Business Daily from THE HINDU group of publications
Thursday, Jul 20, 2006
Business Daily from THE HINDU group of publications Thursday, Jul 20, 2006 |
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Info-Tech
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Financial Performance Corporate Results - Software NIIT Tech profit rises 56 pc to Rs 21.8 cr Our Bureau
Surging ahead Europe accounted for 46 pc of total revenues. Four significant customers added in areas of focus. Revenues from ROOM supplemented 27 pc y-o-y growth.
New Delhi , July 19 NIIT Technologies Ltd on Wednesday reported 56 per cent increase in net profit to Rs 21.8 crore for the quarter ended June 2006. Consolidated revenues during the period touched Rs 191 crore, compared to Rs 136.5 crore in the corresponding previous period. EPS for the period stood at Rs 5.64. IT solutions contributed Rs 179 crore to consolidated revenues, making up 94 per cent of the total figure, while the business process management business brought in Rs 12.1 crore.
Overseas contribution
Europe continued to account for the maximum share of NIIT's business, representing 46 per cent of total revenues. The Americas contributed 34 per cent of overall revenues during the quarter. "We added four significant customers in our areas of focus and expanded business with a transportation customer through an intake of over $20 million during the quarter," said Mr Arvind Thakur, CEO. Leading the growth in the target verticals was the banking and financial services practice, which grew at 60 per cent over the previous year's numbers. Transportation was next with 38 per cent growth, while retail and manufacturing grew 20 per cent. In a bid to sharpen its differentiation in the insurance space, NIIT had acquired the UK-based insurance solutions provider ROOM Solutions in May this year. Revenues from that company also began accruing to NIIT in the quarter - with effect from May 8. "Additional revenues from ROOM Solutions supplemented the 27 per cent year-on-year organic growth witnessed in the quarter," said Mr Rajendra S. Pawar, Chairman. The company added 305 people during the quarter, taking the total number of employees to 3,848.
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