NIIT Tech net up 40% in Q1, cites growth amidst ‘challenging environment’
NIIT Technologies on Thursday reported a 42% rise in its Q1 revenues buoyed by $83 million of fresh orders, which were secured during the quarter.
By Harsimran Julka, ET Bureau | Updated:
NEW DELHI: Mid cap IT firm NIIT Technologies on Thursday reported a 42% rise in its Q1 revenues buoyed by $83 million of fresh orders, which were secured during the quarter.
The company’s net profit grew by 40% to Rs 57.5 crore. NIIT Tech stock was up 2.3% on the BSE post announcement of results.
“Though the environment remains challenging, the strong order book and steady intake of fresh business will support sustained growth” said Mr. Rajendra S. Pawar, Chairman, NIIT Technologies Ltd.
The company has a $240 million worth of executable order book over the next 12 months.
The company was selected as a development partner for a leading airline which is undergoing a major transformation to become a full network ticketed carrier. The company was able to enhance its presence by signing a $15 million renewal with a leading BFS client.
“The focused approach to address select industry segments has resulted in sustained growth with the travel segment demonstrating maximum traction, now contributing to 40% of the revenues” said Arvind Thakur, Chief Executive Officer, NIIT Technologies Ltd.
Mid Cap IT firms contribute $35 billion to India’s IT exports, and are expected to be a major growth driver this year.
The company’s net profit grew by 40% to Rs 57.5 crore. NIIT Tech stock was up 2.3% on the BSE post announcement of results.
“Though the environment remains challenging, the strong order book and steady intake of fresh business will support sustained growth” said Mr. Rajendra S. Pawar, Chairman, NIIT Technologies Ltd.
The company has a $240 million worth of executable order book over the next 12 months.
The company was selected as a development partner for a leading airline which is undergoing a major transformation to become a full network ticketed carrier. The company was able to enhance its presence by signing a $15 million renewal with a leading BFS client.
“The focused approach to address select industry segments has resulted in sustained growth with the travel segment demonstrating maximum traction, now contributing to 40% of the revenues” said Arvind Thakur, Chief Executive Officer, NIIT Technologies Ltd.
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Mid Cap IT firms contribute $35 billion to India’s IT exports, and are expected to be a major growth driver this year.
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