Financial Daily from THE HINDU group of publications
Saturday, Jan 22, 2005
Financial Daily from THE HINDU group of publications Saturday, Jan 22, 2005 |
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Corporate Results
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IT Training Info-Tech - Financial Performance NIIT to issue $10-m bonds to Intel Capital Our Bureau
New Delhi , Jan. 21 IT training company NIIT Ltd has registered a net profit of Rs 4.8 crore in the third quarter ended December 31 as against a loss of Rs 11.6 crore in the year-ago period. The company also announced that it would issue $10 million (around Rs 43.6 crore) foreign currency convertible bonds to Intel Capital. "The instrument was attractive to us due to the low interest on dollar and weak dollar," Mr Vijay K. Thadani, CEO of NIIT, said at a news conference here. Intel Capital is the investment arm of California-based chip giant Intel. Commenting on the expansion plans of NIIT, Mr Thadani said, "The entire money will be used for domestic and international expansion. We are setting up a 500-seater knowledge solutions business in Delhi and Gurgaon besides reorganising our offices." Turnaround: Meanwhile, NIIT Ltd has posted net profit of Rs 4.8 crore during the quarter ended December 31 as against a loss of Rs 11.6 crore in the year-ago period, despite the third quarter being "off-season". "The quarter has seen a real turnaround for education, as the volumes have built up and we have been able to manage seasonality better," he said. For the third quarter, NIIT Ltd and its subsidiaries reported consolidated operating profit of Rs 9.2 crore compared to a loss of Rs 20 lakh reported in the same quarter last year. The nine-month operating profit of Rs 36.1 crore is up 145 per cent year on year.
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