NIIT Technologies reports 18.8pc revenue growth for third quarter

  

Chennai: NIIT Technologies Ltd., a leading global IT solutions organization, today announced its financial results for the quarter ended  December 31, 2012, with a revenue increase of 18.8% over the same period last year, representing a sequential growth of 2.9%. There was a currency loss of 1.5% in revenues during the quarter.

“Revenues grew 4.4% sequentially in constant currencies during the quarter reflecting the sustained growth momentum of the company” said Arvind Thakur, Chief Executive Officer, NIIT Technologies “Net Profits rose 30% sequentially to Rs.56 Crores during the quarter” added Thakur.

Operating Profits stood at Rs.81 Crores representing a YoY growth of 4.1%.  

Performance highlights:

·         Consolidated Revenues grew 18.8% YoY to Rs. 514 Crores

·         Operating Profits grew 4.1% YoY to  Rs.81 Crores

·         4 new significant customers added including one with $10 Mn intake

·         $83 Mn of fresh order intake

OCT- DEC 2012-13 Quarter Performance at a Glance
	Qtr ended DEC 31, 2011 Rs.Cr	Qtr ended DEC 31, 2012 Rs.Cr	Growth YoY
Consolidated Revenues	433	514	18.8%
Operating Profit	78	81	4.1%
Operating Margin	18.0%	15.8%	(222 bps)
Profit After Tax	64	56	-12.5%

Business in the US contributed to 37% of revenues, EMEA improved to 40% of the total revenue share, while the revenue share from APAC and India remained at 23%.

Among industry segments, Travel & Transport remained at 42% of revenue share, BFSI stood at 31% while Manufacturing/Distribution and Government contributed 6% and 8% of revenue share respectively.

There was softness in the BFSI segment due to overall economic uncertainties with a major catastrophe like hurricane Sandy causing losses among reinsurers. Travel and Transport however continued to show good traction with top clients growing well in this segment. The company delivered pilots successfully on schedule for the large government program of CCTNS in all the four states where it is engaged. 

$83 Mn of fresh orders was secured during the quarter which included a $10 Mn renewal in Travel & Transport, leading to $242 Mn of order book executable over the next 12 months. Four new clients were added which included two from Manufacturing and one each in Travel & Transportation and Government. This includes a $10 Mn contract for providing turn-key solution for the Registration and Stamps department of a large state. This project is replicable across all states.

“Despite the uncertain environment the company has been securing fresh orders at a steady rate throughout the year”, said Rajendra S. Pawar, Chairman, NIIT Technologies Ltd. “We are confident to deliver better than industry growth in the current financial year”, added Pawar