Q4 Results: NIIT Technologies Pins Flat Revenue On 2019 Election
NIIT Technologies Ltd.'s revenue for the March-ended quarter was dragged down by lower government spending on account of the general election, according to its Chief Executive Officer Sudhir Singh.
“The geographic information system vertical used to do extremely well and show a jump historically in the quarter,” Singh told BloombergQuint. “But the vertical has declined 15 percent sequentially, largely because elections were announced and that put in place restrictions on government spending.” NIIT Technologies, he said, has divested its stake in the GIS vertical in the current (April-June 2019) quarter.
Singh said there were no changes to any strategies and the company will continue to focus on profitable growth under its new majority stakeholder Baring PE. Baring Private Equity Asia and its arms are set to acquire a 56 percent stake in NIIT Technologies including an open offer for 26 percent shareholding, the mid-cap information technology firm said in an exchange filing last month.
Key Highlights:
- Revenue up 0.1 percent to Rs 972 crore.
- Profit up 27.7 percent to Rs 114.4 crore.
- EBIT at Rs 141.4 crore versus Rs 149 crore.
- EBIT margin at 14.5 percent versus 15.3 percent.
Shares of NIIT Technologies declined 1.5 percent to Rs 1,249 apiece in today's session.
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