NIIT reports PAT at Rs 17.0cr

For the first quarter ending June 30, 2008, NIIT Limited, the leading Global Talent Corporation has recorded net revenue of Rs. 259.5 Cr, representing a 15% increase YoY. Operating Profit grew 29% to Rs. 18.7 Cr. The company reported Profit After Tax at Rs. 17.0 Cr versus Rs. 15.4 Cr recorded during the previous year.

NIIT Limited recorded 25% growth in global system-wide revenue, which stood at Rs. 366.4 Cr, for the quarter.

The results were taken on record at the meeting of the Board of Directors of NIIT Limited here today.

During the first quarter of FY 2008-09, NIIT launched NIIT Institute of Process Excellence-a JV with Genpact, to create talent pool for Business & Technology Services industry. The new company will offer programs in business processes, language skills and business communication, followed by other areas including finance and accounting, banking, insurance and supply chain management. NIIT Institute of Process Excellence programs are designed for students aspiring to build sustainable careers in the high growth business and technology services industry.

Commenting on the company's Q1 performance, Mr. Rajendra S. Pawar, Chairman, NIIT said, 'Our drive to develop global talent has been strengthened with launch of the JV with Genpact for the BPO sector'.

Overall Individual Learning Solutions enrollments crossed the 1,00,000 mark during the quarter.

Individual Learning Solutions in IT recorded growth in net revenue of 34% YoY backed by 28% growth in global career enrollments. During the quarter, NIIT expanded presence in key global markets including China and Africa.

India career enrollments grew by 25% driven by strong response from the graduates and engineers segments. In the domestic market, NIIT added 12 new centres in the quarter and expanded seat capacity by 15% YoY.

In China, NIIT set up state-of-the-art model training facilities in Tiandi Software Park in Dalian, and started its model learning centre in Chongqing. This took the overall tally of NIIT centres in China to 177 across 24 provinces.

According to Mr. Vijay K. Thadani, Chief Executive Officer, NIIT, 'Strong enrollments coupled with significant wins in schools and corporate learning solutions led to a record order intake of Rs. 500 Cr. Accelerating revenue growth resulted in operating profit improvement of 29%.'

Finance & Management Training (FMT) recorded 104% growth in net revenue. The FMT business extended its reach to 22 locations across the country, by setting up new state-of-the-art learning facilities in Jamshedpur, Ludhiana and Jaipur.

With the addition of two new executive management programs for family owned businesses and frontline managers, FMT has extended its offering to 22 programs and 6 partner institutes.

For the BFSI sector, FMT enhanced its offering in Insurance and Financial Planning taking the total to 6 programs while adding new banks as its partners.

School Learning Solutions show robust growth of 42% in net revenue driven by strong demand for its solutions from Government and Private schools. During the quarter, NIIT received mandate to provide computer aided education in more than 2,000 State Government Schools in Andhra Pradesh.

The company also received order extensions in Chattisgarh and Bihar. In private schools, NIIT has strengthened its offering with the launch of MathLab and Education Resource Planning Solutions for schools.

Mr. P. Rajendran, Chief Operating Officer, NIIT said, 'With new offerings and addition of a record 2,124 schools, School Learning Solutions has strengthened its leadership position.'

Fresh Order Intake crosses Rs. 500 Cr during the quarterThis included a fresh order intake of more than Rs. 200 Cr for IT and IT enabled education from schools and USD 39.2 million for its Corporate Learning Solutions.

ACKNOWLEDGEMENTS

• NIIT's innovative Smart Science Station-Computer Aided eXperience (CAX) kit was awarded 'Letter of Commendation' by UNESCO at its Annual Convention on 'Innovative Practices in ICT in Education'.
• NIIT received prestigious 'Digital Opportunity Award' at World Congress on IT (WCIT) 2008 for its path-breaking Hole-in-the-Wall Education initiative.
• In line with its commitment to harness talent pool from semi-urban India, NIIT laid the foundation of its second District Learning Centre (DLC) at Barkuhi, near Chhindwara, MP. This is NIIT's second DLC in the region. 

Sourced From: NIIT Limited