Educational services and IT training company, NIIT today posted a net profit of Rs 50 lakh for the third quarter ended December 31, 2012. The company had posted a loss of Rs 16.9 crore in the third quarter ended December 31, 2011.
The company posted a net revenue of Rs. 232.7 crore in the third quarter, marginally down from Rs 239 crore posted in the same period last year. In a release, NIIT said that in view of the divestment in Element K during fiscal 2011- 12, the consolidated financials are given on a continuing business basis, excluding financials of Element K. In October 2011, the company had sold its US based subsidiary and online learning solutions firm Element K to SkillSoft Corporation.
The company's Career Building Solutions (CBS) recorded net revenue of Rs. 103.4 Cr during the quarter. Rajendra S Pawar, Chairman, NIIT Limited said, "A growth of 33 per cent in fresh career enrolments for banking programs reflects the opportunities in the BFSI segment."
The EBITDA (earnings before interest, tax, depreciation and amortisation) margin of NIIT was at 3 per cent. The company's Career Building Solutions (CBS) clocked a net revenue of Rs 103.4 crore during the quarter. "Despite a challenged quarter, NIIT graduate’s job-readiness and acceptance by the industry continued to be favourable with 8,879 students getting placed during Q3. At the same time, the short-term technology courses registered a growth of 9 per cent," said the company in a release.
Further, the company's Corporate Learning Solutions (CLS) recorded net revenues of Rs 79.2 crore up 14 per cent year-on-year on a continuing business basis. The School Learning Solutions registered net revenue of Rs 49.8 crore during the quarter, up 35 per cent year-on-year.