 "NIIT Q3 results: Net profit marginally up at Rs 14.3 cr; revenue declines")
IT training company NIIT on Friday reported a 0.56 per cent increase in its consolidated net profit to Rs 14.36 crore for the December 2023 quarter.
Its profit stood at Rs 14.28 crore in the year-ago period. Sequentially, it rose 34.96 per cent against Rs 10.64 crore.
The revenue from operations declined by 8.59 per cent to Rs 85.17 crore in the third quarter from Rs 93.18 crore in the year-ago period, according to a regulatory filing.
A company statement said the results include the impact of the demerger of NLSL from NIIT Limited from April 1, 2022.
"We are expanding in BFSI (banking, financial services and insurance) and increasing penetration across GCCs (Global capability centres). We continue to see sequential recovery in business despite the ongoing hiring freeze in the technology sector," Vijay K Thadani, Vice Chairman and Managing Director, NIIT, said.
The company is on a path of recovery with its BFSI strategy, which is reflected in its yearly growth in the revival of revenues, and exuded confidence about a complete recovery by next year, he noted.
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"In Q3, NIIT's wholly-owned subsidiary, RPS Consulting announced a partnership with ServiceNow, leveraging unique expertise to extend ServiceNow solutions to more organisations and markets," Thadani added.
The company also entered into a partnership with OffSec to deliver cybersecurity solutions and empower organisations with advanced security expertise.
NIIT is a skill and talent development corporation offering learning and talent development programmes to individual and corporate learners in futuristic domains through its various businesses.