NIIT Technologies Q4 profit up 22% at Rs 56.6 cr

IT solutions provider NIIT Technologies today reported a 22% increase in its net profit at Rs 56.6 crore for the quarter ended March 31, 2013, backed by all-round growth especially in the travel vertical.

The Noida-based firm had posted a net profit of Rs 46.2 crore in the year-ago period, NIIT Technologies CEO Arvind Thakur said.

The consolidated revenues rose by 21% to Rs 537.2 crore in the January-March quarter of last fiscal compared to Rs 443.5 crore in the same quarter of the 2011-12 fiscal.

Speaking on results, Thakur said: "We experienced sequential growth in each quarter of the year, driven by all round expansion in revenues across all geographies and industry segments of focus over the previous year."

The travel and transportation segment contributed 40% of the revenues followed by banking, financial services and insurance (BFSI) at 32%, government (8%) and manufacturing (7%), he added.

In terms of geographies, the US contributed 38% of the revenues, Europe (37%) and Asia Pacific (APAC) and India (25%), Thakur said.

The company secured fresh orders worth $110 million during the January-March quarter leading to $252 million worth of orders executable over the next 12 months, he added.

The firm added 5 clients during January-March quarter, which included 2 in government, two in travel and transport vertical and one in manufacturing.

It added 276 employees in the last quarter taking its total headcount to 8,158 at the end of March 31, 2013 of which 24% are posted outside India, majorly in the US.

For the entire 2012-13 fiscal, NIIT Technologies net profit rose to Rs 218.40 crore against Rs 196.44 crore in 2011-12 fiscal.

Its consolidated income rose to 2,021.36 crore from Rs 1,576.48 crore during the review period.

On the outlook, NIIT technologies Chairman Rajendra S Pawar said: "Strong order intake in the fourth quarter of last year and early big wins in the first quarter of this year will help sustain growth momentum in the current year."

The company won a major deal worth Rs 344 crore from the Airports Authority of India (AAI) to set up airport operations control centres across 10 airports in India in the first quarter of 2013-14 fiscal, Thakur said.

During 2012-13, the firm acquired the Manila Development Centre of Sabre Holdings in the Philippines to enhance its global delivery footprint.

On acquisitions, Thakur said: "We are looking at all geographies but more likely in the West. Our point is that an acquisition should add value to our existing spectrum of services and expand our reach," Thakur said.

Shares of NIIT Technologies today rose a marginal 0.06% to settle at Rs 260.70 apiece from its previous close at the BSE.