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Net revenue up 123%; 1:2 bonus issue announced

STRONG GROWTH: Mr Rajendra S. Pawar (right), Chairman, NIIT, and Mr Vijay K. Thadani, CEO, at a press conference in the Capital on Tuesday. — Kamal Narang

New Delhi June 5 IT training company NIIT Ltd on Tuesday posted 107 per cent rise in net profit for the fourth quarter ended March 31 at Rs 17.1 crore, and announced a bonus of one equity share for every two shares held.

"The momentum created by new products, enhanced capacity and better realisations contributed to the growth in the bottomline. Our order book of Rs 533 crore, is up 53 per cent over last year. Close to 63 per cent of this is executable over the next 12 months," the NIIT Chief Executive Officer, Mr Vijay K. Thadani, said.

Net revenue at Rs 256.6 crore was up 123 per cent over the corresponding period previous year. Revenue from the NIIT's China operations grew 100 per cent, and contributed 25 per cent to the system-wide revenue of individual business. For the full year, the net profit rose 43 per cent at Rs 57.3 crore, leading to a basic EPS of Rs 29.5. The global system-wide revenue of NIIT stood at Rs 1116.3 crore, up 65 per cent over the previous year, while the net revenues at Rs 795.1 crore represented a 76 per cent year-on-year jump.

ElementK, the Rochester-based learning solutions company, acquired in August 2006, contributed 24 per cent of the system-wide revenue and was EPS accretive for the year.

Commenting on the impact of appreciating rupee on business, the NIIT Chairman, Mr Rajendra S. Pawar, said, "We get effected adversely. Our international business would have taken an impact of 2.5 per cent in revenue growth."

The board of directors of the company have recommended an enhanced dividend of 65 per cent on the existing equity capital, and a bonus of one equity share for every two shares held. The board also recommended split of each equity share of Rs 10 each into five equity shares of Rs 2 each.

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