NIIT Technologies on Wednesday said that there will be an impact of around $14 million on its finances due to the dispute settlement payment between one of the NIIT’s subsidiaries and its client in the Asia-Pacific region.
Financial implication In a statement, the company said the financial implications will be seen in the company’s fiscal 2015 consolidated financial statement, which will be declared on May 5.
The company was providing up to a value of $10 million towards unbilled revenues, during the quarter.
Efforts to resolve dispute It had informed earlier (March 23) that the dispute may result in claims and counter claims. The company was exploring various options to resolve the dispute, it had said. However, the company has not disclosed name of the subsidiary or its client. NIIT Technologies in a statement to BSE said that the dispute has been resolved now.
The company’s shares closed at ₹357.80 on the BSE on Wednesday, down 1.13 per cent from the previous close.