NIIT Technologies shares slip on reporting nearly 30% drop in Q2 net profit

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New Delhi | Published: October 17, 2016 10:44 AM

NIIT Technologies shares declined as much as 3.12 per cent in the morning trade on Monday after the company on Saturday reported 29.69 per cent fall in its net profit at Rs 28.63 crore for the quarter ended September 30, 2016 as compared to Rs 40.72 crore in the corresponding quarter a year ago.

bse sensex, nse niftyNIIT Technologies shares declined as much as 3.12 per cent in the morning trade on Monday after the company on Saturday reported 29.69 per cent fall in its net profit at Rs 28.63 crore for the quarter ended September 30, 2016 as compared to Rs 40.72 crore in the corresponding quarter a year ago. (Photo: PTI)

NIIT Technologies shares declined as much as 3.12 per cent in the morning trade on Monday after the company on Saturday reported 29.69 per cent fall in its net profit at Rs 28.63 crore for the quarter ended September 30, 2016 as compared to Rs 40.72 crore in the corresponding quarter a year ago. Net profit the company slipped on account of decline in higher margin in UK insurance business as well as higher tax rate.

At 10.34 am, shares of NIIT Technologies were trading 2.72 per cent down at Rs 427.75. The scrip opened the day at Rs 450 and had touched a high and low of Rs 450.40 and Rs 426.60, respectively, in trade so far. Benchmark BSE Sensex was trading 46.67 points, or 0.17 per cent, up at 27,720.27.

However, total income of the company increased by 4.21 per cent at Rs 391.26 crore for the quarter under review as compared Rs 375.43 crore for the corresponding quarter previous year, supported by growth in its banking, financial services and insurance business (BFSI) business from United States.

In the past one year, shares of NIIT Technologies have fallen 1.45 per cent to Rs 439.70 till October 14, whereas BSE Sensex gained 3.34 per cent during the same period.

The BSE group ‘A’ stock of face value Rs 10 has hit a 52 week high of Rs 632 on November 18, 2015 and a 52 week low of Rs 388 on August 30, 2016.

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