NIIT Q4 results: Net loss at ₹9.4 crore, revenue falls 26% YoY in Q4
For FY23, NIIT reported net profit of ₹3.2 crore upon a revenue of ₹341.3 crore.
PremiumNIIT Ltd, a talent development company, reported a consolidated net loss of ₹9.4 crore in the quarter ending March 2023 as compared to a net profit of ₹68.4 crore earned during the same quarter last year.
The company’s revenue during Q4FY23 declined 26% to ₹60 crore from ₹81 crore, YoY.
At the operational level, earnings before interest, taxes, depreciation and amortization (EBITDA) loss stood at ₹11 crore for the quarter as against EBITDA profit of ₹1 crore, YoY.
The Board of NIIT had recently announced that its Corporate Learning Business undertaking has been transferred to NIIT Learning Systems Limited (NLSL) upon the Composite Scheme of Arrangement becoming effective as on May 24, 2023.
For FY23, NIIT reported net profit of ₹3.2 crore upon a revenue of ₹341.3 crore.
“Our robust growth of 36% YoY in FY22-23 underscores our unwavering dedication to growth and innovation in the skills and talent development sector. The strategic demerger of NIIT Limited into NIIT Ltd and NIIT Learning Systems Ltd (NLSL) marks a pivotal milestone, propelling our future growth trajectory," said Vijay K Thadani, Vice Chairman & Managing Director, NIIT Limited.
The company's early career segment grew at 15% YoY, contributing 54% of the total revenue, while working professional segment grew 73% contribution 47% to the revenue for the year.
At 2:10 pm, NIIT share price were trading 3.00% lower at ₹392.60 apiece on the BSE.
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