"The global environment deteriorated dramatically in the second half of FY 2008-09 with a significant impact in the last quarter. Top clients in our major industry segments cut back in their spending during the quarter," said Arvind Thakur, CEO of NIIT Technologies.
During the fourth quarter the company experienced hedging losses at Rs 22 cr. Apart from the currency fluctuations, forex losses had adversely affected the the revenues of the company by pulling it down up to 9 per cent.
"The rupee further depreciated during the quarter against dollar resulting in reduction in revenue of Rs 22.1 cr due to crystallisation of effective hedges," Thakur added.
The IT firm's profit after tax was at Rs 31 cr while its revenues stood at Rs 227 crore for the fourth quarter, which is 9 per cent decrease from Rs 248.5 cr of the previous year's corresponding quarter.
India's software-service firms that have only seen advancement till now have been affected by the global economic crises and the recession in the United States.