Latest News | NIIT Q1 Net Profit Falls 14% to Rs 44.3 Cr

New Delhi, Jul 28 (PTI) NIIT Ltd on Thursday posted a 14 per cent drop in consolidated net profit to Rs 44.3 crore for the June quarter as earnings were affected by a Rs 10.5 crore reduction in treasury income year-on-year.

The net profit of the talent development company stood at Rs 51.4 crore in the quarter ended June 30, 2021.

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During the quarter, the company recorded net revenue of Rs 404.8 crore, up 34 per cent year-on-year and eight per cent on a sequential basis.

EBITDA or earnings before interest, taxes, depreciation and amortisation stood at Rs 74 crore, up five per cent year-on-year, and the EBITDA margin stood at 18.3 per cent, the company said in a statement.

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Profit After Tax was recorded at Rs 44.3 crore in the just concluded quarter, 14 per cent lower year-on-year.

"Q1 PAT affected by Rs 10.5 crore reduction in treasury income YoY, led by mark-to-market impact on fixed income MF investments," the company explained in a statement.

Vijay K Thadani, Vice Chairman and Managing Director of NIIT Ltd, said, "In face of increasing global uncertainty and rapid macro-economic changes, NIIT continued its growth momentum resulting in a strong revenue growth of 8 per cent QoQ (quarter-on-quarter) and 34 per cent (year-on-year)".

Its Corporate Learning Group (CLG) recorded net revenue of Rs 312.5 crore, up 18 per cent year-on-year and six per cent sequentially.

CLG added 4 new MTS (Managed Training Services) customer contracts as well as one contract expansion and one contract renewal during the quarter. The revenue visibility for CLG, at the end of the quarter, was USD 304 million. The total number of MTS customers stands at 68, it said.

The Skills and Careers Group (SNC) posted net revenue of Rs 92.3 crore during Q1, up 145 per cent year-on-year and 16 per cent quarter-on-quarter.

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