NIIT Q1 net rises 61%

NEW DELHI: Leading Indian computer education and software firm NIIT announced

a 61 per cent jump in first quarter net profit on Tuesday, below analysts'

expectations.

Net profit rose to Rs 298.3 million for the quarter ended December 31 from Rs

185.2 million in the year-ago period while net sales rose to Rs 1.56 billion

from Rs 1.23 billion.

According to the average of forecasts by 10 brokerages surveyed by Reuters,

net profit was expected to rise 83.8 per cent to Rs 340.5 million. Forecasts

ranged from an increase of 46.3 per cent to 104 per cent.

The company added 31 new clients and won fresh orders worth $35.14 million in

the first quarter, its chief executive officer said on Tuesday.

"There is a closing order book of $86 million, of which $62 million is

executable over the next 12 months," NIIT's US-based CEO Vijay Thadani told

Reuters in an interview.

(C) Reuters Limited 2001.