mix respectively.
EMEA business declined 4.8% sequentially on account of the ramp down in a key travel client resulting in the share of the region being 29% of the total mix,” the statement said. The company said it continued to experience traction in the banking, finance service and insurance (BFSI) segment with 5.6% increase in revenues on sequential quarter basis.
The BFSI sector now contributes to 42% to its total revenue. Revenues from travel and transportation represent 27% of NIIT Technologies’ overall revenues. Shares of NIIT Technologies were trading at Rs622.6 a scrip, down 1.83% compared to the previous close.
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