NIIT Q1 net up 31% to Rs13 cr

NIIT Q1 net up 31% to Rs13 cr

New Delhi: IT trainer NIIT today posted a growth of 31.31% in its consolidated net profit at Rs13 crore for the first quarter ended 30 June.

Net revenue of the company rose to Rs278 crore in the April-June quarter, against Rs261 crore in the same period last year, the company said in a statement.

“Compared to last year the impact of currency fluctuation on our revenue is 34 million during the quarter," chairman NIIT Ltd Rajendra S Pawar said.

School Learning Solutions (SLS) recorded a net revenue of Rs38.4 crore, backed by fresh order intake of Rs158.6 crore, representing an addition of 1,231 schools during the quarter.

“We are making investments in people and marketing to cater to strong hiring in IT & other service sectors," NIIT chairman Rajendra S Pawar said.

Meanwhile, revenues from the China’s operation grew by 32% year-on-year basis.

“The corporate training business recorded fresh order intake of $34 million, reflecting strong customer confidence," NIIT Ltd chief executive officer Vijay K Thadani said.

Corporate Learning Solutions posted a net revenue of Rs137.7 crore.

“Focused growth in private schools segment coupled with launch of innovative products such as the mobile science lab, has led to a healthy order intake of Rs158.6 crore covering 1,231 schools," NIIT Ltd chief operating officer P Rajendran added.

Shares of NIIT closed at Rs70.75 on the BSE, up 1.36% from previous close.