 "NIIT Q2 PAT down 14% to Rs 10.3 crore")
Education services firm NIIT Limited has posted a 14.16% drop in its second quarter net profit for FY15. The company had a net profit of Rs 10.3 crore for the second quarter ended September 30, 2014 compared to Rs 12 crore in same quarter previous year.
The net revenue was Rs 260 crore in Q2 of this fiscal compared to Rs 262 crore in the year-ago period.
During the quarter, NIIT initiated its business transformation plan, starting with rationalisation of subsidiaries to streamline group operations. The company strengthened its management structure and Rahul Keshav Patwardhan was appointed as the CEO designate for NIIT on October 6, 2014. He takes charge as CEO on April 1, 2015.
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Further, Shivan Bhargava joined the company as the group President of the skills and careers group during the quarter.
Rahul K Patwardhan, CEO Designate, NIIT Ltd said, “The individual learning and the corporate learning businesses are undergoing significant changes and NIIT is well positioned to reaffirm leadership by driving the business transformation program forward swiftly and with agility in execution."
During the quarter, corporate learning solutions (CLS) recorded net revenue of Rs 124.8 crore, up 26% y-o-y. Individual learning solutions recorded net revenue of Rs 100.4 crore in Q2, with ‘Beyond-IT’ enrolments growing 23% y-o-y.