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NIIT Technologies Consolidated Quarter Results (July - September 2008)
» Operating Profit at Rs. 45.6 crore, up 7% YoY
» Consolidated Revenues at Rs. 245.8 crore up 7% YoY
» Profit after Tax at Rs. 35.1 crore
NIIT Technologies Limited, the global IT solutions organization, today announced its first quarter results for the quarter ended June 30, 2008, showing consolidated revenues of Rs. 245.8 crore, representing a growth of 7% over the same period last year.
The Operating Profit for the quarter grew 7%, over the same period last year to touch Rs. 45.6 crore. The company's hedge accounting policy based on Recognition & Measurement Principles' as enumerated in AS 30, for highly probable forecast transactions, has resulted in operating revenue being reduced by Rs. 4.6 crore and Rs. 6.3 crore of unrealised loss provided for in other income, with a net profit of Rs. 35.1 crore during this quarter.
| NIIT Technologies Ltd: Consolidated Performance At A Glance | |||
| Qtr ended June 30, ‘07 Rs. Cr |
Qtr ended June 30, ‘08 Rs. Cr |
Growth YoY | |
| Consolidated Revenues | 229.4 | 245.8 | 7% |
| Operating Profit | 42.5 | 45.6 | 7% |
| Operating Margin | 18.5 | 18.6 | - |
| Profit After Tax | 35.1 | 35.1 | - |
Europe, Middle East and Africa (EMEA) provided maximum share of business, representing 52% of total revenues, while the Americas contributed 30% of overall revenues during the quarter. The rest of the world contributed 18% of the revenues.
Banking, Financial Services & Insurance vertical contributed 42%, Travel, Transportation & Logistics (TTL) contributed 28% and Retail & Manufacturing contributed 13% of the revenues. The highest growth was observed in the TTL vertical.
"Inspite of the challenging macro-economic environment, the company acquired 6 new customers and a healthy order intake of USD 43 million," said Mr. Arvind Thakur , CEO & Joint Managing Director, NIIT Technologies Ltd.
"Going forward, the focus would be on improving cost structures and generating business through new non-linear services," added Mr. Thakur.
23% of NIIT Technologies revenues were derived through non-linear services viz. Managed Services and Asset Based Services in the quarter. The company secured another significant engagement in the domestic market for Managed Services.
Softec, an acquired German based company, has given concrete shape to the company's strategy. Leveraging on its IP assets and solution accelerators, NIIT Technologies bagged contracts with 3 regional airlines.
Acknowledgement
» NIIT Technologies ranked No. 1 in the prestigious Black Book of Outsourcing 2008 Travel Industry user survey
» NIIT Technologies ranked among the 2008 BLACK BOOK Top 50 Best Managed Outsourcing Vendor
» NIIT Technologies ranked in the 2008 NASSCOM Top 20 IT Software and Service Exporters 07-08
» NIIT Technologies awarded the Distinguished Services Award for their initiatives and efforts in promoting business with USA by Georgia Tech Center for International Business Education & Research
» NIIT Technologies' ROOM Solutions Ltd. won an Accomplishment Award at the 2008 ACORD LOMA Insurance Systems Forum
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, 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
For further information please visit www.niit-tech.com
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Jul 22 , 2008
