NIIT Q3 net proft at Rs 13.7 crore

The net revenue at Rs 262.3 cr, up 6% year-on-year

Education company NIIT Limited posted net profit of Rs 13.7 crore for quarter ended December 31, 2015 compared to Rs 1.8 crore posted in same quarter previous fiscal. The net revenue at Rs 262.3 crore, up 6 per cent year-on-year.

In a press statement, the company said that they have expanded Europe operations and that they have commissioned new facilities in Norway & Ireland.

Rahul Patwardhan, chief executive officer, NIIT Limited said: "Global corporate training outsourcing is growing steadily. While we further strengthened our Corporate Learning Business operations in US and Europe during the quarter, NIIT is now positioned to leverage emerging corporate learning group (CLG) opportunities back home in India, as we perceive a huge potential for industry-aligned, globally benchmarked corporate learning solutions from leading corporates in the country."

CLG which offers Managed Training Services (MTS) to market-leading companies in North America, Europe, Asia, and Oceania, recorded net revenues of Rs 158.6 crore during the quarter, up 17 per cent over same period of the previous year. It added one new MTS customer in Q3, taking the total number of customers to 27, with a Revenue Visibility of $195 million for CLG.

Further, strengthening operations in key international markets including Europe and North America, NIIT announced the establishment of a new facility in Bergen, Norway to expand near-shore multi-lingual delivery capability and further invest in the rapid growth of its business in Europe. NIIT now has three established centers in Europe - Dublin, Bergen, and London with a diverse mix of pan-European staff from the UK, Ireland, Norway, the Netherlands, Romania, and Germany.