NIIT Q4 net up 53% on sale of asset
NIIT Limited reported a 53% increase in its Q4 net profit on the the back of upsurge in demand for IT training, launch of new platforms like Google’s Android and divestiture of a project in Greater Noida.
By ET Bureau | Updated:
NEW DELHI: India’s largest IT training company NIIT Limited on Tuesday reported a 53% increase in its Q4 net profit on the the back of upsurge 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 Rs 323 crore backed by 66% growth in job-oriented diploma programs. “We are seeing a renewed demand especially with Europe outsourcing more and more projects to India,” said Vijay K Thadani, CEO NIIT Limited. NIIT shares closed 2.2% up at Rs 55 on the BSE post the earnings announcement.
Placements for the full year grew 31%, for the IT training major. The 53% rise in Q4 net profit to Rs 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,” Mr Thadani said. The company earned about Rs 14 crore from the sale.
On a year on year basis the company’s sales grew to Rs 1907 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 5 more customers this year. The company expects a robust year ahead with a resurgence of the Indian IT market.
The company’s sales grew 10% to Rs 323 crore backed by 66% growth in job-oriented diploma programs. “We are seeing a renewed demand especially with Europe outsourcing more and more projects to India,” said Vijay K Thadani, CEO NIIT Limited. NIIT shares closed 2.2% up at Rs 55 on the BSE post the earnings announcement.
Placements for the full year grew 31%, for the IT training major. The 53% rise in Q4 net profit to Rs 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,” Mr Thadani said. The company earned about Rs 14 crore from the sale.
On a year on year basis the company’s sales grew to Rs 1907 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 5 more customers this year. The company expects a robust year ahead with a resurgence of the Indian IT market.
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