NIIT Limited reported its results for the third quarter ending December 31, 2019. During the quarter, the company recorded a Profit after Tax of Rs 27.1 crores, up 40 per cent YoY and Net Revenue of Rs 247.6 crores, up 10 per cent YoY.
EBITDA was recorded at Rs 24.6 crores, up 10 per cent YoY. Operating margin stood at 10 per cent.
The results were taken on record at the meeting of the Board of Directors held today.
"During the quarter, NIIT delivered strong Profit after Tax of Rs 27.1 crores, up 40 per cent YoY, backed by robust growth of 17 per cent YoY in Corporate Learning Group", said Vijay K Thadani, Vice Chairman & Managing Director, NIIT Limited.
Corporate Learning Group (CLG) recorded net revenue of Rs 189.5 crores up 17 per cent YoY. It added two new Managed Training Services (MTS) customers in Q3.
"Corporate Learning Group acquired two new MTS customers, resulting in increased revenue visibility of USD 265 million. Our key initiatives in India, StackRoute, and TPaaS combined grew 11 per cent YoY", said Sapnesh Lalla, CEO, NIIT Ltd.
More From This Section
Skills & Careers Group (SNC) recorded net revenue of Rs 54.4 crores during Q3.
NIIT held the third India edition of its international customer conference - NIIT Confluence - in Goa from November 13-15, 2019. Based on the theme 'Performance Matters - The Role of Learning in Transformative Growth', Confluence India attracted widespread participation from thought leaders and CHROs in the space of Learning & Development from organisations like - INDwealth, Reliance Industries, Reliance Jio, Vodafone Idea, IBM, Capgemini, KPMG, ICICI Bank, Yes Bank, CGI, Wipro Digital, Infosys, Cognizant, JP Morgan Chase & Co, and Automation Anywhere.
Share buyback update
During the quarter, the company completed buyback of 2.68 crores equity shares after approval from the shareholders of the company at Rs 125 per share, representing approximately 16 per cent of the total paid-up equity share capital for an aggregate amount of Rs 335 crores, exclusive of taxes.
Other highlights:
* NIIT won the 'Vocational & Skill Development Training Institute' award under Education Category at the 17th Franchise Awards 2019
* NIIT earned 37 coveted Brandon Hall Group HCM Excellence Awards jointly with customers. The company was named a top winner for 2019
* NIIT bagged seven 2019 Brandon Hall Excellence in Technology Gold awards jointly with MetLife for MetLife Distribution Academy
* NIIT was accredited by the Learning & Performance Institute, UK
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article.
Disclaimer: No Business Standard Journalist was involved in creation of this content
