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
- EPFO cuts administrative charges to 0.5%, firms to save together Rs900 crore annually
- Inclusion of ATF under GST will help airlines cut cost, says Suresh Prabhu
- Bajaj Hindusthan Sugar posts Q4 loss at Rs158 crore
- NALCO Q4 profit falls 4% to Rs257 crore
- Corporation Bank posts Q4 loss of Rs1,838 crore as provisions surge
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.
Editor's Picks »
- Motherson Sumi continues to face margin pressure in foreign markets
- What the Warren Buffett indicator tells us about market valuations today
- Jet Airways lands with a thud in Q4 as fuel costs increase
- IBC amendments: Some dilutions, and a lot more speed
- Patanjali’s gambit is paying off in toothpaste wars