NIIT net profit up 335% in Q4

NIIT Ltd announced a 335 per cent jump in its net profit at Rs 8.2 crore for the January-March 2005 quarter compared with Rs 1.9 crore in the fourth quarter of 2003-04.

The company's consolidated revenues for the quarter grew 12 per cent to Rs 165.6 crore. The board has recommended a 55 per cent dividend for shareholders.

Profit after tax during 2004-05 rose 88 per cent to Rs 35.6 crore . Consolidated revenues for the year grew 11 per cent to Rs 636.3 crore compared with Rs 574.9 crore during 2003-04.

The company has reported a 106 per cent rise in its operating profit in 2004-05.

"Our India operations have seen the most significant turnaround, but our international operations have been the most profitable and China has been the fastest growing country with 20 per cent growth" said Vijay Thadani, CEO.

The company announced its plans to start a private university and the board will discuss the proposal on Tuesday. "The government expects the private sector to play a larger role in promoting higher education and also to address the shortage of qualified personnel NIIT plans to set up a university," said Rajendra Pawar, chairman.

The university will be in set up in one of the northern states and will be in collaboration with the Centre., he added. The time-frame for the first batch of students was not specified as the government modalities are yet to finish.