NIIT reports 15% jump in PAT for Q3

By : |July 31, 2002 0

NEW DELHI: NIIT Limited has posted revenue of Rs 85.7 crore for the third quarter ending June 30, 2002, with a Profit After Tax (PAT) of Rs 2.3 crore. The Operating Profit at Rs 13.3 crore represented an increase of 10 percent quarter-on-quarter (QoQ). After providing for depreciation of Rs 10.9 crore and including other income (net of interest expenses) of Rs 1.3 crore, Profit Before Tax of NIIT stood at Rs 3.7 crore on which a deferred tax of Rs 1.37 crore was provided. The Q3 results for NIIT were taken on record at the meeting of the Board of Directors of NIIT at New Delhi on July 30, 2002.

NIIT Ltd. and its subsidiaries have reported an increase of 100 percent year-on-year in Global Operating Profit at Rs 18.5 crore and an increase of 23 percent QoQ. Operating Margin in Q3 at 9.6 percent represents an improvement of 160 basis points compared to the Q2. NIIT and its subsidiaries reported global system wide revenues of Rs 193 crore in Q3, a 2 percent QoQ increase over Rs 189 crore reported in Q2.

While the Global Software Services revenues stood at Rs 96.4 crore, the Global Learning business contributed Rs 92 crore.

Global Learning Business increased 13 percent QoQ at Rs 92 crore. Enrolments for Futurz–Career Programs and CATS–Modular Programs–increased by over 45 percent QoQ. NIIT also bagged India’s biggest IT order worth Rs 155 crore for training in 663 government schools in Andhra Pradesh. NIIT’s Global Learning Business revenues increased 13 percent QoQ to touch Rs. 92 crore in Q3, as a result of a 45% QoQ growth in fresh enrolments for Futurz and CATS programs. This took the total no of new enrolments in Q3 beyond the 1,08,000 mark.

In the global software business, fresh order intake was of $33 million, highest in the past 5 quarters. To give a distinct identity to the software business, the global software business was branded as NIIT Technologies. NIIT Technologies contributed 52 percent of NIIT revenues during the quarter. Its software services revenue remained steady at Rs 96.4 crore, which is the same level as last quarter. Operating Profit of software services improved marginally to Rs 18.7 crore, an increase of 3 percent over the previous quarter.

Vijay K Thadani, CEO, NIIT said, “Following the successful integration of our latest acquisitions, Osprey and Custom Development Business of Click2learn, the synergy benefits have begun to contribute to order intake.”

He added that the company is investing in its IT Enabled Services project–NIIT SmartServe–by setting up a 560-Knowledge Worker state-of-the-art facility located in Gurgaon, in the National Capital Region of New Delhi with a Business Continuity site in New Delhi.

Commenting on the outlook for the coming quarter Rajendra S Pawar, Chairman, NIIT said, “We expect the operating profit for the 4th quarter to improve over that of Q3, but given the uncertainties in the environment, this improvement would be moderate.”

No Comments so fars

Jump into a conversation

No Comments Yet!

You can be the one to start a conversation.