NIIT's revenues climbed up by 34% in 3QFY00 - Views on News from Equitymaster

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NIIT's revenues climbed up by 34% in 3QFY00

Jul 14, 2000

The global software solutions and learning solution major NIIT Ltd. reported a YoY 28% jump in its net profits to Rs 780 m in 3QFY01 on the revenues of Rs 2 bn. The growth in the topline was led by 49% jump in the software solution business which contributes 53% of its total revenues. The company's global revenues increased by 44% to Rs 3 bn.The lower growth in profits is due to slower growth rate in its learning solution business which grew by 27%. NIIT's operating profit margins in the 3QFY01 declined by 2% to 43% due to a 52% jump in employee costs. The company's order intake recorded an impressive YoY increase of 101% during the 9 months period ended June 2000. It added 35 new international customers (23 new customers from USA).

(Rs m)3QFY993QFY00Change
Sales 1,508 2,019 33.9%
Other Income 30 23 -22.8%
Expenditure 826 1,145 38.6%
Operating Profit (EBDIT) 682 874 28.1%
Operating Profit Margin (%)45.2%43.3% 
Interest - -  
Depreciation 78 88 13.4%
Profit before Tax63580927.5%
Tax 25 29 16.0%
Profit after Tax/(Loss) 610 780 27.9%
Net profit margin (%)40.4%38.6% 
No. of Shares (eoy) (m) 38.7 38.7  
Diluted number of shares 38.7 38.7  
Diluted Earnings per share*63.180.7 
*(annualised)   

NIIT's e-revenue contributed 38% to its total sales ( 35% in second quarter ended March 2000). It has moved up the value chain by executing several e-consulting and e-strategy assignments for its customers. Responding to the transition in the education industry, the company has aggressively web-enabled its entire education curriculum in the last six months.

At the current market price of Rs 1,980 NIIT is trading at a P/E of 25 times its 3QFY01 annualised earnings. The valuations are not exactly comparable since NIIT generally book its revenues during the period April to September 2000. As a result profit margins and earnings are comparatively higher in the last two quarter.

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