The Telegraph
Wednesday , January 15 , 2014
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NIIT profit declines

New Delhi, Jan. 14 (PTI): IT solutions company NIIT Technologies today posted a 5.3 per cent decline in consolidated net profit at Rs 53.1 crore for the third quarter ended December against Rs 56 crore in the year-ago period.

Consolidated revenues rose 14.2 per cent to Rs 587.3 crore in the October-December quarter compared with Rs 514.4 crore in the same quarter of 2012-13.

NIIT Technologies also announced that it secured a large $300-million deal with a 10-year period from a US-based client in the BFSI segment.

On the performance, NIIT Technologies CEO and joint managing director Arvind Thakur said, “Strong growth in western markets, particularly in the US, contributed to the sequential growth in services.”

Growth in the US was driven by expansion of business in the BFSI segment, he added.

On the decline in net profit, NIIT Technologies chief financial officer Pratibha Advani said, “There was a loss in other income as a result of revaluation of foreign currency assets and liabilities because of period end exchange difference resulting in a decline in net profits.”

NIIT Technologies chairman Rajendra Pawar said the $300-million deal included renewal and vendor consolidation with respect to maintenance support and operation around the client’s existing platform as well as major contribution to the development and implementation of its new platform.