Financial Daily from THE HINDU group of publications
Friday, Jul 18, 2003
Corporate Results - Software
Software services lift NIIT net to Rs 3.4 cr
New Delhi , July 17
NIIT has said its net profit for the third quarter ended June stood at Rs 3.4 crore as compared to a net loss of Rs 1.3 crore in the same quarter a year ago, aided by strong growth in its software services business.
Consolidated revenue of NIIT, comprising NIIT Ltd and its global subsidiaries, in the quarter was Rs 230.6 crore, up by 19 per cent on a year-on-year basis, company officials said at a press conference here on Thursday.
"The IT services visibility is strong. We are in line with industry growth," said Mr Vijay Thadani, CEO of NIIT.
"Next quarter is an uncertain one," he said, on expectations for the fourth quarter.
NIIT Ltd, the listed Indian entity, earned revenues of Rs 89 crore and a net profit of Rs 50 lakh.
The third quarter results were taken on record at a board meeting held earlier in the day.
NIIT Technologies, the software services division, notched up a 30-per cent growth in the quarter to Rs 131 crore to account for 57 per cent of the revenues.
New orders worth $36.7 million, including business from 13 new clients, took the total orders in hand to $118 million.
Out of this $50 million is to be executed over the next one year.
"Concerted sales and marketing efforts helped NIIT Technologies grow the long term annuity business," said Mr Arvind Thakur, Director and President of the division.
He said revenues from four focus areas - finance, insurance and banking, transport and retail - increased to 46 per cent of the total software business from 34 per cent in the corresponding period last year.
NIIT's business process outsourcing arm, NIIT SmartServe, added two new clients during the quarter to take the total to three.
Computer training business generated revenues of Rs 99.6 crore during the April-June quarter, up by eight per cent year-on-year.
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