NIIT Technologies Ltd PAT up 78% YoY at Rs.26.0 Crores

• Profit After Tax up 78% YoY, at Rs. 26.9 crore
• Q2 Revenues at Rs. 219.9 crore, up 49% YoY
• Operating Profit up 59% to Rs. 41.5 crore
• Record Order Intake at US$ 42 million
• Signs Definitive Agreement for Joint Venture with Adecco SA

New Delhi, October 20, 2006:

For the quarter ended September 30, 2006, NIIT Technologies Limited, the global IT Solutions Company, has reported consolidated revenues of Rs. 219.9 crore, recording a 49% improvement over revenues recorded in the corresponding quarter in the previous financial year. The IT Solutions business contributed Rs. 206 crore, while the BPO segment contributed the remaining Rs. 13.9 crore.

Of the overall revenues of Rs. 219.9 crore, 50% was contributed by Europe, 33% by the Americas and 17% by Asia Pacific, including India.

"Revenues have grown consistently and, now significantly, demonstrating the robustness of our business strategy", said Mr. Arvind Thakur, CEO, NIIT Technologies Limited.

"Order intake for this quarter was US$ 42 million, the highest since the company was spun off from NIIT Limited, in April 2004", he added.

Operating Profit recorded a 59% improvement to touch Rs. 41.5 crore. After providing for a depreciation of Rs. 11.2 crore and tax of Rs. 5.2 crore, the company posted a net profit of Rs. 26.9 crore on a consolidated basis, up 78% YoY.

During the quarter, NIIT Technologies and Adecco SA, a Fortune Global 500 company and the global leader in Human Resources services-through its wholly-owned subsidiary Ajilon Holding Europe BV-announced a joint venture to deliver world-class application software development and maintenance solutions to Adecco’s clients.

"With 80% of the revenues now coming from the areas of focus, the transition of NIIT Technologies to a vertical, industry focused organization is complete", said Mr. Rajendra S Pawar, Chairman, NIIT Technologies Limited.

"The new JV presents NIIT Technologies with an opportunity to service a new segment of customers", he added.

In all, 300 people were added during the quarter, taking the total number of people engaged at the end of the quarter to 4148.

Acknowledgements

NIIT Technologies was ranked among the Top 20 Best Employers in a Dataquest -IDC Best Employer Survey 2006, based on the findings of an industry-wide Employee Satisfaction survey.

NIIT Technologies’ GIS arm, NIIT GIS, received the coveted ESRI High Achievement award for Asia Pacific in 2005.

Source : Equity Bulls

Keywords