The company also signed letter of intent (LOI) with four new customers and expect some to result into contracts shortly, said Sapnesh Lalla, CEO, NIIT.
NIIT Limited reported good set of third quarter earnings. Net profit was up at Rs 19.7 crore versus Rs 4.4 crore year of year (YoY) and revenues were up 4 percent at Rs 209.4 crore versus Rs 202 crore YoY.
The YoY EBITDA was also up 69 percent at Rs 18.4 crore versus 10.9 crore and EBITDA margins came in at 8.8 percent versus 5.4 percent.
Sharing further details of the numbers, Sapnesh Lalla, CEO, NIIT said all the business segments performed well, even skills business for whom Q3 is seasonally a weak quarter performed well by staying flat than reporting a degrowth. So, overall Q3 was a healthy quarter in spite of seasonably it being a weak quarter, said Lalla.
When asked if they plan to monetise their stake in NIIT Tech, he said it was for the board to decide but with respect to other M&A activity, he said.
NIIT's acquisition of Eagle Productivity Solutions, USA is a great opportunity for the company and help them strengthen their ability to rollout enterprise applications across pharma and life sciences customers.
Moreover, he said the Corporate Learning Solutions renewed one of their largest customer Shell for additional five years. The company also signed letter of intent (LOI) with four new customers and expect some to result into contracts shortly.Therefore, the overall visibility grew to USD 199 million.