NIIT Q3 net up 30% at Rs 13.90 cr

New Delhi, Jan 21 (UNI) Country's leading IT trainer NIIT Ltd today said its net profit for the third quarter ended December 2007, increased 30 per cent to Rs 13.90 crore compared to Rs 10.70 crore in the corresponding quarter last year.

Its total income for the third quarter ended December 2007, increased six per cent to Rs 238.8 crore compared to Rs 225.1 crore in the same quarter last year.

In the same period, the company posted an operating profit (EBITDA) of Rs 22.8 crore, representing a 28 per cent growth year-on-year (Y-o-Y) and operating margin improvement of 164 basis points.

''The company's new businesses, IFBI and Imperia, grew 199 per cent demonstrating success of the Global Talent Development initiative,'' NIIT Chairman Rajendra S Pawar told reporters here.

For the last nine months ended December 2007, net revenue increased 36 per cent to Rs 734.4 crore as against Rs 538.4 crore during the corresponding period last year.

The net profit for the nine months ended December 31, 2007, stood at Rs 50.4 crore as compared to Rs 40 crore during the same period a year ago, registering a profit of 26 per cent.

''Individual learning solutions recorded a 30 per cent growth in net revenue year on year,'' said NIIT Ltd Chief Executive Officer Vijay K Thadani.

NIIT also partnered Adobe Systems Inc to offer specialised training programmes for web, mobile and interactive media space, across 32 countries.

''NIIT's 30 per cent growth in PAT was driven by strong growth in individual learning solutions and improved profitability of Element K (US),'' Mr Thadani said.

He said the exchange rate has affected the results by 15 per cent.

Element K made significant enhancements in the content library, which resulted in major wins, thus strengthening their position.

NIIT Institute of Finance Banking&Insurance has tied up with HDFC Bank and YES Bank to expand within the banking sector; implemented new programmes for the insurance sector in partnership with ICICI Prudential and with ICICI Securities for the financial services sector.

NIIT Imperia has tied up with Indian Institute of Foreign Trade to expand its offering in the Executive Management Education space.

Going beyond metros, these new business offerings are now available across 15 locations in 12 cities.

Recently, NIIT increased its presence in English language and employability training with the acquisition of Evolv as well as launch of the strategic alliance with ETS.

UNI SR SBA HT1928