New Delhi: NIIT Limited (NSE: NIITLTD), a global leader in skills and talent development, today reported its results for the second quarter ending September 30, 2017. During the quarter, the company recorded a PAT of Rs. 12.7 Cr, up 18% YoY and a Net Revenue of Rs. 208.4 Cr. EBITDA was at Rs. 17.8 Cr, reflecting an EBITDA Margin of 9%. Net debt was recorded at Rs. 45.9 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, Mr. Sapnesh Lalla, Chief Executive Officer, NIIT Limited said, “We have witnessed a robust growth of 18% YoY in PAT this quarter driven by sustained growth in NIIT’s Corporate Learning business and prudent cost control in our Skills and Careers Business.”
Corporate Learning Group (CLG) recorded net revenue of Rs. 126.3 Cr up 14% YoY in constant currency terms, on an EBITDA margin of 16%. It added 3 new MTS customers in Q2 and expanded business with 2 existing customers. The total number of MTS customers now stands at 38. Managed Training Services (MTS) portfolio contributed 93% to Q2 CLG revenue and the Order intake was up 94% YoY.
NIIT entered into a strategic relationship with Cornerstone OnDemand (NASDAQ: CSOD), a global leader in cloud-based learning and human capital management software, to collaborate in the areas of implementation, business consulting, technical and content consulting, and outsourced administration.
During the quarter, NIIT also announced that it has formed a strategic relationship with EdCast, the award-winning, AI-powered Knowledge Cloud provider with customers that include GE, HPE, Dell EMC, and Accenture. The two companies will collaborate in the areas of corporate training and consulting, learning management and administration, and content management and creation for businesses around the world.
Skills & Careers Group (SNC) recorded net revenue of Rs. 71.4 Cr during Q2, with an EBITDA margin of 3%.
Speaking on the occasion, Mr. Prakash Menon, President, Global Retail Business (GRB), said, “During this quarter, our digiNxt career programs received an encouraging response. With a focus on strengthening our operations, we made senior level appointments to further drive digital transformation initiatives across the business.”
During the quarter, Training.com in association with IIM Calcutta, announced the second batch of the Executive Program in Digital and Social Media Marketing Strategy. Since the launch of the platform in October 2016, Training.com has generated close to 2 million visitors. Training.com has built a portfolio of over 70 advanced courses including marquee programs in Digital Marketing, Data Science and Applied Finance from premium institutions.
Commenting on Training.com, Mr. Rajan Venkataraman, Chief Digital Officer, NIIT Ltd. said, “Since our inception, NIIT has been innovatively using technology to redefine the education and the training space. Our advanced programs under Training.com have been well received by the students and the industry alike.”
MindChampion Learning Systems Limited (MLSL) registered net revenue of Rs. 9.3 Cr during the quarter.
Mr. Gavin Dabreo, CEO of MLSL said, “I am delighted to report that MLSL has bagged prestigious awards for innovation in school education this quarter. Our key differentiator is that all of our content for the child is available on a mobile app, as also online for each student.”
MLSL has been conferred with three prestigious awards at the ‘3rd South Asia Education Summit 2017,’ organized by ICT post. It bagged the ‘Interactive Solution Provider’ award for NIIT Nguru – IT Wizard & MathPlus; ‘Testing and Assessment Tool Provider’ award for state-of-the-art NIIT Nguru – Practice Plus and ‘Teacher Training (K-12)’ award for ‘The CTET Advantage Program’.
NIIT earned Twenty Brandon Hall Group HCM Excellence Awards jointly with Customers. Now entering its 23rd year, the Brandon Hall Group Excellence Awards Program is the most prestigious awards program in the industry and is often times called the “Academy Awards” by Learning, Talent and Business Executives.
NIIT was named as the Innovation Award winner at the Future Learning 2020 Summit.
NIIT was ranked as the Top 20 Companies in Content Development 2017 by Training Industry, Inc.
During the quarter, Next Gen courses in Digital Transformation were made available to the Universities in India by introducing globally acclaimed proprietary NIC (NIIT Inside Campus) model in universities and colleges.
Futuristic digital transformation career programs, aligned to UP government’s most ambitious project ‘Make in UP’, were made available to the students in Lucknow, with an aim to create a global workforce in the state.