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NIIT Ltd.: Curse of ILS business continued - Views on News from Equitymaster
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NIIT Ltd.: Curse of ILS business continued
Oct 22, 2012

NIIT Limited has announced the second quarter results of financial year 2012-2013 (2QFY13). The Company's net sales remained flat, while net profits declined by 52% YoY. The result analysis would consider the relative performances of the continuing businesses in 2QFY13 compared to 2QFY12.

Performance summary
  • Consolidated net sales remained flat in 2QFY13 as compared to 2QFY12. This was because the largest business segment, viz. Individual Learning Solutions (ILS) de-grew by 17%YoY. ILS contributed to 54% of 2QFY13 revenue. Corporate Learning Solutions (CLS) grew by 31% YoY during 2QFY13 contributing to 27% of 2QFY13 revenue while the Schools segment grew by 34% YoY and contributed to 19% of the net revenue in 2QFY13.
  • Operating margins showed a continuing declining trend and dropped by 6% YoY during the quarter, largely due to higher operating costs (as percentage of net sales).
  • Losses forming part of 'Other Income' declined to Rs 13 m in 2QFY13 as compared to Rs 92 m in 2QFY12.
  • Before considering the contribution from associates, net profit of NIIT Ltd stood at Rs 16 m in 2QFY13 as compared to Rs 137 m in 1QFY13. Profits from associates rescued the fall to a large extent and the net profit of 2QFY13 considering the contribution from associate (Rs 100 m) stood at Rs 116 m. Therefore the overall drop in net profit amounted to 52%YoY.
  • The total headcount reduced by 129 and stood at 3,478 as at the end of 2QFY13.

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