IT solutions provider NIIT Technologies has reported a 14.3 per cent dip in consolidated net profit for the fourth quarter ended March 2018 at ₹86 crore against ₹100 crore for the same quarter in 2017.
The company’s consolidated revenue grew 5.9 per cent for the quarter at ₹788.8 crore against ₹744.7 crore for the same quarter in the previous fiscal.
For the quarter ended March 2018, BFSI vertical grew 5.4 per cent contributing to 44 per cent of total revenues. Revenues from Travel and Transportation segment remained flat and accounts for 26 per cent of the total revenue.
Revenues from Americas and EMEA (Europe, Middle East and Africa) increased 9.1 per cent and 8.5 per cent at ₹378.8 crore and ₹252.5 crore, respectively, during the quarter compared to the corresponding quarter last year.
“We continue to be very aggressive in the market and focused on driving growth. Sequential growth of 4.3 per cent during the quarter came on the back of growth in the BFSI vertical and significant expansion in EMEA region,” said Sudhir Singh, Chief Executive Officer, NIIT Technologies Ltd, in a press statement.
Full-year profit up 12%
For the year ended March 2018, the company registered a net profit of ₹280 crore, up 12 per cent from ₹250 crore for the fiscal year 2017. Revenues grew 6.8 per cent from ₹2,802 crore to ₹2,991 crore. The board recommended a dividend of ₹15 per share of ₹10 each.
“The year was characterised by strong deal momentum. Order intake improved steadily in each quarter with increased large deal wins and new logo additions,” said Arvind Thakur, Vice-Chairman and Managing Director, NIIT Technologies Ltd, in the statement. Around $507 million of fresh business was secured during the year which included seven large deals, he added.
The company had inducted Sudhir Singh as the new CEO in January 2018 and many new leaders were added from Tier 1 organisations to drive growth. It is sharpening focus on its key industry segments and strengthening capabilities in emerging technologies with new growth vectors around Digital Experience and Cloud & Data. Digital business grew 27 per cent during the year contributing to 24 per cent of overall revenues.
“The demand landscape in the markets we serve is positive and with new leadership in place the platform is set for our next phase of growth”, said Rajendra S Pawar, Chairman, NIIT Technologies, in the statement.