NIIT Q4 profit rises 70% to Rs30 crore on new contracts
The net revenue of NIIT rose 51% to Rs361.5 crore in the fourth quarter compared to the year-ago period
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New Delhi: NIIT Ltd on Wednesday posted a 70% jump in consolidated net profit at Rs30.2 crore for the fourth quarter ended March, riding on the back of new contracts.
Net revenue of the training and skills development company rose 51% to Rs361.5 crore in January-March of 2016-17 compared to the year-ago period.
For the full year, net profit slid 3% to Rs65.1 crore due to forex losses amounting to Rs7.5 crore. Revenue grew 18% year-on-year to Rs1,187.7 crore in 2016-17.
NIIT Ltd CEO Rahul Patwardhan said that during the year, the company invested in renewal and growth phase of its transformation strategy. “We delivered a strong operational performance for Q4 and FY17 in spite of significant turbulence due to demonetisation and forex loss,” he said.
The company’s revenue from corporate learning group grew 90% to Rs257.8 crore and saw an addition of two new managed training services or MTS customers. “We added two new MTS clients this quarter, renewed one existing contract and received letter of intent for three more global clients,” NIIT CEO-designate Sapnesh Lalla said in a statement.