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NIIT Tech profit up 78 pct

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CIOL Bureau
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NEW DELHI: NIIT Technologies, a mid-sized software services provider, said on Friday its July-September profit surged 78 percent due to a record quarterly order intake of $42 million and higher billing rates.

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Profit hit 269 million rupees ($5.93 million) in the quarter from 151 million rupees in the same period a year earlier.

Revenue for the quarter stood at about 2.2 billion rupees compared to nearly 1.5 billion rupees during the same period last year. Officials said 50 percent of revenues came from Europe, 33 percent from the Americas and 17 percent from the Asia-Pacific region.

Chief Executive Arvind Thakur said he saw a general trend of "40 percent growth momentum" in sales for the firm.

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"Customer visits have increased substantially. I don't think there is any pressure on margins or on billing rates," Thakur told a news conference. "Customers are looking at long-term partnerships with companies."

The firm's IT solutions business contributed nearly 2.1 billion rupees of revenues while the rest came from its BPO segment, the company said.

In September, it said it had signed an equal joint venture agreement with Swiss staffing firm Adecco SA to provide software development and maintenance services to Adecco's clients.

The company's shares closed at 207 rupees, up 12.1 percent in a weak Mumbai market.

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