NIIT Q2 profit rises marginally up to Rs21.6 crore
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New Delhi: Skill and talent development firm NIIT on Wednesday said its net profit for the September quarter has grown marginally to Rs21.6 crore on the back of strong growth in its corporate learning business. Its net profit after associate profit (including contribution from NIIT Technologies and other ventures) was at Rs20.8 crore in the year-ago period.
At the operational level, the company’s net profit was up 43% at Rs8.7 crore in the reported quarter, from Rs6.1 crore in July-September 2015. Its revenue grew 10% to Rs 298.4 crore in the second quarter of 2016-17, from Rs272.5 crore in the year-ago period.
“We have continued to grow revenue for the sixth consecutive quarter. This comes on the back of a robust growth of 23% year-on-year this quarter in our corporate learning business and a strong profit improvement in our skill and career business,” NIIT CEO Rahul Patwardhan told reporters in New Delhi. This quarter, NIIT also reduced net debt and made substantial improvement in working capital management, he added.
The company’s net debt came down 30% from the previous quarter to Rs91.7 crore.
The company’s Corporate Learning Group (CLG) recorded net revenues of Rs178.6 crore, up 23% year-on-year. Managed Training Services (MTS) accounted for 94% of the total CLG revenue. The overall CLG revenue visibility stood at $219.3 million. The Skills and Careers Group (SNC) recorded a net revenue of Rs98.1 crore during the second quarter while MindChampion Learning Systems (MLS) registered net revenue of Rs21.6 crore during the quarter.
The company’s headcount stood at 2,533 at the end of the September quarter.