IT training firm NIIT Ltd today said its net profit fell by 52 per cent to Rs 11.6 crore for the quarter ended September 30, 2012. In the corresponding quarter last year, NIIT had reported a net profit of Rs 24.2 crore on a continuing business basis.
The company's revenues in the July-September quarter stood at Rs 279.1 crore. The company said revenues in the same quarter a year ago were Rs 278.5 crore on a continuing business basis.
The company had sold its Element K business in 2011-12 fiscal.
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NIIT said despite a challenging market environment, it improved its market share from 50 per cent to 54 per cent in the IT education space.
NIIT's strategic decision to focus on the four platforms of growth - Cloud Campus, Managed Training Services, Nguru & NIIT Yuva Jyoti - continued to drive the business momentum for the company, the company said.
During the quarter, Corporate Learning Solutions (CLS) recorded net revenues of Rs. 75.4 crore, up 31 per cent year-on-year on a continuing business basis.
School Learning Solutions (SLS) recorded net revenue of Rs 54.1 crore during the quarter, up 34 per cent year-on-year.
"The corporate training business recorded a strong annuity based growth of 31 per cent, with a revenue visibility of USD 127 million over the next 5 years," Vijay K Thadani, Chief Executive Officer, NIIT said.
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