NIIT Q2 Results: Net profit Up 24% To Rs 392.2 Cr
Skill and talent development company NIIT on Friday reported a consolidated net profit of Rs 392.2 crore, up 24 per cent year-on-year, for the September quarter.
The company’s EBITDA was Rs 56 crore and profit after tax (PAT) was recorded at Rs 39.6 crore resulting in an EPS of R. 2.9 crore.
The company’s Corporate Learning Group (CLG) business recorded net revenue of Rs 300.4 Cr, up 10 per cent year-on-year.
The number of MTS (Managed Training Services) customers stands at 70 and revenue visibility for CLG, at the end of the quarter was at USD 305 million.
“In the backdrop of a turbulent macro environment, the overall revenue growth and new contract additions while maintaining a 100 per cent renewal track record, demonstrates the trust NIIT enjoys amongst its global customer base,” Vijay K Thadani, Vice Chairman and Managing Director, NIIT said in a press statement.
Skills & Careers Group (SNC) recorded net revenue of Rs. 91.8 Cr during Q2, up 119 per cent YoY, aided by growth in its flagship offerings of StackRoute and TPaaS as well as RPS consulting which continues to scale its operations.
This quarter saw NIIT Institute of Finance, Banking and Insurance (NIIT IFBI) entering into new partnerships with leading financial institutions, including HDFC Bank and Bajaj Finserv thus consolidating its position as the leading provider of large-scale, job-ready pool of talent for the BFSI industry.
StackRoute continued to be a preferred choice for leading organizations for building digital and technology talent through deep-skilling programs. Large Global System Integrators, large & mid-size technology and digital companies and Global Captives continue to partner with StackRoute towards their skilling and reskilling initiatives to enable their workforce with new age software engineering, digital and data skills.
Sapnesh Lalla, CEO and Executive Director, NIIT said, “With multiple industries facing transformation, talent continues to be the key criteria for success for most large organizations and we continue to see a strong growth opportunity in both CLG and SNC businesses.”
