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NIIT Ltd.: Yet another weak quarter

Oct 18, 2013

NIIT Limited has announced the second quarter results for the financial year 2013-2014 (2QFY14). The company's net sales declined by 6% YoY. While the net profit increased by 3.4% YoY.

Performance summary
  • Consolidated net sales fell by 6% YoY. That was primarily due to the decline in the Individual Learning Solutions (ILS) and the School learning Solutions Business (SLS).
  • Operating margins continued the declining trend witnessed in the previous quarter and dropped by 0.1% YoY during the quarter. However, the decline was less severe than last few quarters because of cost containment.
  • Other Income recorded a loss of Rs 77 m for the quarter compared to a loss of Rs 13 m in the previous quarter.
  • Profit from associate, NIIT Technologies continued to have a positive impact on the net profit of NIIT Ltd. As a result net profits grew by 3.4% YoY.
  • It must be noted that the company had accounted for pass through revenues during 2QFY13. Adjusting for this, net revenues declined by 1.1% YoY. There was no change in net profits due to this adjustment.
  • Total head count reduced by 150 QoQ and stood at 3,129 at the end of 2QFY14.

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