NIIT Technologies Q2 Net Slips 9% At Rs 58.9 Crores

Posted By: Staff
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IT player NIIT Technologies Ltd has reported that its consolidated net profit for the second quarter ended September 30, 2016 fell by 8.8 per cent at Rs 58.9 crore from the same period a year ago even as revenue inched higher.

NIIT Technologies Q2 Net Slips 9% At Rs 58.9 Crores
NIIT Technologies: Quotes, News
BSE 500.00BSE Quote3.05 (0.61%)
NSE 500.65NSE Quote1.55 (0.31%)
In Q2 FY 2015-16, the company had posted a consolidated net profit of Rs 64.6 crore, NIIT Technologies Ltd said in a filing to the Bombay Stock Exchange (BSE).

Consolidated revenue climbed by 2 per cent at Rs 692.9 crore in Q2 FY 2016-17 from Rs 679.3 crore in the same period a year ago.

Operating profit fell by 5.1 per cent at Rs 114.5 crore in Q2 FY 2016-17 from the year ago period.

"Lower revenues in NITL (the insurance arm of NIIT Technologies, primarily servicing the Lloyd's market in the UK) which is a high margin platform business for NIIT Technologies over same period last year is a result of uncertainties in UK for Brexit", the company said.

"Revenues grew 3.5 per cent sequentially in constant currency driven by expansion of business in western geographies, specifically in insurance and travel segments", the company added.

Shares of NIIT Technologies surged by 4.42 per cent to Rs 439.7 a piece at the BSE on Friday.

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