NIIT Ltd third quarter net profit up 55% at Rs 1.8 crore

NEW DELHI: Skill development firm NIIT Ltd today reported a 55 per cent jump in consolidated net profit at Rs 1.8 crore for the quarter ended December 31, 2014 helped by cost rationalisation and client additions.

The company had posted a net profit of Rs 1.2 crore in the year-ago period.

Consolidated revenue grew 6 per cent to Rs 248.2 crore for the October-December quarter this fiscal against Rs 233.6 crore in the same quarter of 2013-14 fiscal.

Commenting on the performance, NIIT Ltd CEO Vijay K Thadani told reporters: "A strong focus on improving liquidity and conservation of capital, contributed towards strengthening of the balance sheet during the quarter."

The firm's performance has been good considering the third quarter is seasonally the weakest, he added.

NIIT Ltd CEO designate Rahul Patwardhan said: "The 6 per cent year-on-year (y-o-y) revenue growth during the quarter, was driven by a robust 28 per cent y-o-y growth in Corporate Learning Solutions (CLS)."

NIIT's Business Transformation Programme is progressing on schedule to streamline and realign the organisation towards business growth and improved profitability, he added.

CLS recorded net revenues of Rs 136 crore during the third quarter, up 28 per cent over same period of the previous year. It added three new contracts and one new customer in Q3, taking the pending order book for CLS to USD 64.5 million.

During the quarter, NIIT rolled out industry-aligned programmes in partnership with leading organisations like eBay, IEEE and Microsoft.

During the quarter, NIIT also tied up with Microsoft to roll-out its 'Women in Tech' initiative across 5,000 schools, colleges and centres in 200 cities.

NIIT recently entered into a Memorandum of Understanding (MoU) with Guian New Area, the capital city of Guizhou province in China, to offer programmes in IT with special focus on Big Data.