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NIIT Q3 profit rises 40 pc to Rs 27 cr

Business Finance

Press Trust of India  |  New Delhi 

NIIT, a global leader in skills and talent development, on Wednesday reported 40 per cent jump in consolidated net profit to Rs 27.1 crore for December quarter 2019-20 on account of increase in demand from corporate sector.

The company had garnered a profit of Rs 19.4 crore in the same period a year ago.

"During the quarter, NIIT delivered strong Profit After Tax of Rs 27.1 crore, up 40 per cent year-on-year on the back of strong growth of 17 per cent year-on-year in corporate learning group (CLG). We started Canada business two years back which has started delivering now," NIIT Vice Chairman and Managing Director Vijay K Thadani told PTI.

Overseas market led by the US and Europe contributed 77 per cent of the total corporate learning group business, Thadani said.

NIIT recorded 10 per cent growth in its consolidated revenue to Rs 247.6 crore during the quarter under review from Rs 225.5 crore in the year-ago period.

CLG recorded net revenue of Rs 189.5 crore.

Thadani said the company is planning to build more training capacities for the technology vertical especially in areas like augmented and virtual reality.

During the quarter, the company completed buyback of 2.68 crore equity shares after approval from the shareholders of the company at Rs 125 per share, representing approximately 16 per cent of the total paid up equity share capital for an aggregate amount of Rs 335 crore, exclusive of taxes.

Established in 1981, NIIT offers multi-disciplinary learning management and training delivery solutions to corporations, institutions, and individuals in over 30 countries.

The company ranks among the world's leading training companies owing to its vast, yet comprehensive array of talent development programs.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, February 05 2020. 16:30 IST