Talent development company NIIT declared a three-fold increase in its net profits to Rs 7.75 crore for the June 2024 quarter, up from Rs. 2.18 crore in the same period last year. For the quarter under review, revenue from the operations reached Rs 82.47 crore, a 31.86 % increase from Rs 62.54 crore in the same quarter of last fiscal year. Successfully, revenue grew by 10.93%, Although Net Profit declined by 30.5%.
"The growth was driven by expansion in the number of customers across private banks, GCCs, Tier II GSIs and large Indian enterprises. All round growth in the business led by 94 per cent YoY growth in BFSI and other programmes and technology programmes up 13 per cent YoY. BFSI & other programmes contributed 34 percent of revenue in the quarter," the company said in a statement.
Vijay K Thadani, Vice Chairman and Managing Director, NIIT, during the firm’s income press conference, said that income is in euphony with suppositions and is glad with the retrieval in the business contempt in the demanding environment.
"Revenue is in line with our expectations, coming from a time when we had hit an all-time low with a freeze in technology hiring. The company has done a major pivot of moving its focus from GSIs, and moving from fresher training to working professional training in technology, and simultaneously increasing its focus on BFSI. All four large private banks are getting their training needs fulfilled from NIIT..." he said. 94% year on year growth by the revenue in BFSI, he further added
"The BFSI part has grown exceedingly well over the last few quarters, and this time it registered 94 percent y-o-y growth," Thadani said, after many breaks the technological program is showing positive growths. The company expects its expenditure to further improve the growth for the firm with green shoots available in IT hiring, he added.
"Now that the hiring is returning in large, tier-1 GSIs, and GCCs are also increasing their spend, I think this is a positive momentum which will help us, and the pivot that we did three quarters ago would sit on top of that and provide us a lot of opportunities for growth," he said.
The company replaced Sapnesh Lalla who continues to serve as non-executive director at NIIT limited and remains CEO of NIIT Learning Systems NIIT MTS), where Pankaj Prabhakar Jathar has been appointed as the New Chief Executive Officer (CEO). NIIT profit settled at Rs 124.75 a piece on the BSE on Friday, up 3.06 percent from the last close.
