NIIT posts Q4FY23 loss at Rs 9.37 crore, revenue down 26% on hiring freeze in IT sector, compression in spends
Talent development company NIIT Ltd on Monday posted a fiscal fourth quarter loss at Rs 9.37 crore as against a profit of Rs 67.38 crore in the same quarter last year. It posted revenue from operations at Rs 60.05 crore, down 26 per cent in comparison to Rs 81.19 crore in the corresponding quarter of last year. The revenue was impacted by temporary freeze in hiring in the IT Sector as well as compression in spends, due to increased uncertainty in the environment, it said. However, the company maintained that the training volume is expected to pick up gradually during the year, with growth in the second half of FY24. The company EBITDA loss stood at Rs 11 crore as against EBITDA profit of Rs 1 crore on-year. NIIT, during the quarter, added 4 new contracts which included 1 scope expansion and 2 renewals.
The Board of NIIT had recently announced that its Corporate Learning Business undertaking has been transferred to NIIT Learning Systems Limited (NLSL) upon the composite scheme of arrangement becoming effective as on May 24, 2023. NIIT maintained that the results are not comparable with previously declared results due to the transfer. ‘NIIT Group post the demerger, emerges as a stronger and more dynamic organization, unlocking growth and value for our customers, shareholders and stakeholders,’ said Rajendra S Pawar, Chairman & Co-founder, NIIT Group.
While its early career segment posted revenue of Rs 30.50 crore, down 34 per cent on-year, the working professionals business recorded revenue of Rs 29.50 crore, down 15 per cent YoY. NIIT registered over 178K enrollments in FY23 across early career and working professionals. Out of the total revenue, the company posted 26 per cent of its revenue from technology & telecom sector, 17 per cent was from management consulting & professional services, 10 per cent share was from life sciences and healthcare, 9 per cent from energy & commodities, 8 per cent from BFSI sector, 9 per cent from aviation & aerospace, and 21 per cent from other sectors.
(News Source -Except for the headline, this story has not been edited by Times Of Nation staff and is published from a www.financialexpress.com feed.)
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