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NIIT Q4 profit static, 12% increase in FY06 profit, dividend at 60%

Written by: Staff
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New Delhi, June 29 (UNI) NIIT, leader of IT and IT-assisted training, today registered a static performance in its fourth quarter ending March, 2006, with net profit for the period at a mere Rs 8.3 crore, as against Rs 8.2 crore for the corresponding quarter last year.

The company, however reported a 12 per cent increase in its net profit at Rs 40.1 crore for the year ending March 31, 2006, as against Rs 35.6 crore for the same peiod last year.

The Board of Directors has recommended a dividend of 60 per cent, against 55% last year.

''The Q4 profit can be attributed to below the line adjustments including taxations like FBT and depreciation. However, we have aggressive growth plans this year and our focus will be on leveraging our partnerships with technology majors, among them Intel, Sun and Microsoft, to enhance our offering to students,'' NIIT CEO Vijay K Thadani said.

The company also revealed the name of the consumer durable major (Philips) from which it had received a ''multi-million dollar order'' from in the last quarter.

''We have been training the administration team of Philips worldwide since last quarter, and are under a multi-year contract with them beginning with 2 years,'' Mr Thadani said.

NIIT had announced the contract last quarter but revealed the name of the company today.

Under the initiative, NIIT will train employees of Philips, and provide them with content and specific territories, hosted and managed centrally, for the operations worldwide. ''We will function from Europe, Delhi, US, depending on where the servers are located,'' Mr Thadani said.

The company also unveiled its plans of entering the service sector, including banking, Insurance, Finance and Mananagement.

The global systemwide revenues of NIIT and its subsidiaries grew 12 per cent to reach over Rs 711 crore, while net revenues reached over Rs 450 crore. The company's individual learning business grew 22 per cent.

The company's corporate solutions business reported a fresh order intake of around 210 crore, while the institutional business had a fresh order intake of around Rs 132 crore.

''We will be closing the year with an order book of 134 crore for the corporate solutions business, and the institutional business pending order book is 165 crore, of which 87 crore will be completed by the year-end,'' Mr Thadani said.

NIIT reported a 124 per cent increase in job placements over the previous financial year at 24, 000 students. Its China business grew by over 26 per cent, contributing 19 per cent of its total individual business.

NIIT offers learning and knowledge solutions in over 30 countries.

UNI RA CS GC1937

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