New Delhi, August 02, 2024: NIIT Limited (Ticker Symbol: NIITLTD), a leading skills & talent development corporation, today announced its financial results for the quarter ended June 30, 2024.
During the quarter, the company recorded Net Revenue of Rs. 825 million, up 32% YoY and up 11% QoQ. EBITDA margin was near breakeven vs negative 10% in corresponding quarter last year. Profit After Tax was Rs. 78 million as compared to Rs. 22 million in Q1 FY24.
The growth was driven by expansion in number of customers across private banks, GCCs, Tier II GSIs and large Indian Enterprises. All round growth in the business led by 94% YoY growth in BFSI and Other programs and Technology programs up 13% YoY. BFSI & Other programs contributed 34% of revenue in the quarter.
The results were taken on record at the Board of Directors meeting held on August 2, 2024.
Vijay K Thadani, Vice Chairman & Managing Director, NIIT Limited, commented “We are pleased with continued growth and recovery in the business despite the challenging environment. This progress stems from growth in the BFSI sector and Indian Enterprises and our increased penetration across GCCs and Tier II GSIs. The company has been making investments to expand our capability and reach. With green shoots visible in IT hiring, we expect these investments to further accelerate growth for the company.”
During the quarter, the company appointed Pankaj Jathar as the new Chief Executive Officer. Pankaj brings in over 25 years of expertise and experience in leading global corporations in eCommerce, consulting and technology solutions, including Accenture and Amazon.
In the quarter, the company also launched its advanced technology programs including specialized programs for Digital Architects aimed at senior technology leaders in GSIs & GCCs. In addition, the company rolled out a unique initiative to help large Indian Enterprises adopt GenAI across their organizations.
Rajendra S Pawar, Chairman and Co-Founder, NIIT Group, said, “NIIT continues to do pioneering work in creating future-ready talent across pivotal job roles in Technology & BFSI sectors. I am particularly excited about our initiative to help large Indian Enterprises adopt GenAI to achieve competitive advantage.”
Other Highlights:
- StackRoute, an NIIT venture hosted the second edition of the Digital Architect Conclave 2024, offering digital architects from various organizations a unique platform to network, share knowledge and experiences, and engage with industry experts and thought leaders to gain valuable insights and broaden their perspectives.
- StackRoute has recently embarked on several strategic initiatives to enhance workforce capabilities in cutting-edge technologies and management practices. Partnering with one of the Big4 Consulting firms, StackRoute is making their workforce proficient in Generative AI through Master Classes and hands-on labs. Additionally, a unique program has been launched to empower Program Managers of a large Engineering R&D GCC in driving excellence in strategic partnerships. Furthermore, StackRoute has introduced Product Manager Programs for a major Indian automotive company and an Indian enterprise software multinational, aimed at driving new-age digital products through innovative methodologies.
- In a continued effort to build talent for the nation, NIIT IFBI launched the ACE Banker Program in collaboration with HDFC Bank. This initiative aims to create a talent pipeline for Retail Operations roles at HDFC Bank, complementing efforts in training for various positions across other banks.
- The 7th edition of the annual customer conference NIIT Confluence 2024, which has emerged as a pivotal event in the Learning and Development (L&D) landscape, was held in April 2024. The event featured a diverse lineup of participants and speakers from prominent companies across various industries.
- NIIT Digital has launched the Swift Series – GenAI & Cybersecurity programs, designed to meet the growing demand for expertise in these areas. Additionally, NIIT Digital introduced a Modular Programs Portfolio for students and professionals, providing tailored skill programs for targeted learning or comprehensive mastery of new-age domains.
- RPS Consulting, an NIIT Limited subsidiary earned the 2023 EC-Council ATC of the Year Award for its exceptional contribution to the mission of creating a skilled cybersecurity workforce and dedication to making a positive impact on local communities while enhancing the cybersecurity education of their students.
- RPS Consulting was also recognized as 2024 Google Cloud Training Partner of the Year Award for the Asia Pacific Region and acknowledged for its accomplishments in the Google Cloud ecosystem.