NIIT net profit at Rs 50 lakh in Oct-Dec quarter

In the corresponding quarter last year, it had reported net loss of Rs 16.9 crore on a continuing business basis, which excludes financials of its earlier unit Element K.

In October 2011, the company had sold its US-based subsidiary, Element K Corporation, to SkillSoft Corporation for USD 110 million in an all-cash deal.

The company's revenues in the October-December quarter stood at Rs 232.7 crore. The company said revenues in the same quarter a year ago were Rs 239 crore on a continuing business basis.

"This is traditionally a weak quarter for us as schools and corporates have holidays and colleges have their mid-term exams," NIIT Chief Executive Officer Vijay K Thadani told reporters here.

During the quarter, Career Building Solutions (CBS) recorded net revenues of Rs 103.4 crore.

"There was a dip in hiring by the IT companies, which also affected the sentiments. Going ahead, as the economy picks up and IT industry sees more demand, hiring should also go up," NIIT Chairman Rajendra S Pawar said.

Despite a challenging quarter, NIIT graduates' acceptance by the industry continued to be favourable with 8,879 students getting placed during Q3, he added.

Pawar said that besides IT training, NIIT is focusing on offering courses in banking and other sectors to diversify its interest and has added new courses in applied finance management and digital marketing.

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