Business Daily from THE HINDU group of publications
Wednesday, Jan 21, 2009
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Business Daily from THE HINDU group of publications Wednesday, Jan 21, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate Results
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IT Training Info-Tech - Breweries New venture, school projects pull NIIT net down 60% 
Net revenue up: Mr Vijay K. Thadani (right), CEO, NIIT, and Mr. Rajendra S Pawar, Chairman, at a press conference in the Capital on Tuesday.- Our Bureau New Delhi, Jan. 20 NIIT Ltd has reported a 60-per cent drop in its net profit for the quarter ended December 2008, to Rs 5.5 crore on the back of new business launch, higher depreciation due to new projects and forex losses incurred by an associate firm. For the third quarter (October-December), the profit stood at Rs 5.5 crore as compared to Rs 13.9 crore in the year-ago period. “The launch of NIIT Uniqua, the joint venture between NIIT and Genpact and increased depreciation due to new school projects impacted the profit for the quarter,” said CEO, Mr Vijay Thadani. NIIT has expanded its presence to over 7,800 schools, an increase of 3,000 schools compared to the same quarter last year. The profit after tax also took a hit as NIIT Technologies, an associate of NIIT Ltd (in which NIIT Ltd holds 25 per cent stake), had reported a forex loss. The net revenue rose 17 per cent to Rs 278.9 crore for the quarter, against Rs 238.8 crore a year ago, on higher volumes and growth across segments such as Individual Learning Solutions, School Learning Solutions and Corporate Solutions. ILS– IT recorded 20 per cent growth in net revenue year on year and 23 per cent growth in enrolments. In China, NIIT recorded 71 per cent growth in revenue over the same period last year. The SLS recorded a growth of 74 per cent in net revenue; while the CLS a growth 7 per cent in net revenue. With fresh order intake during the quarter at $31.8 million, CLS closed the quarter with a pending order book of $81.13 million, up 24 per cent on the same period previous year. NIIT net rises 41% in Q2 More Stories on : IT Training | Breweries
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