NIIT Tech Q3 net zooms 92% to Rs 34cr

Global IT solutions company NIIT Technologies today reported 47% increase in consolidated revenue at Rs 231.5 crore, and a 92% year-on-year increase in net profit at Rs 34.6 crore for the third quarter ended December 31, 2006.

Operating Profit at Rs 49.1 crore is an improvement of 61% over the corresponding quarter last year. The IT Solutions business contributed 94% of the revenues at Rs 217.3 crore, while the BPO segment contributed the remaining 6% of the revenues at Rs 14.2 crore.

Of the overall revenues of Rs 231.5 crore, 50% was contributed by Europe, 33% by the Americas and 17% by Asia Pacific, including India. The revenues from the chosen verticals-BFSI, Transportation & Travel, Retail and Manufacturing--grew to 81% of the consolidated revenues.

"Integration of ROOM Solutions is now complete, contributing to the operating margin expansion to 21%," Arvind Thakur, CEO, NIIT Technologies, said.

Record fresh order intake

Five new significant customers were added during the quarter. The company posted a record fresh order intake of $ 56 million during the quarter leading to an order book executable over the next 12 months of $ 95 million.

"An 87% growth in financial services and a 50% growth in transportation is a result of the sharp focus on these industry segments, Rajendra Pawar, chairman, NIIT Technologies, said.

"Focus has created a differentiation to scale and the best cost structure among the mid-sized service providers," Pawar added. The total number of people engaged in the company, at the end of the quarter, were 4199.