NIIT Limited announces Q3 FY23 (October-December 2022) consolidated financial results

  • Q3 Revenue at Rs. 454.6 Cr, up 18% YoY, 16% QoQ
  • Records EBITDA at Rs. 90.8 Cr, up 10% YoY, 62% QoQ; Profit After Tax of Rs. 55 Cr
  • Corporate Learning Group (CLG) records revenue visibility of USD 321 Million with 71 MTS customers
  • Acquires US based St. Charles Consulting Group LLC (StC) a leading provider of strategic learning solutions to top tier global professional services & management consulting firms

New Delhi, January 31, 2023: NIIT Limited (NSE: NIITLTD), a leading global talent development corporation, today reported its financial results for the third quarter ended December 31, 2022. During the quarter, the company recorded consolidated Net Revenue of Rs. 454.6 Cr, up 18% YoY. EBITDA was Rs. 90.8 Cr, up 10% YoY, 62% QoQ. EBITDA Margin stood at 20%, up 570 bps QoQ. Profit After Tax was Rs. 55 Cr, resulting in an EPS of Rs. 4.1.

During the quarter, NIIT acquired St. Charles Consulting Group LLC (StC) through its wholly owned subsidiary, NIIT (USA), Inc. StC is a leading provider of strategic learning solutions to top tier global professional services & management consulting firms. The consolidated results for the quarter include StC financials from November 5, 2022.

The results were taken on record at the meeting of the Board of Directors held on January 31, 2023.

Commenting on the results, Vijay K Thadani, Vice Chairman & Managing Director, NIIT Limited said, “In the midst of an uncertain macroeconomic environment, NIIT further strengthened its market position by recording a revenue growth of 16% QoQ and 18% YoY.”

“The acquisition of St. Charles Consulting Group is aligned with NIIT's stated strategy to deploy its growth capital for the purpose of expanding its capability set and accessing new market segments.”, added Mr. Thadani.

Corporate Learning Group (CLG) reported net revenue of Rs. 363.6 Cr, up 22% YoY. CLG retained its 100% renewal track record with 7 contracts renewed in Q3. With the addition of one new MTS customer, CLG closed the quarter with 71 MTS customers with a revenue visibility of USD 321 million.

The Skills & Careers Group (SNC) recorded net revenue of Rs. 91 Cr during Q3, up 4% YoY.

During the quarter, NIIT expanded its strategic partnership with Axis Bank to build a talent base of highly skilled and well-trained branch-based relationship officers, further consolidating its position as one of the leading providers of large-scale, job-ready pool of BFSI talent to the country’s workforce.

HDFC ERGO, a leading General Insurance Company, partnered with NIIT to create a talent pool of fintech professionals.

NIIT StackRoute & RPS Consulting continue to be the preferred choice for leading organizations for building digital technology talent through deep-skilling programs for entry level as well as existing experienced workforce. During this quarter, many leading Global System Integrators, Technology OEMs, IT Services Providers and Global Capability Centres (GCCs) partnered with StackRoute & RPS Consulting towards their initiatives for building high quality digital talent.

NIIT signed up with a leading telecom service provider in India and a global specialist in energy management and automation for training their direct and channel partners’ workforce for sales and customer service roles.

Commenting on the quarter performance, Sapnesh Lalla, CEO and Executive Director, NIIT Ltd. said, “As industries are going through multiple transformations and disruptions, skilled talent continues to be a top priority for CEOs. We see significant and robust opportunities for growth in both the CLG and SNC businesses.”

During the quarter NIIT acquired additional 20% stake in RPS Consulting as per the definitive agreement signed on October 1, 2021. NIIT Ltd. now holds 90% stake in RPS Consulting.

NIIT also won several prestigious awards during this quarter including the ‘Best E-Learning Platform’ by Associated Chambers of Commerce & Industry of India (ASSOCHAM), ‘Best Digital Learning Partner for BFSI', 'Digital Transformation Learning Solution Provider of the Year', and 'Digital Transformative Learning Solution Provider for Frontline Sales and Service Teams' by The Transformance Forums.

In November 2022, The Federation of Indian Chambers of Commerce & Industry (FICCI), felicitated Rajendra Singh Pawar, Chairman & Co-Founder, NIIT with 'Lifetime Achievement Award 2022' for his immense contribution and exemplary work in the field of education as well as creating the IT Training industry.

Other Highlights

  • NIIT earned 21 Brandon Hall Excellence in Technology Awards, 2022 including 19 Gold Awards jointly with MetLife.
  • NIIT featured on the 2022 Training Industry Top 20 Companies for IT and Technical Training, as well as the Top 20 Companies for Advanced Learning Technologies.
  • NIIT earned the Learning Technologies 2022 Gold award for best use of blended learning - commercial sector, Silver award for best learning technologies project - commercial sector (international) jointly with MetLife and Silver for excellence in the design of learning content - commercial sector (International) jointly with Anglo American.
  • NIIT Accredited as Gold Standard by the Learning and Performance Institute, 2022.

About NIIT

Established in 1981, NIIT Limited, a global leader in Skills and Talent Development, offers multi-disciplinary learning management and training delivery solutions to corporations, institutions, and individuals in 30 countries. NIIT has two main lines of business across the globe - Corporate Learning Group and the Skills and Careers Group.

NIIT's Corporate Learning Group (CLG)  offers a comprehensive suite of Managed Training Services including custom content and curriculum design, learning administration, learning delivery, strategic sourcing, learning technology, and advisory services. With a prolific team of experienced learning professionals, NIIT is dedicated to helping customers increase the business value of learning and development (L&D). Built on the sound principles of ‘Running Training like a Business’, NIIT’s Managed Training Services and best-in-class training processes enable customers to align business goals with L&D and demonstrably improve learning effectiveness and efficiency to create transformative business impact.

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