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Talent and skills development company NIIT today said its consolidated net profit jumped 350 per cent to Rs 19.7 crore for the quarter ended December 31, 2017 on the back of strong growth in corporate learning business. The net profit stood at Rs 4.4 crore in the year-ago period.
The company's net revenue was up 4 per cent at Rs 209.4 crore in the third quarter of 2017-18 from Rs 202 crore in the year-ago period.
“A robust and continuing growth in Corporate Learning Group (CLG) coupled with strong operational controls in other businesses resulted in 8 per cent year-on-year growth in go forward business in constant currency terms, and a 69 per cent y-o-y growth in EBITDA, despite it being the weakest seasonal quarter,” NIIT CEO Sapnesh Lalla said.
CLG recorded a net revenue of Rs 129.4 crore during the quarter, up 14 year-on-year in constant currency terms. Skills and Careers Group (SNC) recorded a net revenue of Rs 69.1 crore, while MindChampion Learning Systems (MLSL) posted a net revenue of Rs 9.2 crore during the quarter.
The company renewed a marquee MTS contract, resulting in a revenue visibility of $199 million. At the end of December 2017 quarter, NIIT had 3,741 employees. The company shares were trading down by 0.87 per cent at Rs 108.50 on the BSE.
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