NIIT has reported a 4 per cent QoQ growth in its Q1 FY24 revenue at Rs 62.5 crore from Rs 60 crore clocked in Q4FY23. On a YoY basis, the revenue is lower by 33 per cent from Rs 94 crore clocked in Q1FY23. The Q1 Profit After Tax also showed a significant jump sequentially at Rs 2.2 crore Vs loss of Rs 9.4 crore in last quarter.
The company said that diversifying to Tier II and III cities coupled with higher share of BFSI business helped the company deliver better sequential performance. The management shared that enrollments across early career and Working Professionals segments came in at 29000 in Q1FY24.
In a press conference after the results announcement NIIT management said that the company is bottoming out of the negative growth cycle that started in Q4FY23 and is starting to experience sequential growth and improved profitability; Expect this trend to continue for the rest of the year. However no specific margin outlook for FY24 was shared.
The company stated that it has received strong traction for Advanced Technology programs including AI, Digital Architects, Cyber Security, Data Science, R&D among others and the StackRoute revenue is up 5 per cent in Q1FY24.