NIIT Tech Q4 net falls 8 p.c.

BANGALORE, INDIA: IT solutions provider NIIT Technologies Limited's consolidated revenues grew 27.9 per cent over the previous year to 1576.5 crore and net profits improved by 8.2 per cent  to 197.2 crore.

However, its fourth quarter net profit declined 8 per cent from a year ago to Rs 46.2 crore, as the rupee appreciation against major currencies hurt. The company's operating profits improved by 11.6 per cent to 268.4 crore and its Board recommended Rs. 8 per equity share as dividend for FY12, said a press statement. NIIT announced its annual results in New Delhi on Friday.

"In the last quarter, there was a substantial increase in other income on account of the rupee depreciating. This quarter, the rupee has appreciated against major currencies, particularly the dollar and more significantly against the Euro as well as the Pound. So the impact of that has been that the other income... has turned negative... and that has contributed to the sequential decline in net profits,"  said Arvind Thakur, chief executive officer, NIIT Technologies Ltd.

"About 28 per cent growth during the year came on the back of new large engagements and expansion within our top accounts, and 4.8 per cent sequential growth in constant currency reflects the sustained growth momentum of the company."

During the quarter, business in the US and EMEA contributed about 37 per cent each of the total revenue share, while the revenue share from APAC and India stood at 13 per cent each, added the release.

Four significant clients were added during the quarter; two in the travel and transportation segment, one each from BFSI and government.

"44 per cent increase in orders executable over the next 12 months sets the foundation for another year of strong growth," said Rajendra S. Pawar, chairman, NIIT Technologies Ltd.

During the quarter, 384 people were added taking the total headcount to 7,362 at the end of the period.