NIIT Technologies profit dips 13.5 percent
By IANSWednesday, July 29, 2009
NEW DELHI - IT solutions provider NIIT Technologies Wednesday reported a 13.5 percent dip in its operating profit to Rs.39.4 crore for the quarter ended June 30 as against Rs.45.6 crore in the like period last fiscal.
The company’s consolidated revenues too dipped 11 percent to Rs.218.2 crore from Rs.245.8 crore, NIIT said in a regulatory statement.
“Traditionally the first quarter of the year has always been a smaller quarter where revenues decline sequentially due to lower domestic business primarily with the government,” said Arvind Thakur, chief executive of NIIT Technologies.
Business in the banking and financial segment remained challenged during the quarter, reducing its overall share of revenues to 43 percent, he added.
Share of revenues in travel and transportation improved to 29 percent and retail and distribution improved to 14 percent over the previous quarter.
