NIIT Technologies reports strong revenue growth driven by digital biz
Information technology services firm NIIT Technologies reported a 17% growth in revenue as the digital segment saw a robust growth of 46% and contributed 34% to the revenue during the first quarter ended June 30, 2019.
The Noida-based firm reported revenue of Rs 963 crore compared to Rs 825 crore reported during the same quarter of the last financial year.
However, the company's net profit increased by only 2% due to a one-time non-recurring expense of Rs 23.5 crore. NIIT Technologies reported a net profit of Rs 87.6 crore as against Rs 85.8 crore it had reported during the same period of the preceding financial year.
Adjusted for the one-time expense, the company's profit stood at Rs 100.6 crore, a growth of 17.3%, the company said in a statement.
NIIT Technologies secured fresh business of $175 million during the quarter while the cumulative order book to be executed over the next twelve months stood at $395mn, it said.
The company saw its major verticals posting significant quarter-on-quarter (Q-o-Q) revenue growth in dollar terms. While the banking and financial services grew by 2.8%, travel and transport grew by 5.9% and insurance grew at 6.6%.