Noida: NIIT Technologies Limited (NSE: NIITTECH), a leading global IT solutions organization, today announced its financial results for the quarter ended in June 30, 2017 with revenue increasing by 5.7% over same period last year to 708.9 Crores. Operating Profits expanded by 9.1% YoY to 110.8 Crores and Profit after Tax jumped 79.5% to 51.3 Crores.
In the previous quarter the company had concluded the consultation process for a government client where a project was put on hold and the settlement provided a onetime improvement in revenues and margins. Excluding the impact of this settlement in the last quarter, revenues declined 1.2% sequentially as a result of the seasonal decline in the GIS business and adverse impact of currency. However momentum in international business saw revenues expand sequentially for the company in constant currency. Revenues in US grew 4.3% sequentially in constant currency representing 49% of revenue mix on reported basis. Revenue share for EMEA stood at 32%. APAC contributed to 10% of total revenues also exhibiting strong growth of 9.8% in constant currency.
“Despite seasonal decline in our domestic GIS business, revenues during the quarter grew 1.4% sequentially in constant currency excluding the impact of the settlement in the previous quarter”, said Mr. Arvind Thakur, CEO and Joint MD, NIIT Technologies Ltd.
The company saw increased traction during the quarter in smaller segments including Manufacturing & Media. Manufacturing, Media & Others segment collectively grew by 4.2% in constant currency and now represents 29% of total revenues. BFSI grew 1.7% sequentially in constant currency contributing to 42% of revenue mix. Travel & Transportation contributed to 29% of overall revenues.
The quarter saw intake of USD 110mn of new business; USD 60mn from US, 23mn from EMEA and 27mn from ROW. 9 new customers were added during the quarter, 5 in US, 1 in EMEA and 3 in ROW. This included extension of a large multiyear engagement with an existing travel client in the US.
During the quarter, the company strengthened its position in the Digital Integration space with the acquisition of 55% interest in RuleTek LLC, a BPM architecture services company based in the US with a track record of successful implementations for fortune 500 companies, thereby establishing a near shore presence with an increased foot print in the US.
During this quarter, the company also forged a partnership with Arago, a pioneer in Artificial Intelligence (AI) to integrate AI technology into its TRON SMART AUTOMATION platform thereby building machine learning capabilities into the offering.
“Our partnerships and investments in platform capabilities will deliver superior experience to our clients”, said Mr. Rajendra S Pawar, Chairman, NIIT Technologies Ltd.
110 people were added during the quarter taking headcount to 8963 at the end of the period.
NIIT Technologies Identified as an Innovator in NelsonHall’s Digital Transformation Services NEAT
NIIT Technologies has been positioned as a Major Contender and a Star Performer in Everest Group’s Capital Markets PEAK MatrixTM 2017
Your email address will not be published. Required fields are marked *
SMEs, partners must collaborate to fast track cloud adoption in East Africa
We must find a voice in the global health conversation or face the consequences
Jean-Pascal Tricoire appointed to the Board of the United Nations Global Compact
Academic Excellence Award 2018 conferred upon Suryadatta Group of Institutes, Pune
On popular demand, singing sensation Akasa releases a Bhojpuri version of her hit pop single Thug Ranjha
2014 The Global Indian New Network (TGINN)