NIIT Q4 net falls 21% to Rs 20 cr

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Skills and talent development company NIIT Ltd today said its consolidated net profit declined by about 21 per cent to Rs 19.7 crore for the fourth quarter ended March 2018. The net profit is lower compared to Rs 25 crore in the year-ago period as there was the positive impact of a ‘one-time component in associate profit’ in that quarter, the company said.

Its revenue, however, increased by 6 per cent to Rs 222.8 crore in January-March of 2017-18 compared to Rs 209.4 crore in the year-ago period, NIIT said in a statement. For the full year, net profit grew 53 per cent to Rs 62.5 crore, while revenue was up marginally year-on-year to Rs 850.5 crore in 2017-18.

The company said its cash management was robust with net debt reducing to Rs 40.1 crore, including acquisition related cash outflows. “FY18 saw robust profitability, with PAT growing 53 per cent y-o-y. EBITDA grew 22 per cent y-o-y in Q4, on the back of the Corporate Learning Group (CLG) delivering a strong revenue growth of 28 per cent y-o-y during the quarter,” NIIT Ltd CEO Sapnesh Lalla said.

CLG now forms 65 per cent of NIIT revenue, showcasing strong performance and a higher growth trajectory, he added. CLG recorded revenues of Rs 145.1 crore, up 28 per cent y-o-y during the fourth quarter. It signed five managed training services (MTS) contracts in the said quarter, including three new customers, taking the total number of MTS customers to 39.

The company’s Skills Careers Business recorded Q4 net revenue of Rs 58.4 crore. MindChampion Learning Systems Ltd (MLSL) registered net revenue of Rs 17.6 crore during the quarter. At the end of March 2018, the company had 2,475 employees.

Source: The Hindu