NIIT Technologies on Tuesday reported a consolidated net loss of ₹17.5 crore for the fourth quarter ended March 31, 2015, compared with a net profit of ₹61.9 crore in the year-ago period.

The company said a dispute had arisen between one of its subsidiaries and its client in the Asia-Pacific region during the quarter that led to a financial impact of ₹80 crore, which was reflected as an exceptional expense. The dispute was resolved after concluding a settlement, it added.

However, the company reported a consolidated revenue of ₹611.2 crore during the quarter, up 4 per cent, compared with ₹588.5 crore in January-March 2014.

“Robust growth in the US contributed to strong sequential growth during the quarter,” Arvind Thakur, Chief Executive Officer, NIIT Technologies, said.

“Cross currency headwinds in Europe impacted reported revenues. In constant currency, revenues expanded 3.3 per cent sequentially," he added.

Business in the US grew 3.8 per cent contributing to 44 per cent of the overall revenues during the quarter.

New orders The company said fresh orders of $89 million were secured during the quarter leading to $295 million worth of orders executable over the next 12 months.

NIIT Technologies added 435 people during the quarter taking its total headcount to 8,494.

The company also announced its foray into digital integration by signing definitive agreements with global business process management company Incessant Technologies to acquire 51 per cent stake in it.

Incessant automates and integrates back-end systems with a digital front-end and currently has more than 300 consultants who are certified practitioners. It has over 20 clients and partnerships with platform providers such as Pegasystems and Appian.

NIIT Technologies’ shares closed at ₹401.80 on the BSE on Tuesday, up 12.20 per cent from previous close.

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