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NIIT's FY01 profits driven by other income

Oct 16, 2000

NIIT has reported a 57% jump in profits for the year ended September 2000. However the rise would be higher (61%) if one were to exclude the provision for contingencies of Rs 62 m. The other income of the company rose by whopping 753% which led to higher growth in the profits.

(Rs m) FY00 FY01 Change
Sales 5,813 7,499 29.0%
Other Income 22 190 752.9%
Expenditure 3,873 4,889 26.2%
Operating Profit (EBDIT) 1,940 2,611 34.6%
Operating Profit Margin (%) 33.4% 34.8%  
Interest 8 -  
Depreciation 436 354 -18.8%
Profit before Tax 1,519 2,447 61.1%
Other Adjustments 0 62  
Tax 91 144 58.6%
Profit after Tax/(Loss) 1,428 2,241 56.9%
Net profit margin (%) 24.6% 29.9%  
Diluted number of shares 38.7 38.7  
Diluted Earnings per share 36.9 58.0  

The global revenues of the company increased by 41% to Rs 12.4 bn. Its operating margins also improved marginally by 140 basis points to 34.8%.

At the current market price of Rs 1,210 NIIT is trading at a P/E of 21 times its FY01 annualised earnings. The company's current valuations are lowest compared to its historic valuations(45-60 times).


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