NIIT Q2 net doubles to Rs 20.8 crore

NEW DELHI: Talent and skills development company NIIT today said its consolidated net profit has more than doubled to Rs 20.8 crore for the September quarter on the back of strong turnaround post its restructuring.

NIIT's net profit was Rs 10.3 crore in the July-September period of the last financial year, 2014-15.

Its consolidated revenues were up 5 per cent in the second quarter of 2015-16 at Rs 272.5 crore, from Rs 260.4 crore in the year-ago period.

"The restructuring has contributed positively to the Q2 numbers. Our Corporate Learning Group (CLG) is on a high growth path and is spearheading the next phase of growth," NIIT Chief Executive Officer Rahul Patwardhan told reporters here.

The successful transformation of the skills and careers group (SCG) has charted NIIT's turnaround to growth and profitability, he added.

On standalone basis, the net profit was up 38.30 per cent to Rs 7.33 crore, while total income from operations was at Rs 108.12 crore in the quarter under review, down 18.20 per cent.

Shares of NIIT Ltd were trading at Rs 98.30 apiece, down 1.90 per cent, on the BSE.

During the quarter, CLG recorded net revenues of Rs 144.8 crore, up 16 per cent year-on-year.

Overall Revenue visibility of CLG was recorded at USD 191.1 million, up 16 per cent y-o-y. Managed Training Services (MTS) contributed 91 per cent to the total CLG revenue.

SLG registered net revenue of Rs 23.2 crore during the quarter, while Skills and Careers Group (SNC) recorded a net revenue of Rs 104.5 crore during the second quarter.