Financial Daily from THE HINDU group of publications
Wednesday, Jan 30, 2002
Financial Daily from THE HINDU group of publications Wednesday, Jan 30, 2002 |
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Financial Performance Info-Tech - IT Training Corporate Results - IT Training NIIT slips into red in Q1 Our Bureau
NEW DELHI, Jan. 29 COMPUTER training and software major, NIIT, slipped into the red for the first time in years, by posting a net loss of Rs 13.5 crore for the first quarter ended December 31, 2001 over a net profit of Rs 34.3 crore in the same period last year. Consolidated revenues of NIIT during the quarter fell to Rs 175 crore as against Rs 303 crore in the same quarter last year, company officials said here today. The dismal performance of the company in the quarter was attributed to high depreciation costs of Rs 15.9 crore (Rs 10.8 crore) and a mismatch in the fall of income and expenditure. "Although our expenditure in the quarter has come down from the corresponding quarter, it is not to the extent of the fall in our revenues," said Mr Rajendra Pawar, Chairman of NIIT. NIIT cut its expenditure by about 16 per cent during the quarter, while its revenues fell by over 42 per cent. The high depreciation was charged on the fresh capacities created in the corresponding quarter. The revenues of NIIT Ltd stood at Rs 108.7 crore in the quarter as against Rs 155.81 in the same quarter the previous year, while net profit was down to Rs 3.46 crore over Rs 29.83 crore, a fall of 88 per cent. The software business of NIIT accounted for Rs 100.7 crore in the quarter, with the computer education business accounting for the balance. "We had fresh order intake of $18 million in the period, which was up by six per cent on a quarter-on-quarter basis. We have also added 18 new clients in the period," said Mr Arvind Thakur, Director and President of software business of NIIT. As far as the education business is concerned, the company witnessed more student enrolments in the quarter compared to the previous quarter (on a sequential basis). "The enrolments in the first quarter was 1.60 lakh as against 1.16 lakh in the previous quarter," said Mr P. Rajendran, Chief Operating Officer of NIIT.
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