NIIT Q4 net profit jumps 70% to Rs 30 cr on new contracts

Training and skills development company NIIT today said its consolidated net profit grew 70 per to Rs 30.2 crore for the March quarter, helped by new contracts.
Its net revenue rose 51 per cent to Rs 361.5 crore in January-March of 2016-17 compared to the year-ago period.
"We have seen addition of new clients during the quarter... We delivered a strong operational performance for Q4 and FY17 in spite of significant turbulence due to demonetisation and forex loss," NIIT CEO Rahul Patwardhan told PTI.
For the full year, net profit slid 3 per cent to Rs 65.1 crore, primarily on account of forex losses of Rs 7.5 crore. Revenue grew 18 per cent year-on-year to Rs 1,187.7 crore in 2016-17.

The company's revenue from corporate learning group (CLG) grew 90 per cent to Rs 257.8 crore and saw an addition of two new managed training services or MTS customers.
"We added two new MTS clients this quarter, renewed one existing contract and received letter of intent for three more global clients," NIIT CEO-designate Sapnesh Lalla said.

During the quarter, the company strengthened its engagements with corporate clients like Wipro, ICICI, Reliance, Vodafone, Gionee, Maruti-Suzuki and Deloitte.
NIIT's Skills and Careers Business (SNC) recorded revenue of Rs 75.1 crore in the fourth quarter, up 3 per cent year-on-year.
The company also further strengthened its banking sector portfolio during the year by bagging contracts from firms like United Bank of India, Bank of Maharashtra and Bank of Baroda.