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Global talent development firm NIIT Ltd on Wednesday said it will invest Rs 120 crore this financial year (2012-13).
This will be used for setting up new campuses for cloud computing, skill development and Yuva Jyoti. The company invested Rs 153 crore during last financial year.
“We continue to scale up our focus on four platforms – cloud campus, vocational skills training, managed training services and solutions for schools – to drive next phase of growth,” Mr Vijay Thadani, Chief Executive Officer, NIIT Ltd, said here.
On the outlook in the global scenario, Mr Rajendra S Pawar, Chairman, said that the company is seeing good traction in Europe as it has a small business there.
“We have not faced any impact there. In India, we have seen acceptance to new ideas like cloud computing and our objective is to engage youths through new innovations and ideas,” he added. The company reported net profit of Rs 26.1 crore for fourth quarter ended March 31, 2012, up 31 per cent from Rs 19.9 crore in the corresponding period last year.
The company's net revenue stood at Rs 257 crore during the January-March quarter that grew by 17 per cent against Rs 220 crore in same period in 2011.
However, in view of divestment in Element K in September 2011, NIIT has excluded financials of Element K and one-time pass through revenue in this quarter.
NIIT divested its stake in Element K for cash consideration of $110 million during the year and, therefore, total net debt in balance sheet was reduced by Rs 295.5 crore.
Mr Thadani said that the Individual Learning Solutions recorded net revenue of Rs 252.2 crore, up 14 per cent year-on-year (YoY) during the fourth quarter. Enrolments grew by eight per cent YoY and short-term diploma programmes registered a growth of 11 per cent during the year.
Annual results
On annual basis, NIIT's net profit stood at Rs 110.2 crore during 2012 fiscal against Rs 92.2 crore in 2011. Net revenue was at Rs 1,260.3 crore against Rs 1,248 crore in 2011.
NIIT Ltd's share price in Bombay Stock Exchange stood at Rs 42.55, down by 5.34 per cent from its previous close.
>ronendrasingh.s@thehindu.co.in
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