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Our Bureau

China operations recorded 35 per cent growth in revenues, during the quarter.

Mr Rajendra S. Pawar, Chairman, NIIT, flanked by Mr Vijay K. Thandani, Chief Executive Officer (left); and Mr P. Rajendran, Chief Operating Officer, at a press conference in the Capital on Friday. — Kamal Narang

New Delhi , Oct. 27

NIIT Ltd on Friday reported a growth in its net profit by 23 per cent Year-on-Year (Y-o-Y) for the second quarter ended September 30, 2006, to Rs 16.1 crore from Rs 13.2 crore.

The company's global system-wide revenues increased to Rs. 321.3 crore for the quarter from Rs 194.0 crore for the corresponding quarter last year, registering an increase of 66 per cent Y-o-Y. The company's net revenues rose by 64 per cent for the quarter to Rs 203.1 crore as against Rs 124.1 crore for the same period last fiscal. Operating profit (EBITDA) stood at Rs 23.8 crore from Rs 17.5 crore, reporting an increase of 36 per cent.

Growth drivers

Commenting on the company's Q2 performance, the NIIT Chairman, Mr Rajendra S. Pawar, said, "NIIT's 66 per cent growth is driven by strong increase in the existing individual and corporate businesses, new products and the recent acquisition.''

China operations recorded a 35 per cent growth in revenues, during the quarter. The company also witnessed over 30,000 engineering and computer science students enrolling at NIIT for the quarter.

NIIT recently tied up with the Indian Institute of Management, Ahmedabad, Calcutta and Indore to train middle-level executives under its Executive Management Education Programme.

"Over the next five years, about six lakh professionals will be required in the financial service sector. So we will be looking at training professionals aspiring for a career in the industry," said Mr Pawar, while announcing the launch of NIIT Institute of Finance, Banking and Insurance.

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