Skills and talent development firm, NIIT on Friday reported net profit of Rs 7.8 crore during the April-June quarter, a decline of 30% compared to the preceding quarter. Revenues during the period was up 11% on quarter-on-quarter basis to Rs 82.5 crore.
“This progress stems from growth in the BFSI sector and Indian enterprises and our increased penetration across GCCs and Tier II GSIs,” said Vijay K Thadani, vice chairman & managing director.
The company’s revenue from technology-based jobs increased 13% in Q1. Further, the management said it is seeing hiring demand coming back from the technology companies.
“The company has been making investments to expand its capability and reach. With green shoots visible in IT hiring, we expect these investments to further accelerate growth for the company,” Thadani said.
With the widespread hiring freezes in the IT sector during FY24 hitting talent consulting firms such as NIIT, the return of hiring from major domestic IT firms like Tata Consultancy Services, Infosys, and Wipro is a positive sign. These companies have indicated plans to hire freshers in FY25, which is expected to benefit NIIT.
The company also discussed the positive trends in technology programmes, noting the return of hiring in large global systems integrator and increased spending by global capability centres. “This positive momentum will help us, and the pivot we did three quarters ago would provide us with many growth opportunities going forward,” the management added.
NIIT has also been focusing on Generative AI applications within Indian enterprises, with initial successes and a strong capability built in this area.