NIIT Tech's profit soars by 95 percent

Thursday, 24 May 2007, 07:00 Hrs
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New Delhi:India's leading IT firm NIIT Technologies Ltd. Wednesday registered a 95 percent rise in its profit for the financial year 2006-07 at 1.29 billion.

The company's consolidated revenues for the year also zoomed at 8.85 billion, an increase of 46 percent compared to 6.07 billion in 2005-06.

The company also posted a robust growth for the quarter ending March 2007 with a whopping 139 percent increased in its profit at 459 million compared to 192 million during the same quarter last year.

NIIT Technologies also bagged orders worth $72 million in the last quarter of 2006-07 and recruited 249 people, taking its headcount to 4,448.

"The consistent all-round growth in revenues and profitability in all four quarters is a result of our single-minded focus on building strengths in the chosen verticals," said Arvind Thakur, chief executive of NIIT Technologies.

According to NIIT, Europe continued to provide maximum share of business, representing 50 percent of total revenues while the US improved its contribution to 32 percent and the rest 18 percent.

"Looking at the exceptional performance of the company, the board has recommended a maiden bonus of one equity share for every two equity shares held, in addition to an enhanced dividend of 65 percent on the existing capital," said Rajendra S. Pawar, chairman, NIIT Technologies.
Source: IANS
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