NIIT Learning Systems Limited (NIIT MTS) Announces Q4 and FY24 Results
New Delhi : NIIT Learning Systems Limited [NIIT Managed Training Services (NIIT MTS)] (Ticker Symbol: NIITMTS), a global leader in managed learning services announced the annual results for Financial Year 2024, ended March 31, 2024.
During the financial year, the company recorded consolidated Net Revenue of Rs. 1553.5 Cr, up 14% YoY. EBITDA was Rs. 376.2 Cr, up 19% YoY while EBITDA Margin stood at 24%. Profit After Tax was Rs. 213.2 Cr and the EPS stood at Rs. 15.8.
During the quarter, the company recorded consolidated Net Revenue of Rs. 397.9 Cr, up 2% QoQ with EBITDA Margin at 25%, up 113 bps QoQ. EBITDA for the quarter was Rs. 99.5 Cr, up 7% QoQ and PAT of Rs 54.4 Cr.
The Board recommended a final dividend of Rs. 2.75 per equity share. This is in addition to an interim dividend of Rs. 2.50 per equity share declared on October 30, 2023.
The results were taken on record at the meeting of the Board of Directors held on May 22, 2024.
The company added 11 global Managed Training Services (MTS) contracts during FY24 and expanded scope of 2 existing contracts. In addition, the company renewed 11 contracts during the year, retaining its track record of 100% renewals. The company ended the year with 87 MTS customers and revenue visibility of USD 335 million.
During the financial year, NIIT MTS set up the GenAI Factory under the leadership of Chief Learning Scientist, Dr. Gregg Collins, with a team of over 50 seasoned AI experts who are working on over 150 use cases for Generative AI in learning with an advanced maturity model. NIIT’s GenAI Factory comprises a secure AI learning environment that allows for the rapid development of complex AI ecosystems, enabling the team to marshal the latest and greatest AI tools to achieve the learning of tomorrow.
Over the past year, the company consolidated its Learning Consulting Services portfolio with the combined offerings of St. Charles Consulting Group and NIIT MTS. The consolidated Consulting and Advisory Services team has developed a comprehensive framework that links organizational strategy with workforce needs and covers an extensive portfolio of services, including Talent Strategy, Business Alignment, Talent Acquisition, Learning Transformation, Employee Experience, Leadership, Talent, and Learning Technology.
NIIT MTS also strengthened its strategic partnership with EIT InnoEnergy Skills Institute to offer a comprehensive green skills curriculum to corporations and academic institutions in Europe and North America. EIT InnoEnergy is the innovation engine for sustainable energy, supported by the European Institute of Innovation & Technology, a body of the European Union (EU).
Commenting on the results, Vijay K. Thadani, Co-founder NIIT and Vice Chairman & Managing Director, NIIT MTS stated, “Business has demonstrated resilient growth with improved margins during the year. We are excited about the potential that GenAI offers in improving efficiency and effectiveness of training and we are investing in creating solutions that leverage this opportunity to bring increased value to our customers”.
Confluence 2024, the 16th edition of the Annual customer conference, was held in New Orleans, Louisiana in March 2024 and hosted over 100 learning leaders from the world’s leading Fortune 500 and Fortune Global 500 companies. The company also held its annual Customer Advisory Board meeting with leaders from 12 market-leading companies prior to the conference.
Sapnesh Lalla, CEO and Executive Director, NIIT MTS, said, “I am delighted to share that at our recent annual customer conference, our customers complemented NIIT MTS for reliability and customer centricity”. He further added, that “The Customer Advisory Board, which met during Confluence, is helping us prioritize key areas for investment, including Generative AI, learning consulting, and transversal skills.”
Awards and Accreditations
- NIIT MTS earned 56 Brandon Hall Excellence in HCM Awards and 19 Brandon Hall Excellence in Technology Awards in 2023.
- NIIT MTS Featured among the Top 20 Companies by Training Industry in Learning Services, Custom Content Development, IT and Technical Training, Advanced Learning Technologies, and Experiential Learning Companies in 2023.
- NIIT MTS Ranked a Strategic Leader in the 2024 Fosway 9-Grid™ report for digital learning.
- NIIT MTS accredited a Gold Standard learning provider by the Learning and Performance Institute for 2023.