NIIT Technologies rallies over 15% on upbeat Q1 numbers

NEW DELHI: Stocks of NIIT Technologies surged over 15 per cent to hit their 52-week high of Rs 482.20 today on the BSE after the company reported a 35.5 per cent year-on-year (YoY) surge in its June quarter net profit to Rs 58.5 crore.

The stock closed 11.20 per cent up at Rs 464.05.

The company had reported a net profit of Rs 43.20 crore in the corresponding quarter of last year.

The stock shot up 15.5 per cent as a knee-jerk reaction to the quarterly numbers. A total of 2.85 lakh shares exchanged hands on the BSE, compared with a two-week average of 11,000 shares.

The company said its consolidated revenue grew 11 per cent to Rs 641.10 crore in the quarter under review from Rs 577.6 crore in the same period last fiscal.

"The quarter witnessed 8.9 per cent sequential growth in intercontinental geographies which helped maintain operating margin despite wage hikes," NIIT Technologies CEO and Joint MD Arvind Thakur said.

(With inputs from PTI)