NIIT Q4 net profit up 11.4 pc to Rs 113.6 cr

IT company NIIT Technologies on Tuesday reported a 11.4 per cent rise in consolidated net profit to Rs 113.6 crore for the March 2020 quarter, and said strong tech capabilities and sharp execution helped the company in winning large deals.

The company had posted a net profit of Rs 102 crore in January-March 2019 quarter, NIIT Technologies said in a statement.

Its consolidated revenue grew 19 per cent to Rs 1,109.3 crore in the quarter under review from Rs 931.9 crore in the year-ago period, it added.

For FY'20, net profit rose 23.2 per cent to Rs 474 crore, while revenue grew 18.5 per cent to Rs 4,180.9 crore over the previous financial year.

"The firm recorded one of its best annual performances ever in FY'20, which has come on the back of a similarly strong performance delivered in the preceding year," NIIT Technologies CEO Sudhir Singh said.

A differentiated strategy, strong tech capabilities, and sharp execution enabled the company to deliver sustained large deal wins and an industry-leading growth for the fourth quarter, overcoming unprecedented COVID-19 headwinds, he added.

NIIT Tech registered an order intake of USD 180 million, with three large deals secured.

"As a result of this continued deal momentum, the order book executable over the next 12 months has also increased to USD 468 million, representing a growth of 20 per cent year-on-year," the company said.

Digital revenues stood at 38 per cent of the total revenues, growing 47 per cent year-on-year.

Among verticals, insurance grew 5.8 per cent sequentially, contributing 31 per cent the of overall revenues in the fourth quarter, while banking and financial services (BFS) contracted marginally, contributing to 15 per cent of revenue.

Travel and transport segment was down 2.1 per cent quarter-on-quarter and contributed 27 per cent of the quarter's revenue.

Americas, Europe, Middle East and Africa (EMEA), and Rest of the World (RoW) contributed 46 per cent, 40 per cent, and 14 per cent of the March quarter's revenue, respectively.

The company's board declared a third interim dividend of Rs 11 per share, and the record date for the same has been fixed for May 15, 2020.