NIIT Q4 net rises 107 percent

By siliconindia   |   Wednesday, 06 June 2007, 19:30 IST
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New Delhi: NIIT Ltd, an IT training company reported 107 percent rise in net profit for the fourth quarter ended March 31 at 171 Crore, and announced a bonus of one equity share for every two shares held. "The momentum created by new products, enhanced capacity better realizations contributed to the growth in the bottom line. Our order book of 533 crore is up 53 percent over last year. Close to 63 percent of this is executable over the next 12 months," Vijay K Thadani, the NIIT Chief Executive Officer, said. Net revenue at 256.6 crore grew by 123 percent over the corresponding period previous year. Revenue from the NIIT?s China operations grew 100 percent, and contributed 25 percent to the system wide revenue of individual business. For the full year, the net profit rose 43 percent at Rs 57.3 crore. The global system-wide revenue of NIIT stood at 1116.3 crore, up 65 percent over the previous year, while the net revenues at 795.1 crore represented a 76 percent year-on year jump. ElementK, the Rochester-based learning solutions company, acquired in August 2006, contributed 24 percent of the system-wide revenue and was EPS accretive for the year. Commenting on the impact of appreciating rupee on business, the NIIT Chairman, Rajendra S Pawar said, "We get effected adversely. Our international business would have taken an impact of 2.5 percent in revenue growth." The boards of directors of the company have recommended an enhanced dividend of 65 percent on the existing equity capital, and a bonus shares in the ratio of 1: 2. The board also recommended split of each equity share of 10 each into five equity shares of two rupees each.