NIIT profit for FY19 jumps 44 pc to Rs 403 crore
IT solutions major NIIT Technologies on Saturday reported revenue of Rs 3,676 crore in 2018-19, representing a growth of 23 per cent over the previous year.
The operating profits expanded over 28 per cent to Rs 645 crore and net profit improved by 44 per cent at Rs 403 crore.
Cumulative order intake for the year was 646 million dollars (about Rs 4,475 crore), up 27 per cent over the previous year. “FY 19 was one of the most successful years in our firm’s history,” said Chief Executive Officer Sudhir Singh.
“Not only did we clock accelerated growth but we also increased operating margin simultaneously. Our strategy of transforming the three industries we serve at their intersection with emerging technologies continues to differentiate and drive growth.” he said in a statement.
Revenues in insurance vertical expanded 35.7 per cent year-on-year, contributing to early 29 per cent of the mix, banking and financial services expanded over 18 per cent contributing to 16 per cent of revenue while travel and transportation was up 20 per cent contributing to 27 per cent of revenue.
Others segments collectively expanded more than 18 per cent, representing 28 per cent of overall revenues for the year.
The geo-based growth cuts also show sustained growth. Americas, which contributes to 49 per cent of NIIT global revenues, grew by 22 per cent due to higher revenue in all three verticals.
Europe, Middle East and Africa revenues grew by 32 per cent again due to growth across all three verticals and now represent one-third of the revenue mix. Asia Pacific revenues grew by 15 per cent and contributes 10 per cent to the firm’s total revenue.
India contributed 8 per cent to the firm’s total revenues and grew by 7.3 per cent.
During the quarter ending March of fiscal 2018-19, revenue grew 23 per cent to Rs 972 crore in the same quarter of previous year, operating profit increased by 20 per cent to Rs 171 crore while profit after tax was Rs 106 crore.
NIIT onboarded two Executive Vice Presidents to manage two key businesses. Vamsi Rupakula, who was a Managing Director at Accenture, joined the company as Global Head of Infrastructure and Cloud Services Business.
The company also inducted Sreekanth Lapalla, earlier Global Delivery Head at Virtusa, to head its Incessant business. “With strong leadership in place, the platform is set for our next phase of growth,” said Chairman Rajendra Pawar. (ANI)
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