New Delhi, April 17: NIIT Ltd today registered a 216 per cent jump in net profit at Rs 6.4 crore during the second quarter of the financial year 2003. However, its revenues for the quarter remained static at Rs 89.4 crore.
The company’s global revenue for the quarter registered a rise of 14 per cent at Rs 126.2 crore with infotech services contributing 58 per cent of the revenue at Rs 119.8 crore and the education business providing Rs 90 crore.
Commenting on the performance, NIIT chairman Rajendra S. Pawar said, “We achieved steady growth in line with our projections, as a consequence of strategies implemented by us last year.”
According to Vijay K. Thadani, chief executive officer of NIIT, “Our two acquisitions last quarter — CognitiveArts and eGurucool — substantially enhanced the depth and width of our capability in the Corporate Knowledge Solutions (in NIIT Technologies) and IT-assisted education space (in NIIT Education).”
“Both businesses grew on a quarter-on-quarter and year-on-year basis. An increase in revenues coupled with tight control on costs led to a margin improvement,” Thadani said.