NIIT Q3 net profit up 350% at Rs19.7 crore
NIIT’s net revenue was up 4% to Rs209.4 crore in the third quarter of 2017-18, from Rs 202 crore in the year- ago period
New Delhi: Talent and skills development company NIIT on Tuesday said its consolidated net profit has jumped 350% to Rs19.7 crore for the December 2017 quarter on the back of strong growth in corporate learning business.
NIIT’s net profit stood at Rs4.4 crore in the year-ago period. Its net revenue was up 4% to Rs209.4 crore in the third quarter of 2017-18, from Rs202 crore in the year- ago period.
“A robust and continuing growth in Corporate Learning Group (CLG) coupled with strong operational controls in other businesses, resulted in 8% year-on-year growth in go-forward business in constant currency terms, and a 69% y-o-y growth in EBITDA, despite it being the weakest seasonal quarter,” NIIT CEO Sapnesh Lalla said.
CLG recorded net revenue of Rs129.4 crore in the said quarter, up 14% year-on-year in constant currency terms.
Skills and Careers Group (SNC) recorded net revenue of Rs69.1 crore, while MindChampion Learning Systems (MLSL) posted a net revenue of Rs9.2 crore during the quarter.
The company renewed a marquee MTS contract, resulting in revenue visibility of $199 million. At the end of the December 2017 quarter, NIIT had 3,741 employees.
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