NIIT Technologies has dipped over 8% to Rs 424 after reporting 19% year-on-year (yoy) decline in consolidated net profit at Rs 43 crore for the quarter ended June 30, 2014. IT consulting and software firm had profit of Rs 53 crore in the same quarter last year.
Consolidated revenues however, grew 6.6% to Rs 578 crore during the quarter under review against Rs 542 crore in the corresponding quarter of previous year.
Lower other income at Rs 4 crore as compared to Rs 21 crore in the same quarter last year, on account of revaluation of current assets and liabilities due to rupee depreciation, has resulted in yoy decline in net profit, NIIT Technologies said in a statement.
“In constant currency, revenues remained flat sequentially during the quarter,” said Mr. Arvind Thakur, CEO and Joint MD, NIIT Technologies.
“Operating margins declined 171 bps to 13.4% primarily on account of wage increase during the quarter”, he added.
The stock opened at Rs 468 and touched a low of Rs 420 on National Stock Exchange (NSE). The trading volumes on the counter more than doubled with a combined 808,000 shares changing hands till 1420 hours on NSE and BSE.
Consolidated revenues however, grew 6.6% to Rs 578 crore during the quarter under review against Rs 542 crore in the corresponding quarter of previous year.
Lower other income at Rs 4 crore as compared to Rs 21 crore in the same quarter last year, on account of revaluation of current assets and liabilities due to rupee depreciation, has resulted in yoy decline in net profit, NIIT Technologies said in a statement.
“In constant currency, revenues remained flat sequentially during the quarter,” said Mr. Arvind Thakur, CEO and Joint MD, NIIT Technologies.
“Operating margins declined 171 bps to 13.4% primarily on account of wage increase during the quarter”, he added.
The stock opened at Rs 468 and touched a low of Rs 420 on National Stock Exchange (NSE). The trading volumes on the counter more than doubled with a combined 808,000 shares changing hands till 1420 hours on NSE and BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%