NIIT Q3 net profit dips 1.5% to Rs 19.4 crore

Skills and talent development firm NIIT Ltd on Thursday said its consolidated net profit has declined 1.5 per cent to Rs 19.4 crore in the December 2018 quarter, owing to adverse forex impact. The company had posted a net profit of Rs 19.7 crore in October-December 2017, NIIT said in a statement.

The company said it saw an adverse foreign exchange (forex) impact of Rs 5.2 crore in the quarter under review, "predominantly due to restatement of receivables".

Its consolidated net revenue grew 8.7 per cent to Rs 227.8 crore in the reported quarter from Rs 209.4 crore in the year-ago period.

"We have raised overall growth and profit trajectory with both large businesses building momentum on key parameters," NIIT Vice-Chairman and Managing Director Vijay K Thadani said.

He added that NIIT's Corporate Learning business (CLG) has grown 25 per cent year-on-year to Rs 161.4 crore with a stable operating margin.

CLG's focus on Life Sciences resulted in signing of two multi-year Managed Training Services contracts in this space during the quarter, NIIT said.

The Skills and Careers Group (SNC) recorded net revenue of Rs 63.4 crore in the third quarter of FY19. During the quarter, the company appointed Bimaljeet Singh Bhasin as the president of SNC's India operations.

Singh will be responsible for driving this vertical that focuses on providing career-related learning and talent development programmes to individuals and enterprises in India, the statement said.