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NIIT Technologies Q2 FY 17-18 PAT up 14.1% YoY and revenue grows 4% sequentially

Posted On: 2017-10-19 00:46:12

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 Rs. 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 Rs. 119.1 Crores and Profit after Tax improved 14.1% over same period last year to Rs. 67.2 Crores.

"Robust sequential growth during the quarter came on the back of strong growth in the US, APAC & 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 contributes 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 represents 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 122m 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 m.

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.

Acknowledgements:

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"

Shares of NIIT TECHNOLOGIES LTD. was last trading in BSE at Rs.613.7 as compared to the previous close of Rs. 634.2. The total number of shares traded during the day was 153538 in over 5112 trades.

The stock hit an intraday high of Rs. 646 and intraday low of 609. The net turnover during the day was Rs. 96098267.


Source: Equity Bulls

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