NIIT Q4 net up 18% to Rs 23 crore

Chennai: NIIT Ltd has said its consolidated net profit rose 18 per cent to Rs 23.2 crore in the March quarter, helped by increased productivity and turnaround in its skills and careers (SNC) business.

The skills and talent development firm had posted a net profit of Rs 19.7 crore in the year-ago period. Its revenue grew eight per cent to Rs 239.7 crore in the quarter under review from Rs 222.8 crore in the year-ago period, NIIT said in a statement.

NIIT Ltd, which had announced selling its shares in NIIT Technologies in April this year, said the company received gross proceeds of Rs 2,020.4 crore in cash from the transaction.

“The Board constituted a committee to make recommendations for utilisation of proceeds for rewarding shareholders in the most efficient and judicious manner, subject to statutory limits and necessary approvals, and after providing for transaction related costs, taxes, retirement of debt, growth capital and a prudent Indemnity reserve. The committee shall provide its recommendations to the Board prior to the declaration of audited results for Q1,” it added.

For the full 2018-19 fiscal, NIIT’s net profit climbed 38 per cent to Rs 86.4 crore, while revenue grew seven per cent to Rs 910.2 crore from the previous financial year.

NT Bureau