The Hindu Business Line : NIIT Q3 net rises 30% on growth of individual learning segment

Element K also helps: Mr Vijay K. Thadani (left), CEO, NIIT; Mr Rajendra S Pawar, Chairman; and Mr P. Rajendran, COO, at a press conference, in the Capital on Monday. -

Our Bureau

New Delhi, Jan 21 NIIT Ltd on Monday posted a 30 per cent year-on-year rise in net profit during the third quarter ended December 2007 to Rs 13.9 crore, bucking a seasonally weak quarter for education segment. The growth in PAT was driven by strong growth in individual learning segment and improved profitability of US-based Element K.

The net revenue at Rs 238.8 crore was up 6 per cent over Rs 225.1 crore in the year-ago period. “If the currency had remained at similar levels, the revenue would have grown 14 per cent. However, we have been able to protect the currency impact on the bottomline. We typically hedge 12-18 months and this quarter we have seen substantial currency gains,” Mr Vijay K Thadani, CEO, NIIT, said at a conference here.

The company posted an operating profit (EBITDA) of Rs 22.8 crore, representing a 28 per cent growth year-on-year and an operating margin improvement of 164 basis points. NIIT’s new businesses — IFBI and Imperia — grew 199 per cent during the quarter.

NIIT’s corporate learning division added 10 new customers across the US, Europe and India, and an order intake of $39 million which represents a 37-per cent growth over the last quarter. “The individual learning solutions recorded a 30-per cent growth in net revenue year on year, with global enrolment growth at 28 per cent. In the same period, India career enrolments growth was 29 per cent year on year and China enrolments were up 56 per cent,” the NIIT Chairman, Mr Rajendra S Pawar, said.

Strong order intake of Rs 28.3 crore in school learning solutions was driven by successful launch of a range of new offerings, Mr P Rajendran, COO of NIIT, said. Non-Government school revenue grew 22 per cent year-on-year with addition of 79 schools.

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