NIIT reports Rs 36.7 cr profit after tax for Q2

NEW DELHI, INDIA: IT solutions provider NIIT Technologies Limited today reported a consolidated net profit of Rs 36.7 crore for the quarter ended on September 30, 2008, up by 7 per cent year on year basis, compared to the same period last year.

The software firm had a net profit of Rs 34.4 crore in the second quarter of FY’08.

While the consolidated revenues of the company grew 13 per cent (year-on-year basis) to Rs. 258.7 crore, the operating profit stood at Rs. 45.8 crore, up 8 per cent YoY.

Commenting on the first quarter results, Arvind Thakur, CEO and joint director, NIIT Technologies Ltd said,"Revenues grew sequentially by 5 per cent representing strong growth, despite the challenging environment."

He said that within its key verticals NIIT strengthened existing relationships and created inroads with new ones. While NIIT strengthened its 12-year-old relationship with British Airways during this quarter with a new multi-million pound alliance, it also partnered with Cathay Pacific Airlines to develop Cargo Handling Solution at their new cargo terminal at Hong Kong International Airport, said a press release.

Adding five new customers during the quarter, NIIT booked fresh business worth $US 75 million during this quarter, it added.