Moneycontrol Bureau
NIIT Technologies' first quarter (April-June) consolidated net profit plunged 63.8 percent to Rs 28.6 crore compared with Rs 79 crore in preceding period, impacted by provision for government contract.
"Exceptional item stood at Rs 36.1 crore on account of provision for all amounts outstanding in respect of a government contract where the program has been put on hold to resolve project issues," the company said in its filing.
Total income from operations fell 2 percent sequentially to Rs 670.7 crore in the quarter ended June 2016 on account of seasonality in domestic GIS business, Arvind Thakur, CEO and joint MD said.
Operating profit (earnings before interest, tax, depreciation and amortisation) slipped 19.5 percent quarter-on-quarter to Rs 101.5 crore and margin contracted by 330 basis points to 15.1 percent in Q1.
"Order intake during the quarter was USD 101 million resulting in USD 307 million of order book executable over the next 12 months," Sudhir Chaturvedi, COO, NIIT Tech said.
The company added four new customers in Q1.
At 15:16 hours IST, the scrip of NIIT Technologies was quoting at Rs 472, down Rs 26.20, or 5.26 percent amid high volumes on the Bombay Stock Exchange. It also touched a 52-week low of Rs 456.Posted by Sunil Shankar Matkar
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