NIIT Q4 net up 53% at Rs 37 cr, declares 75% dividend
India's largest IT training company NIIT Ltd on Tuesday reported a 53% increase in its Q4 net profit on the back of surge in demand for IT training.
By ET Bureau | Updated:
NEW DELHI: India's largest IT training company NIIT Ltd on Tuesday reported a 53% increase in its Q4 net profit on the back of surge in demand for IT training, launch of new platforms like Google's Android and divestiture of a project in Greater Noida.
The company's sales grew 10% to 323 crore backed by 66% growth in job-oriented diploma programmes. "We are seeing a renewed demand especially with Europe outsourcing more and more projects to India," said NIIT CEO Vijay K Thadani. NIIT shares closed 2.2% up at 55 on the BSE post the announcement. The company also declared 75% dividend amounting to 1.50 per share .
Placements for the full year grew 31%, for the IT training major. The 53% rise in Q4 net profit to 37 crore is attributed to a divestiture of a one-time project in Greater Noida. "We sold the project and associated asset, and it was a one-time capital gain," Thadani said. The company earned about 14 crore from the sale.
On a year-on-year basis the company's sales grew to 1,907 crore. Enrollments have grown 19% whereas corporate training sales to banks grew 177%.
During the year, NIIT's Element K business grew 19%. In addition to Philips, Corporate Learning Solutions added five more customers this year. The company expects a robust year ahead with a resurgence of the Indian IT market.
Corporate Learning Solutions offering of the company recorded net revenues of 152.6 crore during Q4, coupled with an order intake of $40 million and a closing order book of $98 million.
School Learning Solutions of NIIT recorded net revenues of 37.4 crore during Q4. Thadani said that NIIT signed up 196 private schools during the quarter, growing by 94% over the same period last year.
The company's sales grew 10% to 323 crore backed by 66% growth in job-oriented diploma programmes. "We are seeing a renewed demand especially with Europe outsourcing more and more projects to India," said NIIT CEO Vijay K Thadani. NIIT shares closed 2.2% up at 55 on the BSE post the announcement. The company also declared 75% dividend amounting to 1.50 per share .
Placements for the full year grew 31%, for the IT training major. The 53% rise in Q4 net profit to 37 crore is attributed to a divestiture of a one-time project in Greater Noida. "We sold the project and associated asset, and it was a one-time capital gain," Thadani said. The company earned about 14 crore from the sale.
On a year-on-year basis the company's sales grew to 1,907 crore. Enrollments have grown 19% whereas corporate training sales to banks grew 177%.
During the year, NIIT's Element K business grew 19%. In addition to Philips, Corporate Learning Solutions added five more customers this year. The company expects a robust year ahead with a resurgence of the Indian IT market.
Corporate Learning Solutions offering of the company recorded net revenues of 152.6 crore during Q4, coupled with an order intake of $40 million and a closing order book of $98 million.
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School Learning Solutions of NIIT recorded net revenues of 37.4 crore during Q4. Thadani said that NIIT signed up 196 private schools during the quarter, growing by 94% over the same period last year.
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