NIIT Q4 net profit jumps 70% to Rs 30 crore on new contracts

For full year, net profit slid 3% to Rs 65.1 crore due to forex losses amounting to Rs 7.5 crore

NIIT Ltd on Wednesday posted a 70 per cent jump in consolidated net profit at Rs 30.2 crore for the fourth quarter ended March, riding on the back of new contracts.

Net revenue of the training and skills development company rose 51 per cent to Rs 361.5 crore in January-March of 2016-17 compared to the year-ago period.

For the full year, net profit slid three per cent to Rs 65.1 crore due to forex losses amounting to Rs 7.5 crore. Revenue grew 18 per cent year-on-year to Rs 1,187.7 crore in 2016-17.

NIIT Ltd CEO Rahul Patwardhan said that during the year, the company invested in renewal and growth phase of its transformation strategy.

"We delivered a strong operational performance for Q4 and FY17 in spite of significant turbulence due to demonetisation and forex loss," he said.

The company's revenue from corporate learning group grew 90 per cent to Rs 257.8 crore and saw an addition of two new managed training services or MTS customers.

"We added two new MTS clients this quarter, renewed one existing contract and received letter of intent for three more global clients," NIIT CEO-designate Sapnesh Lalla said in a statement.