New Delhi, May 29 (PTI) Talent development company NIIT Ltd on Monday posted a consolidated loss of Rs 9.3 crore in the fourth quarter ended March 31, 2023.

The company had posted a net profit of Rs 67.37 crore in the same period a year ago.

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During the quarter, NIIT demerged Corporate Learning Business undertaking to NIIT Learning Systems Ltd (NLSL) with a composite scheme of arrangement becoming effective on May 24, 2023.

The financial performance of the company is not comparable to the previous period due to the demerger of Corporate Learning Business.

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The consolidated revenue from operations of NIIT during the reported quarter stood at Rs 60 crore.

"NIIT Group post the demerger, emerges as a stronger and more dynamic organization, unlocking growth and value for our customers, shareholders, and stakeholders. As talent builders for the nation, NIIT is poised to realize its true potential through the creation of two independently run businesses with significant growth capital," NIIT Group Chairman and Co-Founder Rajendra S Pawar said.

He said that NIIT earlier focussed on connecting people with computers but now it will broaden its approach and look for talent development across various sectors.

NIIT Limited, Vice Chairman & Managing Director, Vijay K Thadani said that the NLSL will also be listed in about 60-70 days.

NIIT had registered revenue from operations of Rs 811.87 crore in the March 2022 quarter, which was before the demerger of its corporate learning group.

For the year ended March 31, 2023, NIIT posted a profit of Rs 3.17 crore. The company had recorded a profit of Rs 226.19 crore a year ago.

The annual revenue from operations of NIIT Limited was Rs 341.25 crore during the financial year (FY) 2022-23. The company had reported revenue from operations of Rs 250.61 crore in FY 2022.

NIIT leadership separately announced the results of NLSL.

NLSL's consolidated profit stood at Rs 53.93 crore in the January-March quarter. The company had recorded a profit of Rs 54 crore in the same period a year ago.

The consolidated revenue from operations of NLSL during the reported quarter was Rs 385.68 crore.

For the year ended March 31, 2023, NLSL posted a profit of Rs 192.21 crore. The company had reported a profit of Rs 202 crore in FY 2022.

The annual revenue from operations of NLSL for FY'23 stood at Rs 1,361.78 crore. In FY22, NLSL had posted revenue from operations of Rs 1,132.32 crore.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)