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1:2 bonus declared; dividend enhanced to 65%

BONUS TIME: Mr Rajendra S. Pawar (left), Chairman, NIIT Technologies, and Mr Arvind Thakur, CEO, at a press conference in New Delhi on Wednesday. — Shanker Chakravarty

New Delhi May 23 NIIT Technologies on Wednesday reported a net profit of Rs 45.9 crore for the quarter ended March 31, 2007 as compared to Rs 19.2 crore, for the corresponding quarter of the previous year. The company's revenues rose by 47 per cent to Rs 243.5 crore (Rs 166.2 crore).

The board has recommended a bonus issue of one equity share for every two shares held, in addition to an enhanced dividend of 65 per cent for the year 2006-07.

"During the quarter, the company increased its order intake by $72 million. We also increased the head count by 249 people taking it to total of 4,448," said Mr Arvind Thakur, CEO. He said the IT solutions business contributed Rs 228.3 crore and Business Process Management the remaining Rs 15.2 crore.

The operating profit increased to 53.4 per cent (33.2 per cent), an increase of 61 per cent.

For the year ended March 31, 2007, the company recorded a 95 per cent increase in net profit to Rs 129.2 crore (Rs 66.3 crore). Consolidated revenues stood at Rs 885.9 crore (Rs 607.5 crore), up by 46 per cent. "We have not had any significant impact on our margins due to rupee appreciation, since US contributes 32 per cent of our revenues as compared to Europe that accounts for 50 per cent of our total revenues," said Mr Thakur.

More Stories on : Financial Performance | Bonus Announcements | Software

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