NIIT Tech Q4 net falls 8% YoY to Rs 46.2 cr
IT solutions provider NIIT Technologies' fourth quarter net profit declined 8% from a year ago to Rs 46.2 crore as the rupee appreciation against major currencies hurt.
Moneycontrol Bureau
IT solutions provider NIIT Technologies' fourth quarter net profit declined 8% from a year ago to Rs 46.2 crore as the rupee appreciation against major currencies hurt.The company's revenue in the Jan-March quarter, meanwhile, rose 41% year-on-year to Rs 443.5 crore.Sequentially the profit was down 28%.NIIT Tech said operating margins over the three-month period declined quarter-on-quarter by 122 bps to 16.8% as a result of the rupee appreciation."In the last quarter there was a substantial increase in other income on account of the rupee depreciating. This quarter the rupee has appreciated against major currencies, particularly the dollar and more significantly against the Euro as well as the Pound. So the impact of that has been that the other income, which was very positive in the last quarter, has turned negative in this quarter and that has contributed to the sequential decline in net profits," CEO Arvind Thakur told CNBC-TV18. In Jan-March, US and EMEA (Europe, Middle East and Africa) operations contributed to 37% each of the total revenue, while the revenue share from APAC (Asia Pacific) and India stood at 13% each, NIIT Tech said.It got fresh orders worth USD 92 million in the quarter and added 4 clients.The company now has orders of USD 243 million executable over the next 12 months, up 44% from a year ago.NIIT Tech added 384 people in the fourth quarter and now has a total headcount of 7,362 employees. NIIT Tech shares closed down 5.6% at Rs 250.55 on NSE. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
