Consolidated Revenues at 300.6 Crores, up 30.6% YoY » Operating Profits at 62.2 Crores, up 22.7% YoY » Profit After Tax at 47.8 Crores, up 35.3% YoY
— NIIT Technologies Limited, a leading global IT solutions organization, announced its consolidated third quarter results for the quarter ended December 31st, 2010, posting consolidated revenues of 300.6 Crores representing a 30.6% increase over the same period last year. Operating Profits grew 4.9% sequentially to 62.2 Crores and Profit After Tax stood at 47.8 Crores, a 9.8% increase over the previous quarter.
“Operating Profits have grown consistently though the year in each quarter”, said Mr. Arvind Thakur, CEO, NIIT Technologies Ltd. “Operating Margins expanded sequentially by 243 bps to 20.7% reflecting yet another good quarter “, added Mr. Thakur.
October-December 2010-11 Performance at a Glance: For details please see attachment.
Provisioning for infrastructure for a major turnkey contract for the Border Security Force has been almost completed. This involved delivery of 14.8 Crores of bought outs during the quarter. As with the previous quarters for the purpose of revenue analysis bought out elements procured for the project have been excluded, as these are pass through items. Revenues excluding BSF bought outs stood at 285.7 Crores up 24.2% YoY, representing a sequential growth of 5.5% QoQ. US and EMEA both contributed to 35% of the revenues each and the balance 30% of revenues accrued from Asia and Australia.
“Our balanced revenue mix de-risks the business from uncertainties in any particular region”, said Mr. Rajendra S Pawar, Chairman, NIIT Technologies Ltd. “The platform acquisition in the Healthcare space will drive Non-linear revenues in the business”, added Mr. Pawar.
During the quarter the Company acquired a cloud based referral management platform to initiate its foray into the lucrative healthcare segment in the US. The platform called “Preferr” (Patient Referral System)” enables seamless collaboration between all providers namely physicians, hospitals, diagnostic facilities, and laboratories. The platform enables providers to meet federal guidelines for Electronics Health Record meaningful use criteria. In the traditional segments of operation BFSI contributed to 41% of revenues; Travel & Transport increased its share to 32% and Manufacturing/Distribution contributed to 9%. Government revenues expanded to 10% of revenue mix.
50m USD of fresh orders were secured during the quarter including addition of four significant new customers; one in Banking and Financial Services, two in Travel and one in the Government. This has resulted in an order book executable over the next 12 months of 137m USD. 364 Net additions of staff took place during the quarter taking the total headcount to 5358 at the end of the period.
Acknowledgements during the quarter:
- OVUM, the independent analyst at UK recognized NIIT Technologies as a global organization of adequate size and maturity to deal with the requirements of large organizations with its unique Managed Infrastructure Services.
- Ms. Pratibha K. Advani, Chief Financial Officer was awarded “Leading Woman Chief Financial Officer” 2010, by iGroup, the global organization that keeps global executives up-to-date with industry trends, technological developments and the regulatory landscape.
Source: Press release distribution via India PRwire
Notes to Editor
About NIIT Technologies
NIIT Technologies is a leading IT solutions organization, servicing customers in North America, Europe, Asia and Australia. It offers services in Application Development and Maintenance, Managed Services, IP Asset or Platform Solutions, and Business Process Outsourcing to organizations in the Financial Services, Travel & Transportation, Manufacturing/Distribution and Government sectors. For further information, please visit www.niit-tech.com
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