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NIIT Technologies Consolidated Quarter Results (July - September 2008)
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» Consolidated Revenues at Rs. 258.7 crores, up 13% YoY NIIT Technologies Limited, the global IT solutions organisation, announced its financial results for the quarter ended September 30, 2008 today. The consolidated revenues of the company grew 13% (year-on-year basis) to Rs. 258.7 crores. The Profit after Tax for the quarter grew 7% over the same period last year to touch Rs. 36.7 crores. Net margins stood at 14%.
The company's hedge accounting policy based on Recognition & Measurement Principles' as enumerated by AS 30, for highly probable forecast transactions, has resulted in operating revenue being reduced by Rs. 8.5 crores during the quarter. Despite revenue loss due to hedging, NIIT Technologies had a robust sequential growth during the quarter. Taking its 12 year old relationship with British Airways further, during the quarter, NIIT Technologies entered into a multi-million pound alliance with UK's premier airline to enable the support and testing of business critical applications across various business areas. The company also partnered Cathay Pacific Airlines to develop Cargo Handling Solution at their new Cargo Terminal at Hong Kong International Airport. NIIT Technologies added 5 new customers during the quarter, 2 in the Travel space and 1 each in Insurance, Retail and Government. Displaying a trend of consistent growth, 75 million USD of fresh business was booked during the quarter garnering a healthy increase in intake of 74% over the previous quarter. To deal with the challenges in the environment, the company has been investing in non-linear service lines like Managed Services and Platform based services.
IPF 3 provides comprehensive support for underwriting, claims, reinsurance and financial processing enabling insurers to tailor their business processes with precision. The multi-tiered, highly modular, Service Oriented Architecture (SOA) of IPF 3 maximises the re-use of software resulting in a highly cost effective framework for the deployment of software in the commercial insurance sector. The solution was unveiled to customers in London on 2 nd October 2008 and will be the cornerstone of the company's non-linear program in the insurance space . In all, the total number of people engaged at the end of the quarter under review was 4667. The capacity utilisation increased to 81%. Highlights»NIIT Technologies unveiled IPF 3 its Insurance Process Framework, tor the commercial insurance industry. This agile development framework will provide a step-change in cost-effectiveness, supporting all key business processes on a global scale. »The company entered into a multi-million pound deal with British Airways. Building on its reputation for providing efficiencies and savings through outsourcing by continuing to demonstrate expertise, experience and commitment towards their client's success, NIIT Technologies, aims to enable the support and testing of business critical applications across various business areas of the global airline. »During this quarter, NIIT Technologies Ltd partnered with Cathay Pacific for the development of a Warehouse Operating System (WOS) for their new cargo terminal at the Hong Kong International Airport. The company will develop the warehouse operating system and the e-freight complaint system to enable efficient and speedy processing of cargo. The system will go live by 2011. »NIIT Technologies was among the top providers in the 2008 Black Book of Outsourcing Insurance Industry Survey, ranking 3rd among the IT Outsourcing vendors globally. NIIT Technologies is a leading IT solutions organisation, servicing customers in North America, Europe, Asia and Australia. It offers services in Application Development and Maintenance, Enterprise Solutions including Managed Services and Business Process Management to organizations in the Financial Services, Travel, Retail and Distribution, and Government sectors. NIIT Technologies' software development processes are assessed at SEI CMMI � Level 5 Version 1.2. Its human resource processes are assessed at the highest-level of maturity at PCMM Level 5. Further NIIT Technologies has processes and systems for information security management certified in accordance to the ISO 27001 standard, and its facilities offering Managed Services conform to ISO 20000 standard of Service Management. For further information please visit www.niit-tech.com Safe Harbor Certain statements in this release are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies / entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies and unauthorized use of our intellectual property and general economic conditions affecting our industry. The company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company
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Oct 16 , 2008
