NIIT Ltd Q2 net up 23% at Rs 16.1 cr

New Delhi, Oct 27: NIIT Ltd today posted a 23 per cent jump in net profit at Rs 16.1 crore in the Q2FY07 as against Rs 13.2 crore in Q2FY06.

For the second quarter ending September 30, 2006, NIIT Ltd registered net revenues of Rs 203.1 crore, up 64 per cent from Rs 124.1 crore in Q2FY06.

The global system-wide revenues stood at Rs 321.3 crore, representing a 66 per cent increase year-on-year (YoY) from Rs 194 crore in Q2FY06.

''The company posted an Operating Profit (EBITDA) of Rs 23.8 crore, representing a 36 per cent YoY growth as compared to Rs 17.5 crore in the corresponding quarter last year and have recorded a consolidated net profit of Rs 16.1 crore, a growth of 23 per cent YoY,'' NIIT Ltd CEO Vijay K Thadani told reporters here.

The company's individual business recorded a 46 per cent YoY growth in revenues, with GNIIT enrolments going up by 98 per cent.

Mr Thadani added that the China operations of the company recorded a 35 per cent growth in revenues during the quarter.

Element K, provider of e-learning solutions based in New York which the company acquired in August, contributed 26 per cent of the net revenues of the company, he added.

NIIT also launched three new businesses during the quarter as NIIT Imperia, NIIT Institute of Finance, Banking and Insurance (IFBI) and NIIT Litmus.

NIIT Imperia is a centre for Advanced Learning to provide Executive Management Education Programmes in association with Indian Institutes of Management at Ahmedabad, Kolkata and Hyderabad.

IFBI, with equity participation from ICICI Bank will prepare skilled professionals for the financial services sector and the company has initially set up centres in Delhi, Mumbai, Bangalore, Chennai, Kolkata and Hyderabad.

Similarly, NIIT Litmus which offers assessment and proficiency testing services for catalysing large scale-recruitment in the IT and ITes space have set up centres in Delhi, Mumbai, Chennai and Bangalore.

UNI