NIIT Technologies clocks 14 per cent net growth on better BFSI business

NIIT Technologies reported nearly 14 per cent growth in net profit to Rs 67.2 crore during the July-September quarter on revenues of Rs 737.2 crore.

The company saw a better performance on the back of higher growth in banking, financial services and insurance (BFSI) segment, which accounted for 42 per cent revenue.

During the corresponding period last year, NIIT Tech reported net profit of Rs 58.9 crore on revenues of Rs 692.9 crore.

"Growth has come on the back of BFSI revenue and it saw sequential growth of 5.6 per cent against overall company growth of 4 per cent. BFSI has seen growth both in the US and Europe," said Arvind Thakur, CEO and Joint MD, NIIT Technologies, adding that the company's sharp focus on changing needs of BFSI clients resulted in a growth.

The company's revenues from the US, which accounts for half of the business, grew 5.5 per cent sequentially. Business from Europe however declined by 4.8 per cent over first quarter of this year.

NIIT Tech said its digital business saw higher growth with three of the seven new clients secured in the digital integration space. "A key client in the UK enhanced its relationship with the company as an SI digital partner. A B2B e-commerce application using cross platform mobile technology went live for a large client in the US," said the company in a statement.