NIIT net dips 42 percent

NEW DELHI - IT training service provider NIIT Ltd Wednesday reported 42 percent dip in net profits to Rs.9.9 crore for the quarter ended June 30 as against Rs.17 crore in the like period last year.

However, the company recorded one percent increase in its net revenue to Rs.261 crore from Rs.259.5 crore, NIIT said in a statement.

“Forex volatility adversely affected profit from operations as well as the share of associates’ profits,” NIIT chairman Rajendra S. Pawar said.

School learning solutions reported strong growth in revenues. During the quarter, NIIT received mandate to provide computer aided education across 1,870 government schools in Gujarat.

“The school learning solutions showed healthy growth of 43 percent with 1,984 new schools added in the quarter,” said P. Rajendran, chief operating officer of NIIT.