NIIT Technologies has announced its financial results for the quarter ended on December 31, 2013 with a revenue of Rs.587.3 crore, representing a growth of 14.2% over the same period last year. Operating profits stood at Rs.95.7 crore, indicating a 17.8% growth over last year.
Operating profits grew sequentially by 8% and margins expanded by 120 bps QoQ. While revenues from services grew 4.3% sequentially, overall revenues for the quarter remained flat as a result of reduced Purchase for Resale (PFR) in domestic government business.
Arvind Thakur, CEO & Joint MD, NIIT Technologies, stated, “Strong growth in western markets, particularly the US, contributed to the sequential growth in services. Growth in the US was driven by expansion of business in the BFSI segment,” he added.
During the quarter, the company secured a US$300-million deal from a top BFSI client for a period of 10 years. This large engagement includes renewal and vendor consolidation with respect to maintenance support and operation around the client’s existing platform as well as major contribution to the development and implementation of its new platform.
BFSI expanded by 8.2% sequentially representing 35% of revenues. Travel and transportation grew 2.3% sequentially during the quarter, contributing to 38% of the total revenues. Other segments like manufacturing/distribution and government contributed to 7% and 6% of revenues respectively.
Total headcount of the company stood at 8,160 at the end of the quarter.
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NIIT reports 14.2% growth in revenue for Q3 FY2014
