NOIDA, India, October 18, 2017 /PRNewswire/ --
Revenues grow 4% sequentially
NIIT Technologies Limited (NSE: NIITTECH), a leading global IT solutions organization, today announced its financial results for the quarter ended in September 30, 2017 with revenue expanding 4% sequentially to INR 737.2 Crores representing an increase of 6.4% over same period last year. Operating Profits expanded 7.5% QoQ or 4.1% YoY to INR 119.1 Crores and Profit after Tax improved 14.1% over same period last year to INR 67.2 Crores.
Qtr performance at a glance Particulars Qtr ended Qtr ended Growth 30-Sep-16 30-Sep-17 YoY INR Cr INR Cr Consolidated Revenues 692.9 737.2 6.4% Operating Profit 114.5 119.1 4.1% Profit After Tax 58.9 67.2 14.1%
"Robust sequential growth during the quarter came on the back of strong growth in the US, APAC and India," said Mr. Arvind Thakur, CEO and Joint MD, NIIT Technologies Ltd. "Operating Margins expanded 53 bps sequentially to 16.2%," he added.
Revenues from the US expanded 5.5% sequentially during the quarter and now contribute to 50% of the revenue mix. APAC and India represents 11% and 10% of the mix respectively. EMEA business declined 4.8% sequentially on account of the ramp down in a key travel client resulting in the share of the region being 29% of the total mix.
The company continued to experience good traction in the BFSI segment with revenues expanding 5.6% sequentially during the qtr contributing to 42% of revenue mix. Revenues in Travel & Transportation represent 27% of overall revenues. Manuf, Media and Other segment expanded as a result of ramp up of digital engagements in the US, collectively representing 31% of total revenues.
"Deal momentum has been strong during the quarter. Fresh business of USD 122 mn was secured and we added 7 new logos," said Mr. Sudhir Singh, CEO Designate, NIIT Technologies Ltd.
USD 64 mn of fresh business was secured from the US, USD 32 mn from EMEA and 26 mn USD from ROW. This includes a large contract from a US travel client. Order book executable over the next 12 months stood at USD 320 mn.
Digital business gained significant traction during the qtr with 3 of the 7 new logos secured in the digital integration space. Further a key client in the UK enhanced its relationship with the company as an SI digital partner. A B2B ecommerce application using cross platform mobile technology went live for a large client in the US.
"Digital revenues grew 14% sequentially contributing to 23% of the total revenues," said Mr. Rajendra S Pawar, Chairman, NIIT Technologies Ltd.
59 people were added during the quarter taking headcount to 9,022 at the end of the period.
- NIIT Technologies has been positioned as a Major Contender and a Star Performer in Everest Group's 'IT Application Outsourcing in Insurance PEAK MatrixTM 2017'
- NIIT Technologies featured in HfS 2017 AI-Powered OneOffice Premier League
- NIIT Technologies covered as a market player in a recent Gartner report 'Competitive Landscape: IT Services Providers to the Global Insurance Industry', Derry N. Finkeldey, 08 August 2017
- NIIT Technologies conferred with Asia Pacific HRM Congress awards for 'Organization with innovative HR practices'
About NIIT Technologies
NIIT Technologies is a leading global IT solutions organization servicing customers across the Americas, Europe, Asia and Australia. Differentiated on the strength of its industry expertise, NIIT Technologies services clients in travel and transportation, banking and financial services, insurance, manufacturing and media verticals, offering a range of services including Application Development and Maintenance, Infrastructure Management, and Business Process Management. Focused on Digital Services, the Company is helping businesses design agile, scalable and digital operating models.
NIIT Technologies adheres to major global benchmarks and standards of quality and Information Security.
For further information, please visit http://www.niit-tech.com
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.
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SOURCE NIIT Technologies Ltd