NIIT Limited announces Q3 (October – December 2017) Consolidated Results

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Mumbai: NIIT Limited (NSE: NIITLTD), a global leader in skills and talent development, today reported its results for the third quarter ending December 31, 2017. During the quarter, the company recorded a PAT of Rs. 19.7 Cr, up 350% YoY and a Net Revenue of Rs. 209.4 Cr. up 4% YoY. EBITDA was recorded at Rs. 18.4 Cr, up 69% YoY. Net debt was recorded at Rs. 41.9 Cr.

The results were taken on record at the meeting of the Board of Directors here today.

Speaking on the company’s performance during the quarter Sapnesh Lalla, CEO, NIIT Ltd. said, “A robust and continuing growth in Corporate Learning Group coupled with strong operational controls in other businesses, resulted in 8% YoY growth in go forward business in constant currency terms, and a 69% YoY growth in EBITDA, despite it being the weakest seasonal quarter.”

Corporate Learning Group (CLG) recorded net revenue of Rs. 129.4 Cr up 14% YoY in constant currency terms, on an EBITDA of Rs 19.8 Cr, up 29% YoY. It renewed a marquee MTS contract resulting in revenue visibility of $ 199 mn, up 44% YoY from 38 MTS customers.

NIIT acquired Eagle Productivity Solutions, a top-rated global provider that specializes in training solutions for companies adopting sophisticated cloud-based applications in the pharmaceutical and life sciences industry. The acquisition will help NIIT expand its training capability for global rollout of cloud-based enterprise applications in the pharmaceutical and life sciences industry.

“We are proud to have Eagle Productivity Solutions as part of the NIIT family. They bring deep expertise in pharmaceutical & life sciences segment. Its unique capability enables enterprises to successfully roll out applications and processes achieving over 90% adoption rates”, added Sapnesh Lalla, CEO, NIIT Ltd.

In this quarter, NIIT entered into a strategic partnership with UP! Your Service, the global leader in creating cultures of service excellence worldwide, to expand its Corporate Learning portfolio to deliver internal and external cultures of Service Excellence. Through this tie-up, NIIT aims to create a huge difference in the way organizations work to create value for their customers and colleagues.

Skills & Careers Group (SNC) recorded net revenue of Rs. 69.1 Cr during Q3 on an EBITDA of Rs 1.8 Cr.

Speaking on the occasion, Mr. Prakash Menon, President, Global Retail Business (GRB), said, “Strong operational control measures together with new age curriculum like training in Blockchain technology, helped drive momentum for the business”.

During the quarter, Training.com in association with IIM Calcutta, announced the second batch of the Advance Program in Data science. Since the launch of the platform in October 2016, Training.com has generated more than 9 million visitors. Training.com has built a portfolio of over 160 advanced courses including programs in Digital Marketing, Technology, Data Science and Applied Finance from premium institutions including IIM-C, Microsoft and Digital marketing institute.

MindChampion Learning Systems Limited (MLSL) registered net revenue of Rs. 9.2 Cr during the quarter. It signed 85 private school contracts in Q3, up 67% YoY.

Mr. Gavin Dabreo, CEO of MLSL said, “We continue to focus on delivering outcome linked products to our customers. This is helping us establish a connect with students and improving our relationship with stakeholders in schools”

Other highlights:

NIIT held the Indian edition of its international customer conference – “NIIT Confluence”, for the first time in the country in Goa, from 1st – 3rd November 2017. Based on the theme “Re-imagining Learning. Transforming Business”, NIIT Confluence attracted widespread participation from thought leaders and CHRO’s in the space of Learning & Development. Key speakers included HR heads and Sr. leadership from organisations like – Reliance Industries, Vodafone, Wipro, UST Global, ICICI, Bank of Baroda, Cognizant, Essar Oil, IOCL, among others.
NIIT Named to Training Industry 2017 Top 20 IT Training Companies List.
NIIT Accredited by Learning and Performance Institute for the Second Consecutive Year.
NIIT Named to TrainingIndustry.com’s Top 20 Gamification Companies List.

  • Pankaj Rai

    To what extent Rajendra Pawar’s Hole in the Wall (HiWEL) project was successful is difficult to say. However, Pawar and Thadani have certainly earned profits by profiteering. Overcharging lakhs of students every year, having a business relationship with its erstwhile auditor – PwC and creating a hole in the pocket of Franchisees by abusing their dominant position is something which has enabled Pawar and Thadani in profiteering. Can Pawar or Thadani or any of their cronies at NIIT publicly explain how is their ‘cost of courseware’ a percentage of the exorbitant course fees they charge?