NIIT soars over 10% on healthy Q1 results

The stock soared nearly 15% to Rs 103 after the company reported profit at Rs 10.4 crore in Q1FY18.

Shares of NIIT soared nearly 15% to Rs 103 on BSE after the company reported a consolidated net profit at Rs 10.4 crore for the quarter ended June 2017 (Q1FY18). The IT training services firm had posted profit of Rs 0.80 crore in the same quarter of last fiscal year.

Net revenue during the quarter under review was up 4% at Rs 210 crore in constant currency terms.

“Corporate Learning Group (CLG) records constant currency growth of 14% YoY. CLG adds MTS contracts from 2 Fortunes 500 companies,” NIIT said in a release.

“The business transformation program has started to yield results. Our go forward business has grown 5% YoY,” said Rahul Patwardhan, Chief Executive Officer, NIIT.

At 02:03 pm; the stock was up 14% to Rs 102 on BSE, as compared to 0.52% decline in the S&P BSE Sensex. The trading volumes on the counter jumped more than 15-fold with a combined 15.05 million shares changed hands on BSE and NSE so far.