NIIT March-quarter net at Rs 17.8 cr

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Skills and talent development firm NIIT today reported a consolidated net profit of Rs 17.8 crore for the March quarter on account of growth in Skills and Careers (SNC) and Corporate Learning (CL) business.

The company had posted a net loss of Rs 151.2 crore in the January-March quarter last year.

Revenue grew 7% to Rs 238.9 crore during the quarter under review as against Rs 223.5 crore in the year-ago period.

"The business transformation programme has delivered to plan and ensured turnaround of our Skills and Careers Group (SNC) business back to growth and profitability," NIIT CEO Rahul Patwardhan said.

The Corporate Learning business has delivered rock steady consistent growth and profitability, he added.

"The revenue from all NIIT Go-Forward businesses, which excludes geographies and businesses that we had defocused and exited, grew by a robust 11% during the year, thus indicating strong demand and a healthy growth momentum for our focused strategy," Patwardhan said.

For the entire fiscal, the company posted a net profit of Rs 67.2 crore (against a loss of Rs 138.5 crore) while revenue grew 5% to Rs 1,006.9 crore from the previous fiscal.

CL business recorded a revenue of Rs 136 crore, up 18% year-on-year, during the fourth quarter.

It added four new Managed Training Services (MTS) customers in the March quarter, taking the MTS client base to 31 with a revenue visibility of $200 million for CL business.

MTS portfolio contributed 90% to overall CL revenue in 2015-16.

SNC business recorded a net revenue of Rs 72.8 crore during the quarter.