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NIIT reports Q1 result, revenue up by 21.8 percent
By siliconindia
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Tuesday, 20 July 2010, 23:55 IST
Bangalore: NIIT Technologies has reported consolidated revenues of 
291.4 Crore for its first quarter result for the quarter ended June 30, 2010. The revenue has increased up to 21.8 percent over the previous quarter.
NIIT's operating profit for this quarter was 54.1 Crore while Profit After Tax stood at 40.8 Crore. "Strong growth came on the back of a significant intake of fresh orders in the last quarter," said Arvind Thakur, CEO, NIIT Technologies. He further added that there was all round sequential growth in each vertical segment.
NIIT accrued maximum revenues during the quarter in the domestic market with the execution of a major turnkey project for BSF. For the purpose of subsequent revenue analysis bought out elements in the project are excluded. Revenues excluding BSF bought out saw share from India increase to 16 percent. Business in the US also experienced sequential growth increasing its revenue share to 36 percent, while EMEA declined to 35 percent on account of lower realization as a result of weakening currencies in Europe even as volumes grew.
All major verticals experienced sequential growth with BFSI contributing to 42 percent of revenues, Travel & Transport to 30 percent and Manufacturing/Distribution to 10 percent. Government revenues expanded the most representing 9 percent of revenues on the back of execution for BSF and support to the APDRP program.
NIIT's net profits has increased more than doubled improving by 131.6 percent over the same period last year to 40.8 crore but declined over previous quarter due to increased provisions for tax on account of higher domestic revenue.
During the quarter the company partnered with Hitachi Information Systems to leverage their infrastructure to jointly launch Cloud Computing services.
291.4 Crore for its first quarter result for the quarter ended June 30, 2010. The revenue has increased up to 21.8 percent over the previous quarter.
NIIT's operating profit for this quarter was 54.1 Crore while Profit After Tax stood at 40.8 Crore. "Strong growth came on the back of a significant intake of fresh orders in the last quarter," said Arvind Thakur, CEO, NIIT Technologies. He further added that there was all round sequential growth in each vertical segment.
NIIT accrued maximum revenues during the quarter in the domestic market with the execution of a major turnkey project for BSF. For the purpose of subsequent revenue analysis bought out elements in the project are excluded. Revenues excluding BSF bought out saw share from India increase to 16 percent. Business in the US also experienced sequential growth increasing its revenue share to 36 percent, while EMEA declined to 35 percent on account of lower realization as a result of weakening currencies in Europe even as volumes grew.
All major verticals experienced sequential growth with BFSI contributing to 42 percent of revenues, Travel & Transport to 30 percent and Manufacturing/Distribution to 10 percent. Government revenues expanded the most representing 9 percent of revenues on the back of execution for BSF and support to the APDRP program.
NIIT's net profits has increased more than doubled improving by 131.6 percent over the same period last year to 40.8 crore but declined over previous quarter due to increased provisions for tax on account of higher domestic revenue.
During the quarter the company partnered with Hitachi Information Systems to leverage their infrastructure to jointly launch Cloud Computing services.