Business Daily from THE HINDU group of publications
Friday, Jul 28, 2006
Business Daily from THE HINDU group of publications Friday, Jul 28, 2006 |
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Info-Tech
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Financial Performance Corporate Results - Software NIIT margins improve Our Bureau
Surging ahead NIIT reported net consolidated revenues of Rs 110.2 crore `Reprioritisation of business lines led to an improvement'
New Delhi , July 27 NIIT Ltd on Thursday announced a net profit of Rs 13.2 crore for the first quarter ended June 30, 2006. The company reported net consolidated revenues of Rs 110.2 crore this quarter, compared to Rs 106.4 crore in the corresponding period last financial year. The company's global revenues stood at Rs 163.7 crore. NIIT recorded operating profit of Rs 15.4 crore compared to Rs 14.3 crore last year. While the company's individual business recorded a 33 per cent year on year revenue growth during the April to June quarter, the corporate business accelerated to a 17 per cent growth. "The strong growth in the individual learning business came on the back of strong enrolment growth in GNIIT and the Engineers' programmes.
Good performance
The order intake for the corporate business during the quarter was $15.5 million. Of the global revenues of Rs 163.7 crore, NIIT's overseas operations contributed 46 per cent with Indian operations making up the remaining 54 per cent. The NIIT scrip rose on BSE by 2 points to Rs 353 per share. Mr Rajendra S. Pawar, Chairman of NIIT Ltd , said, "The reprioritisation of our business lines led to an improvement of 51 basis points in our operating margin. This was in keeping with the strategy we spelt out last quarter." The results were taken on record at the board of directors' meeting here on Thursday.
New growth areas
NIIT has identified three new areas of growth in the services sector. The first of these is setting up of the Institute for Finance, Banking and Insurance (IFBI) to prepare professionals, both at the entry level as well as in-service training for experienced professionals, for the fast growing BFSI industry. Mr P. Rajendran, Chief Operating Officer, said, "The three new businesses will deploy our core competency in offering technology-based learning to capture the market opportunities offered by the growing services sector."
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