NIIT Limited announces Q2 FY24 (July-September 2023) results

NIIT Limited announces Q2 FY24 (July-September 2023) results

NIIT logoNew Delhi, October 31, 2023: NIIT Limited (Ticker Symbol: NIITLTD), a leading skills & talent development corporation, today announced its financial results for the second quarter ended September 30, 2023.

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During the quarter, the company recorded a Net Revenue of Rs. 814 million, up 30% QoQ and down 13% YoY. EBITDA was recorded at Rs. 22 million as compared to Rs. (64) million in Q1 FY24 and Rs. 24 million in Q2 FY23. Profit After Tax was Rs. 106 million as compared to Rs. 22 million in Q1 FY24 and Rs. 47 million in Q2 FY23.

The results were taken on record at the Board of Directors meeting held today. The Board also approved an interim dividend of Rs. 0.5 per share (25% on FV of Rs 2 per share). The record date for the dividend will be November 10, 2023.

During this quarter, NIIT Ltd integrated Generative AI in its Full Stack Software Engineering, Data Science, and Digital Marketing programs and also introduced special programs in AI to equip learners with the new-age skills required in today’s rapidly evolving job roles. The company also re-launched its Post Graduate Programme in Banking and Finance – Sales and Relationship Management with changes in curriculum as per the industry needs. The program has been specially designed by NIIT IFBI to transform fresh graduates into confident Banking and Finance professionals. It also provides placement assistance to the learners.

Rajendra S Pawar, Chairman and Co-Founder, of NIIT Group, said, “NIIT has played a pivotal role as talent builders for the nation, especially in the technology sector over the last 4 decades. With the accelerating pace of transformation across industries, we are excited about the opportunity ahead to recreate this impact across multiple sectors including technology and BFSI industries.”

In this quarter, NIIT has also been recognized as Best Education Brand of 2023 at The Economic Times Best Education Brands awards and summit. This recognition has been conferred to NIIT for its commitment and contribution towards strengthening the upskilling and reskilling landscape through its innovative learning solutions.

Vijay K Thadani, Vice Chairman & Managing Director, NIIT Limited, commented, “The company has been able to achieve strong growth sequentially driven by 69% growth in enrolments and expansion across Technology and BFSI customers. The company continues to expand its reach and product portfolio including investments in AI.”

Other Highlights of the quarter:

  • NIIT Sales & Service Excellence (SSE) won the ‘Most Impactful Sales L&D Platform’ award at the 3rd Sales L&D Vision and Innovation Summit.
  • Key developments at RPS Consulting, an NIIT subsidiary
  • It continues to be recognized by its OEM partners for its quality of training and the strong impact it creates for its customers.
  • It has been awarded the 2023 Google Cloud Training Partner of the Year Award for the Asia Pacific region.
  • It has also been honored as one of the “Best Enterprise Partners of the Year – GLS India by Red Hat” for 2023.

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