The Hindu Business Line : NIIT Tech listing by Sept likely

NIIT Ltd has reported a net profit of Rs 45.75 crore for the 18-month period ended March 31, 2004, while its income from operations stood at Rs 437.63 crore.

This represents both NIIT's IT training and global solutions business between October 2002 and March 2003 and its IT training business alone from April 2003 to March 2004.

NIIT Ltd's global solutions business was demerged into a separate entity called NIIT Technologies Ltd (NTL) with the appointed date of April 1, 2003.

NTL expects to be listed on bourses by August-September this year.

"NTL is still to be listed and we hope the listing will happen in August- September timeframe," NIIT Group Chairman, Mr Pawar, said.

For the quarter ended March 2004, NIIT Ltd's net profit was Rs 32.44 crore, with income from operations at Rs 69.90 crore.

In the corresponding period the previous year, NIIT Ltd's net profit was Rs 6.36 crore although this was inclusive of software business.

"The current period financials are post-demerger of NIIT's global solutions business into NIIT Technologies Ltd and retention of the global education business in demerged NIIT Ltd, and are hence, not comparable with the previous period," Mr Pawar, told a news conference here.

In its first financial year ended March 31, 2004, NTL registered consolidated revenues of Rs 484.5 crore from operations. During the same period, it also reported an operating profit of Rs 70.5 crore and net profit of Rs 34.47 crore.