NIIT Technologies Reports 15% Revenue Growth for Q1 FY2014
NIIT Technologies Limited (NSE: NIITTECH), a leading global IT solutions organization, today announced its financial results for the quarter ended in June 30, 2013 with a revenue increase of 15.4% over the same period last year to Rs. 541.9 Crores.
Atlanta GA (I-Newswire) August 6, 2013 - NIIT Technologies Limited (NSE: NIITTECH), a leading global IT solutions organization, today announced its financial results for the quarter ended in June 30, 2013 with a revenue increase of 15.4% over the same period last year to Rs. 541.9 Crores. Operating Profits stood at Rs. 78.2 Crores, representing a YoY growth of 4.1%.
APRIL-JUNE FY'14 QUARTER Performance at a Glance
Qtr ended Qtr ended Growth
June 30, 2012 June 30, 2013 YoY
Rs. Cr Rs. Cr
Consolidated Revenue Rs. 469.6 Rs. 541.9 15.4%
Operating Profit Rs. 75.1 Rs. 78.2 4.1%
Profit After Tax Rs. 57.5 Rs. 53.2 -7.5 %
Rs. 5.4 Crores of dividend tax was paid for repatriation of dividend from overseas subsidiaries during the quarter which contributed to the net profit decline. This one-time opportunity was available during the quarter to offset taxes paid from dividend distribution tax payable for FY2013.
"Revenues grew 0.9% sequentially during the quarter," said Mr. Arvind Thakur, CEO, NIIT Technologies Ltd. He further added, "Robust intake of USD 145mn during the quarter will sustain further growth during the year."
Fresh orders of USD 145Mn were secured during the quarter leading to USD 263Mn worth of orders executable over the next 12 months. This includes a $15Mn contract renewal with a Travel and Transportation client in USA and a prestigious win of $60Mn to implement State-of-the-Art Airport Operations Control Centers (AOCC) across 10 airports in India with Airports Authority of India.
Five new clients were added during the quarter, two in India, one each in USA, EMEA and APAC, all in the Travel and Transportation segment.
Operating margins declined 202bps sequentially to 14.4% primarily on account of wage hikes implemented from April 01 2013.
"We see good signs of recovery in the U.S. and strong traction in the domestic market, while Europe continues to exhibit weakness" said Mr. Rajendra S. Pawar, Chairman, NIIT Technologies Ltd.
The contribution to the total revenues from the U.S. increased to 39% while that from EMEA stood at 35%. The revenue share from rest of the world improved to 26%. Among industry segments, Travel and Transportation contributed to 36%, BFSI was 30% and Manufacturing/Distribution contributed to 7% to the revenue mix.
During the quarter the Company launched a major culture change initiative to provide exceptional value to its customers and build sustainable competitive advantage. The initiative involves several interconnected building blocks covering all aspects of the organization leading to uplifting service levels. Over 2000 employees have already been educated to realize the Company's service vision - "New Ideas, More Value", and the rest of the organization would be covered during the year.
Total headcount increased to 8,207 at the end of the quarter under review, with steady attrition maintained at 12.36%.
Acknowledgements during the quarter
NIIT Technologies was featured in the 2013 list of Computerworld's '100 Best Places to Work in IT'.
The Company's joint venture with Morris Communications included as a case study under the Innovation and Change Management segment by University of Cambridge.
NIIT Technologies' two business cases - UTICA and ASSURANT mentioned in the compendium of case studies by Novarica, a U.S based research and advisory firm specializing in insurance and banking.
About NIIT Technologies
NIIT Technologies is a leading IT solutions organization, servicing customers in North America, Europe, Middle East, Asia and Australia. It offers services in Application Development and Maintenance, Managed Services, IP Asset or Platform Solutions, and Business Process Outsourcing to organisations in the Financial Services, Travel & Transportation, Manufacturing/Distribution, Healthcare and Government sectors. The Company adheres to major global benchmarks and standards, having secured the ISO 9001:2000 certifications and the ISO: 27001 Information Security Management accreditation. NIIT Technologies also follows global standards of development. It has been assessed at Level 5 of SEI CMMi version 1.2. NIIT Technologies Business Process Outsourcing conforms to the highest quality standards such as COPC and Six Sigma. Its data centre operations are assessed at the international ISO 20000 IT management standards.
Certain statements in this release are forward-looking statements. The business involves various risks, and uncertainties that could result in the actual results to differ materially from those indicated here. All forward looking statements made herein are based on information presently available to the management of the Company and 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 investor queries please contact:
Head - Investor Relations & Special Projects
NIIT Technologies Ltd.
Ph: +91 9820293450
About NIIT Technologies
NIIT Technologies Limited (NSE: NIITTECH), a leading global IT solutions organization, today announc More..ed its financial results for the quarter ended in June 30, 2013 with a revenue increase of 15.4% over the same period last year to Rs. 541.9 Crores. Operating Profits stood at Rs. 78.2 Crores, representing a YoY growth of 4.1%.Less..
1050 Crown Pointe Parkway 5th Floor,
Phone : 9820293450
Published On:August 6, 2013
Print Release:Print Release
If you have questions regarding information in this press release contact the company listed above. I-Newswire.com is a press release service and not the author of this press release.The information that is on or available through this site is for informational purposes only and speaks only as of the particular date or dates of that information. As some companies and PR Agencies submit their press releases once per week,month or quarter, make sure to check the official company website for accurate release dates as our site displays the I-Newswire.com press release distribution date only.We do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for or omissions in that information or for actions taken in reliance on that information.
The Best HP Touchscreen Laptops
Santa Caught With Old Circus Cannon, Claims It's A Business Asset
School Management Software of Summit Planners Is One of the Most Cost-Efficient Systems of Singapore
Chongqing Yifei Technology Co., Ltd. Announces That Helpchoose.net Has Been Launched Recently to Help Users Choose the Best Suitable Software.
Perception System Offers High Quality Magento Customization Service at Affordable Rates