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NIIT Q2 net profit ticks up to Rs 21.6 cr

Press Trust of India  |  New Delhi 

Skill and talent development firm today said its net profit for the September quarter has grown marginally to Rs 21.6 crore on the back of strong growth in its corporate learning business.

Its net profit after associate profit (including contribution from Technologies and other ventures) was at Rs 20.8 crore in the year-ago period.

At the operational level, the company's net profit was up 43 per cent at Rs 8.7 crore in the reported quarter, from Rs 6.1 crore in July-September 2015.

Its revenue grew 10 per cent to Rs 298.4 crore in the second quarter of 2016-17, from Rs 272.5 crore in the year-ago period.

"We have continued to grow revenue for the sixth consecutive quarter. This comes on the back of a robust growth of 23 per cent year-on-year this quarter in our corporate learning business and a strong profit improvement in our skill and career business," CEO Rahul Patwardhan told reporters here.

This quarter, NIIT also reduced net debt and made substantial improvement in working capital management, he added.

The company's net debt came down 30 per cent from the previous quarter to Rs 91.7 crore.

The company's Corporate Learning Group (CLG) recorded net revenues of Rs 178.6 crore, up 23 per cent year-on-year.

Managed Training Services (MTS) accounted for 94 per cent of the total CLG revenue. The overall CLG revenue visibility stood at USD 219.3 million.

The Skills and Careers Group (SNC) recorded a net revenue of Rs 98.1 crore during the second quarter while MindChampion Learning Systems (MLS) registered net revenue of Rs 21.6 crore during the quarter.

The company's headcount stood at 2,533 at the end of the September quarter.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 19 2016. 16:28 IST