 "NIIT Technologies gains 6% on healthy Q2 results")
Shares of NIIT Technologies has moved higher by 6% to Rs 1,214 on the BSE in an otherwise subdued market after the company reported a strong 29% sequential growth in its consolidated net profit at Rs 1,167 million in September quarter (Q2FY19). The information technology company had reported a profit of Rs 904 million in the same quarter last fiscal.
Revenue during the quarter under review grew 10% at Rs 9,074 million over the previous quarter. Operating profit margins expanded by 217 bps quarter-on-quarter (q-o-q) to 18% from 15.8% in June quarter.
“The extremely robust 10% sequential revenue growth and the 217 bps sequential improvement in Operating Margin is a reflection of the new normal as we target predictable and fast scaling profitable growth,” said Sudhir Singh, Chief Executive Officer, NIIT Technologies.
“Broad-based derisked growth across all verticals and significant investments in building differentiated capability while simultaneously improving margin profile were the highlights of the quarter,” added Singh.
NIIT Technologies secured a fresh business of US $ 160 million during the quarter which included 10 new logos. Order book executable over the next 12 months expanded to $ 363 million, the company said.
At 01:43 PM; NIIT Technologies was trading 5.6% higher at Rs 1,204 on the BSE, as compared to 0.15% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 3.06 million equity shares changed hands on the BSE and NSE so far.
Revenue during the quarter under review grew 10% at Rs 9,074 million over the previous quarter. Operating profit margins expanded by 217 bps quarter-on-quarter (q-o-q) to 18% from 15.8% in June quarter.
“The extremely robust 10% sequential revenue growth and the 217 bps sequential improvement in Operating Margin is a reflection of the new normal as we target predictable and fast scaling profitable growth,” said Sudhir Singh, Chief Executive Officer, NIIT Technologies.
“Broad-based derisked growth across all verticals and significant investments in building differentiated capability while simultaneously improving margin profile were the highlights of the quarter,” added Singh.
NIIT Technologies secured a fresh business of US $ 160 million during the quarter which included 10 new logos. Order book executable over the next 12 months expanded to $ 363 million, the company said.
At 01:43 PM; NIIT Technologies was trading 5.6% higher at Rs 1,204 on the BSE, as compared to 0.15% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 3.06 million equity shares changed hands on the BSE and NSE so far.
One subscription. Two world-class reads.
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%