NIIT Tech Q1 profit down 47%

IT solutions provider NIIT Technologies on Friday reported a consolidated net profit of ₹28.6 crore for the first quarter ended June 30, down by 47.5 per cent, compared with ₹54.4 crore in the same period last year. However, consolidated revenue grew by 4.5 to ₹670.7 crore during the period, compared with ₹642 crore in the April-June quarter last year. “International revenues improved marginally during the quarter, revenues declined sequentially mainly on account of seasonality in our domestic Geographical Information Services (GIS) business,” Arvind Thakur, CEO and Joint Managing Director, NIIT Technologies, said. Domestic business declined by 26.5 per cent due to seasonality in GIS and lower revenues from government clients and now represents 8 per cent of overall revenues. International business grew by 0.5 per cent during the quarter, the company said. Four new customers were added during the quarter — two in the US and two in Europe West Asia region, it added.