NIIT Limited announces Q2 FY23 (July- September 2022) consolidated results
- Q2 Revenue at Rs. 392.2 Cr, up 24% YoY
- Records EBITDA at Rs. 56 Cr and Profit After Tax of Rs. 39.6 Cr
- Skills & Careers Group (SNC) revenue grows 119% YoY
- Corporate Learning Group (CLG) added 3 MTS customers and signed 3 renewals: Records revenue visibility at USD 305 million
New Delhi, October 28, 2022: NIIT Limited (NSE: NIITLTD), a leading global talent development corporation, today reported the financial results for its second quarter ending September 30, 2022. During the quarter, the company recorded consolidated Net Revenue of Rs. 392.2 Cr, up 24% YoY. EBITDA was Rs. 56 Cr and Profit After Tax was recorded at Rs. 39.6 Cr resulting in an EPS of Rs. 2.9.
The results were taken on record at the meeting of the Board of Directors held today.
Commenting on the results, Vijay K Thadani, Vice Chairman & Managing Director, NIIT Limited said, "In the backdrop of a turbulent macro environment, the overall revenue growth and new contract additions while maintaining a 100% renewal track record, demonstrates the trust NIIT enjoys amongst its global customer base."
"The recent investment in KNOLSKAPE is in line with NIIT's stated strategy to deploy its growth capital for expanding its capability set and strengthen its market position", added Mr. Thadani.
Corporate Learning Group (CLG) recorded net revenue of Rs. 300.4 Cr, up 10% YoY. CLG added 3 MTS customers contracts and signed 3 contract renewals during the quarter, thus maintaining its 100% renewal track record. The number of MTS (Managed Training Services) customers stands at 70 and revenue visibility for CLG, at the end of the quarter was at USD 305 million.
During the quarter NIIT signed a definitive agreement for strategic investment in KNOLSKAPE Solutions PTE. LTD a leading Experiential Learning Platform company.
Skills & Careers Group (SNC) recorded net revenue of Rs. 91.8 Cr during Q2, up 119% YoY, aided by growth in its flagship offerings of StackRoute and TPaaS as well as RPS consulting which continues to scale its operations.
This quarter saw NIIT Institute of Finance, Banking and Insurance (NIIT IFBI) entering into new partnerships with leading financial institutions, including HDFC Bank and Bajaj Finserv thus consolidating its position as the leading provider of large-scale, job-ready pool of talent for the BFSI industry.
StackRoute continued to be a preferred choice for leading organizations for building digital and technology talent through deep-skilling programs. Large Global System Integrators, large & mid-size technology and digital companies and Global Captives continue to partner with StackRoute towards their skilling and reskilling initiatives to enable their workforce with new age software engineering, digital and data skills.
Commenting on the quarter performance, Sapnesh Lalla, CEO and Executive Director, NIIT Ltd. said, "With multiple industries facing transformation, talent continues to be the key criteria for success for most large organizations and we continue to see a strong growth opportunity in both CLG and SNC businesses."
Other highlights:
- During the Quarter NIIT earned a total of 45 prestigious Brandon Hall Group HCM Excellence Awards, 2022 jointly with customers
- StackRoute won 6 Brandon Hall Group HCM Excellence Awards, 2022 for its premier 'Transformative Programs', jointly with our client partners Dell Technologies, Philips, Happiest Minds, Persistent Systems and Zensar
- NIIT was named to the Training Industry 2022 Top 20 Experiential Learning Technologies Companies List