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NIIT Ltd.: Short term blips continued - Views on News from Equitymaster

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NIIT Ltd.: Short term blips continued
Jan 22, 2013

NIIT Limited has announced the third quarter results of financial year 2012-2013 (3QFY13). The company's net sales declined by 2.6% YoY. On the other hand, the company reported a net profit of Rs 5 m as compared to a net loss of Rs 169 m during the quarter. The result analysis considers the relative performances of the continuing businesses in 3QFY13 compared to 3QFY12.

Performance summary
  • Consolidated net sales showed negative growth of 2.6% YoY. That was because the largest business segment, viz. Individual Learning Solutions (ILS) de-grew by 21%YoY. ILS contributed to 63% of 3QFY13 revenue. Corporate Learning Solutions (CLS) grew by 14% YoY during 3QFY13 contributing to 23% of 3QFY13 revenue while the Schools segment grew by 35% YoY and contributed to 14% of the net revenue in 3QFY13.
  • Operating margins showed a continuing declining trend and dropped by 7% YoY during the quarter. That was largely due to higher operating costs (as percentage of net sales).
  • 'Other Income' stood at - Rs 41 mln in 3QFY13 as compared to - Rs 379 mln in 3QFY12. Before considering the contribution from associates, net loss for NIIT Ltd stood at Rs 126 m in 3QFY13 as compared to a loss of Rs 323 m in 3QFY12. Profits from associates continued to have a positive impact on the net profit thereby limiting the net profit to Rs 5 m compared to a net loss of Rs 169 m seen at the bottomline level during 3QFY12.
  • The total headcount reduced by 472 and stood at 3,427 as at the end of 3QFY13

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