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NIIT Technologies Ltd. Consolidated Quarter Results (July-Sept. 2007) Profit After Tax up 28% YoY, at Rs. 34.4 crore
» Profit After Tax up 28% YoY, at Rs. 34.4 crore
» Q2 Revenues at Rs. 229.9 crore, up 5% YoY
» Operating Profit at Rs. 42.6 crore, up 3% YoY
» Order Intake of US$ 49 million
NIIT Technologies Limited, the global IT solutions organization, today announced its second quarter results for the quarter ended September 30, 2007 . The Profit After Tax for the quarter grew 28%, over the same period last year to touch Rs. 34.4 crore.
Consolidated revenues stood at Rs. 229.9 crore, representing a growth of 5% over the same period last year.
| niit Technologies Ltd: Consolidated Performance At A Glance | |||
| Qtr ended Sept 30, '06 Rs. Cr |
Qtr ended Sept 30, '07 Rs. Cr |
Growth YoY |
|
| Consolidated Revenues | 219.9 | 229.9 | 5% |
| Operating Profit | 41.5 | 42.6 | 3% |
| Operating Margin % | 19 | 19 | -35 basis points |
| Profit After Tax | 26.9 | 34.4 | 28% |
Core IT solutions business(excluding revenues from BPO and the newly integrated ROOM solutions) contributed Rs.191.2 crore to the consolidated revenues. BPO business contributed Rs. 12.1 crore and ROOM Solutions contributed Rs.26.6 crore to the total pie.
Commenting on the second quarter results, Mr. Arvind Thakur, CEO & Joint Managing Director, NIIT Technologies Ltd said, " Our core IT solutions business grew 3.6% QoQ. We added 6 new customers including excellent scalable accounts in the Travel &Transportation vertical leading to an order intake of USD 49 million."
Europe continued to provide maximum share of business, representing 51% of total revenues, while the Americas contributed 31% of overall revenues during the quarter. The rest of the world contributed 18% of the revenues.
NIIT Technologies Chairman Mr. Rajendra S. Pawar said, "Our profit grew 28%. While there has been a specific external challenge to our industry from the strengthening of the rupee, we have been able to arrest the impact through globally dispersed businesses in multiple currencies and sound hedging ."
In all, 235 people were added during the quarter, taking the total number of people engaged at the end of the quarter to 4789.
Highlights of Q2 ended September 30,2007
» Forbes magazine has recently listed NIIT Technologies amongst 'Forbes Asia's 200 Best Under a Billion' companies
» Forrester , in its latest report titled, ' BIGGER MIGHT NOT ALWAYS BE BETTER FOR IT INFRASTRUCTURE SERVICES' profiles NIIT Technologies as a significant managed services player with a strategic direction to grow the infrastructure business.
» NIIT Technologies recently joined the International Air Transport Association's (IATA) Strategic Partnerships programme to participate as a StB Preferred Partner in the IATA e-Freight initiative.
» On July 19,2007 ,NIIT Technologies unveiled a dedicated facility for Adecco-NIIT Technologies joint venture in New Delhi
» All NIIT Technologies facilities were re-assesed at the highest level of maturity(level 5), in accordance with the new version1.2 of the CMMi . This makes NIIT Technologies as one of the few companies to be assessed with this rigour and become an early adopter of this new model
About NIIT Technologies
NIIT Technologies is a leading IT solutions organization, servicing customers in North America , Europe , Japan , Asia and Australia . It offers services in Application Development and Maintenance, Enterprise Solutions including managed services (e.g. service desks or operations management) and Business Process Management to organizations in the Financial Services, Transportation, Government, Retail, Manufacturing and Government sectors
NIIT Technologies follows global standards of development, which includes ISO 9001:2000 certification, assessment at Level 5 of both SEI -CMMi and People- CMM frameworks and BS 7799 information security management certification. NIIT Technologies' Thailand operations are assessed at the international BS15000 IT management standards. NIIT Technologies' subsidiaries, NIIT Smart Serve Limited and NIIT GIS Limited, offer Business Process Management and GIS Solutions, respectively.
Safe HarborCertain 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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Oct 25 , 2007
