Tuesday, October 19, 2010

NIIT Technologies reports on robust growth

NIIT Technologies Limited, pioneer IT solutions organization, on road to continue its growth momentum with its second quarter result for the quarter ended 30th September, 2010, showing consolidated revenues of Rs.324.6 Crores, up 11.4% over the previous quarter.

Operating Profits stood at Rs.59.3 Crores and Profit After Tax at Rs.43.5 Crores.

“We experienced all round sequential growth from all geographies and in every industry segment of focus”, said Mr. Arvind Thakur, CEO, NIIT Technologies Ltd. “Revenues grew 43% over the same period last year” added Mr. Thakur.

It may be recollected that the Company initiated a major turnkey project for the Border Security Force (BSF) in India in the last quarter. As the project requires provisioning for infrastructure significant hardware; components were delivered as part of the engagement during the quarter. For the purpose of subsequent revenue analysis, bought out elements in the project have been excluded.
Revenues excluding BSF bought outs stood at Rs.270.9 Crores up 19.7% YoY, representing a sequential growth of 9.9%. Revenue share from each geography remained unchanged representing an all round sequential growth in every region serviced by the Company. US contributed to 36% of revenues, EMEA to 35%, APAC 13%, and India 16%.
There was all round sequential growth in each vertical segment as well. BFSI contributing to 42% of the total revenue share, Travel & Transport increased its share to 31%; while Manufacturing/Distribution was at 10%. Government revenues stood at 9% of the mix.
60m USD of fresh order intake, including addition of three significant customers; two in Travel and one in Insurance space, has resulted in an order book executable over the next 12 months of 141m USD.
“Existing customers deepened their engagements resulting in 409 net additions to staff during the quarter, the highest ever in any single quarter for the Company”, said Mr. Rajendra S Pawar, Chairman, NIIT Technologies Ltd.
To support its growing workforce which now stands at 4994 people, the Company has instituted many innovative HR practices. The American Society for Training and Development (ASTD) ranked NIIT Technologies Limited at number 3 globally in the 2010 ASTD ‘BEST’ Awards. BEST Awards recognize organizations that demonstrate enterprise-wide success through employee learning and development.
Net Profits increase 36% over same period last year
» Consolidated Revenues at Rs.324.6 Crores, up 11.4% QoQ
» Operating Profits at Rs.59.3 Crores, up 9.7% QoQ
» Profit After Tax at Rs.43.5 Crores up 6.6% QoQ

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