New Delhi: NIIT, a talent development company, announced a triple increase in its combined net earnings to Rs 7.75 crore in the quarter ending June 2024. In the previous year, it had recorded a net profit of Rs 2.18 crore. In the current quarter, the revenue from operations stood at Rs 82.47 crore, showing a 31.86 pc increase from Rs 62.54 crore in the same quarter of the previous financial year. The account has the right to move into the large scale production.
When looked at in order, there was a 10.93 per cent increase in revenue, while net profit decreased by 30.5 per cent. Expansion in customer base within private banks, GCCs, Tier II GSIs and large Indian enterprises fueled the growth. The business experienced overall growth driven by a 94 percent year-on-year increase in BFSI and other programs, with technology programs also seeing a 13 percent year-on-year growth. The company stated that BFSI & other programs made up 34 pc of the revenue in the quarter.
During the earnings press conference of NIIT, Vijay K Thadani, the vice chairman and managing director, expressed satisfaction with the revenue meeting expectations and being pleased with the business recovery despite a challenging environment. Income met our forecasts, stemming from a period of record low with a halt in hiring for technology positions. The company has made a significant shift by redirecting its attention from GSIs to focusing more on training for working professionals in technology, while also increasing its emphasis on BFSI. He mentioned that NIIT is fulfilling the training necessities of all four major private banks.
He stated that the increase in revenue was fueled by the growth in BFSI sector, which saw a 94 per cent year-on-year growth. He stated that the company anticipates that its investments will continue to drive growth as IT hiring shows promising signs of improvement. He stated that with the resurgence of hiring in major GSIs and the increase in spend by GCCs, there is a positive momentum that will benefit us. The strategic shift made three quarters ago will lead to many opportunities for growth.
In the quarter, the company named Pankaj Prabhakar Jathar as its new CEO. He took over from Sapnesh Lalla, who still serves as a non-executive director at NIIT Limited and is still the CEO of NIIT Learning Systems (NIIT MTS). NIIT, headquartered in Gurgaon, provides both online and offline training programs. On Friday, NIIT stocks closed at Rs 124.75 each on the BSE, showing a 3.06 pc increase from the last closing price.
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