NIIT Technologies PAT up 92 % YoY, at Rs. 34.6 crore

» Profit After Tax up 92 % YoY, at Rs. 34.6 crore
» Q3 Revenues at Rs. 231.5 crore, up 47 % YoY
» Operating Profit up 61% YoY to Rs. 49.1 crore
» Record Order Intake of US$ 56 million

For the quarter ended December 31, 2006, NIIT Technologies Limited, the global IT Solutions Company, has reported consolidated revenues of Rs. 231.5 crore, recording a 47% improvement over revenues recorded in the corresponding quarter in the previous financial year. The IT Solutions business contributed 94% of the revenues at Rs.217.3 crore, while the BPO segment contributed the remaining 6% of the revenues at Rs.14.2 crore.

Of the overall revenues of Rs. 231.5 crore, 50% was contributed by Europe, 33% by the Americas and 17% by Asia Pacific, including India. The revenues from the chosen verticals—BFSI, Transportation & Travel, Retail and Manufacturing--grew to 81% of the consolidated revenues.

"NIIT Technologies consolidated net profit nearly doubled to Rs. 34.6 crore during the quarter on the back of a robust 47% revenue growth YoY," said Mr. Arvind Thakur, Chief Executive Officer, NIIT Technologies Limited.

"Integration of ROOM Solutions is now complete, contributing to the operating margin expansion to 21%," Mr. Thakur added.

Operating Profit at Rs 49.1 crore is an improvement of 61% over the corresponding quarter last year. After providing for a depreciation of Rs. 10.5 crore and tax of Rs. 6.8 crore, the company posted a net profit of Rs. 34.6 crore on a consolidated basis, up 92% YoY.

Record fresh order intake
Five new significant customers were added during the quarter. The company posted a record fresh order intake of US$ 56 million during the quarter leading to an order book executable over the next 12 months of US$ 95 million.

"An 87% growth in Financial Services and a 50% growth in Transportation is a result of the sharp focus on these industry segments." said Mr. Rajendra S. Pawar, Chairman, NIIT Technologies Limited.

"Focus has created a differentiation to scale and the best cost structure among the mid-sized service providers," Mr. Pawar added.

The total number of people engaged in the company, at the end of the quarter, were 4199.

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 and Business Process Management to organizations in the Financial Services, Transportation, Government, Retail, Manufacturing and Government sectors.

NIIT Technologies follows global standards of development, including an 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 acquired ROOM Solutions in May 2006. Room is focused on the commercial insurance market including IT solutions to the customers of Lloyd's, the largest reinsurance market in the UK. ROOM Solutions strengthens NIIT Technologies' insurance capability by bringing in deep domain expertise in the Commercial Insurance space.

NIIT Technologies is ranked among the Top 20 Best Employers in a Dataquest-IDC Best Employer Survey.

NIIT Technologies' subsidiaries, NIIT SmartServe Limited and NIIT GIS Limited, offer Business Process Management and GIS Solutions, respectively.