NIIT Learning Systems Q1 results: Consolidated net profit at Rs 55.17 crore

NIIT Learning Systems on Thursday reported a consolidated net profit of Rs 55.17 crore for the first quarter ended June 30, 2023.

NLSL had posted profit after tax (PAT) of Rs 55.2 crore in the same period a year ago, the company said in a regulatory filing.

The revenue from operations grew 22 per cent at Rs 382.3 crore, up from Rs 312.5 crore in the June 2022 quarter.

"Despite the challenging macroeconomic environment and prevailing uncertainty, the business continues to attract new customers as well as maintain its track record of 100 per cent renewals.

"This would provide a strong platform for growth as we see a reversion to normal consumption levels," NIIT co-founder and NLSL Managing Director Vijay K Thadani said.

In a statement, the company said the "results are not comparable with previously declared results due to the transfer of Corporate Learning Business undertaking from NIIT to NLSL, with effect from April 1, 2022, the appointed date".

NLSL has partnered with EIT InnoEnergy Skills Institute for human capital transition to green energy, the company said.

NLSL Executive Director and CEO Sapnesh Lalla said "We are continuing to make disproportionate investments in transformational opportunities."

Speaking on AI initiatives, NIIT co-founder and NLSL Chairperson Rajendra Singh Pawar said "AI is a very significant area of investment for us. We are deploying it to solve not only problems with respect to efficiency, but also effectiveness of learning."

On attrition, CEO Sapnesh Lalla said it is below the market range of 13-15 per cent, adding that the current environment has not had a material impact.

"We've seen it go down a little bit compared to one and a half years," he added.

NLSL was recently listed on the stock exchanges after its demerger from NIIT.