NIIT net drops 76% in FY13

NIIT posted a net revenue of Rs 961 cr in FY13 vs Rs 1,260 in the previous fiscal

NIIT Limited saw a 76% drop in its consolidated net profit for the financial year ended March 31, 2013 and posted PAT of Rs 26.25 crores. The company had posted a net profit of Rs 110.16 crore in 2011-12.

NIIT posted a net revenue of Rs 960.8 crore for FY 2012-13, as compared to Rs 1,260.28 crore for the previous fiscal. The board also proposed a dividend of 80%.

On a standalone basis, the company posted a fourth quarter net profit of Rs 3.83 crores, as compared to a net loss of Rs 2.99 crore in fourth quarter of financial year 2011-12.

During the financial year 2012-13, NIIT took its Cloud based offerings across its four platforms of growth-Managed Training Services, NIIT Nguru, NIIT Yuva Jyoti and Cloud Campus. Further, NIIT entered into a strategic alliance with Microsoft to create newly-skilled 1,00,000 Microsoft certified Cloud-ready professionals over the next 3 years.

Career Building Solutions (CBS) recorded net revenue of Rs. 98.1 crore in the fourth quarter and saw a 48% in enrolments into Banking courses, said NIIT in a statement. Corporate Learning Solutions (CLS) recorded net revenues of Rs 76.1 crore, up 15% in fourth quarter of FY13 compared to Q4 of FY12.  

Vijay K Thadani, Chief Executive Officer, NIIT Limited said, “Increased industry adoption of our growth platform-Managed Training Services-drove the robust order intake of Rs 77.8 crore in Q4 for the CLS business, up 21% year-on-year.”