India's largest IT training and education company NIIT on Friday posted a 16% increase in its revenues to 321 crore, on the back of rising attrition in India's IT companies and demand for talent in India's $70 billion IT-BPO industry.
Net profit for the company however grew only 1%. "We have invested in software platforms to make a cloud campus, which will enable online learning . In future quarters, the growth in net profit will be much more," said Vijay K Thadani , CEO at NIIT.
About 49% of NIIT's revenues came from India, while the rest came from markets such as US, China and Europe.
NIIT shares dipped 3.8% on the BSE to 55 post announcement on Friday.
The company earned 469 crore as its system wide revenues. Deducting franchisee payments, the company earned net revenues of 321 crore, up from 278 crore, earned in the same quarter, last year.
NIIT will move away from the large business of IT training in government schools, due to delay in payments by many states. NIIT's 200 crore is still pending with many state governments.
"Delays of more than six months to one year, create a problem for us. Despite being a large business opportunity, we will de-emphasise from government school business from now," Mr Thadani added.
The company's corporate learning solutions business recorded sales of about 163 crore, up 18% from last year. Individual learning business earned 117.8 crore, up 16%.
Net profit for the company however grew only 1%. "We have invested in software platforms to make a cloud campus, which will enable online learning . In future quarters, the growth in net profit will be much more," said Vijay K Thadani , CEO at NIIT.
About 49% of NIIT's revenues came from India, while the rest came from markets such as US, China and Europe.
NIIT shares dipped 3.8% on the BSE to 55 post announcement on Friday.
The company earned 469 crore as its system wide revenues. Deducting franchisee payments, the company earned net revenues of 321 crore, up from 278 crore, earned in the same quarter, last year.
NIIT will move away from the large business of IT training in government schools, due to delay in payments by many states. NIIT's 200 crore is still pending with many state governments.
"Delays of more than six months to one year, create a problem for us. Despite being a large business opportunity, we will de-emphasise from government school business from now," Mr Thadani added.
The company's corporate learning solutions business recorded sales of about 163 crore, up 18% from last year. Individual learning business earned 117.8 crore, up 16%.
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