IT training firm NIIT Ltd on Friday reported consolidated net profit of Rs 0.50 crore for the third quarter ended December 31, 2012 as against a net loss of Rs 16.9 crore in the corresponding period previous year.
The previous year quarter’s net loss excluded financials of its earlier unit Element K (US-based subsidiary then) that the company sold in October 2011.
The company’s revenue during the October-December quarter declined by 2.63 per cent to Rs 232.7 crore from Rs 239 crore in the year ago period.
“This is traditionally a weak quarter for us as schools and corporates have holidays and colleges have their mid-term exams,” Vijay K Thadani, Chief Executive Officer, NIIT Ltd, said.
Career Building Solutions of the company recorded net revenue of Rs 103.4 crore during the quarter, followed by Corporate Learning Solutions and School Learning Solutions at Rs 79.2 crore and Rs 49.8 crore, respectively.
The company said despite a challenged quarter, NIIT graduate’s job-readiness and acceptance by the industry continued to be favourable with 8,879 students getting placed.
“There was a dip in hiring by the IT companies, which also affected the sentiments. Going ahead, as the economy picks up and IT industry sees more demand, hiring should also go up,” Rajendra S. Pawar, Chairman, NIIT Ltd, said.
Shares of the company closed at Rs 26.60 on the Bombay Stock Exchange on Friday, down 7.96 per cent from the previous close.