NIIT Limited declares Consolidated Results for Q4 and Financial Year 2018-19
- FY19 PAT recorded at Rs. 86.4 Cr, up 38% YoY; Revenue at Rs. 910.2 Cr.
- Q4 PAT at Rs. 23.2 Cr on a Revenue of Rs. 239.7 Cr.
- Corporate Learning Group (CLG) grows 22% YoY during FY19; CLG revenue visibility grows 12% YoY to $245 Mn
New Delhi, May 25, 2019: NIIT Limited, a global leader in skills and talent development, today reported its results for FY 19 and fourth quarter ending March 31, 2019.
Financial Year 2018- 19 highlights:
| NIIT Limited : Consolidated Financials for Year ended March 31, 2019 | | | |
| (in Rs. Crores) |
Year ended March 31, 2019 |
Year ended March 31, 2018 |
YoY growth |
| Net Revenue | 910.2 | 850.5 | 7% |
| EBITDA | 84.2 | 74.6 | 13% |
| Profit After Tax | 86.4 | 62.5 | 38% |
Quarter 4 FY19 highlights:
| NIIT Limited : Consolidated Financials for Quarter ended March 31, 2019 | | | |
| (in Rs. Crores) |
Quarter ended March 31, 2019 |
Quarter ended March 31, 2018 |
YoY growth |
| Net Revenue | 239.7 | 222.8 | 8% |
| EBITDA | 23.4 | 22.1 | 6% |
| Profit After Tax | 23.2 | 19.7 | 18% |
For the full year, the Company's Net Revenue stood at Rs. 910.2 Cr, up 7% YoY and Profit After Tax was recorded at Rs. 86.4 Cr, up 38% YoY. During the quarter, the company recorded a Net Revenue of Rs. 239.7 Cr, up 8% YoY, EBITDA margin of 10% and a Profit After Tax of Rs. 23.2 Cr, up 18% YoY.
The results for FY19 were taken on record at the meeting of the Board of Directors today.
Speaking on the company's performance, Mr. Vijay K Thadani, Vice Chairman & Managing Director, NIIT Limited said, "The Company witnessed a profitable FY19 with PAT growing at 38% YoY, led by Corporate Learning Group (CLG) which delivered a strong revenue growth of 22% for the year."
Also, the Board took note of the Closing of the transaction for sale of NIIT's stake in NIIT Technologies Limited. The transaction was closed on May 17, 2019 after necessary approvals. NIIT Ltd. received gross proceeds of Rs. 2020.4 Cr. in cash on Closing.
The Board constituted a committee to make recommendations for utilization of proceeds for rewarding shareholders in the most efficient and judicious manner, subject to statutory limits and necessary approvals, and after providing for transaction related costs, taxes, retirement of debt, growth capital and a prudent Indemnity reserve.
The committee shall provide its recommendations to the Board prior to the declaration of audited results for Q1.
In the meanwhile, given the improving performance of the business and the liquidity event, the Board proposed a Dividend of Rs. 5 per share which amounts to 250% of face value of each share.
Business Highlights:
Corporate Learning Group (CLG) recorded revenues of Rs. 158.8 Cr, up 9% YoY during Q4. It signed 5 new MTS contracts in Q4, taking the total number of MTS customers to 46.
Full year revenue for CLG was recorded at Rs. 632.4 Cr, up 22% YoY. Revenue visibility stood at $245 Mn up 12% YoY.
During this fiscal year, NIIT entered into a five year Learning and Development agreement with Pitney Bowes. Pitney Bowes (NYSE:PBI) is a global technology company providing commerce solutions that power billions of transactions. Under this landmark agreement, NIIT will deliver a comprehensive L&D portfolio of managed training services for Pitney Bowes including learning consulting, demand management, design and development, learning delivery, administration, technology support, and vendor management.
In FY19, NIIT entered into a managed learning services agreement with Signify (formally Philips Lighting) - for the delivery of strategic sourcing and vendor management services. Under this agreement, NIIT will be responsible for managed learning services which includes strategic sourcing of learning suppliers, contracting, quality control, performance management, and payment of vendors.
Sapnesh Lalla, CEO, NIIT Ltd. said, "Corporate Learning Group (CLG) added 9 new logos, expanded its contracts with 5 customers and renewed 2 contracts in FY19. The key initiatives of the India business, StackRoute and TPaaS continued to show momentum."
Skills & Careers Business (SNC) recorded Q4 net revenue of Rs. 62.9 Cr. Beyond IT contributed 41% to SNC's Q4 FY19.
For the full year, SNC recorded net revenue of Rs. 242.8 Cr.
During the quarter, NIIT announced 19th National Scholarship in Nigeria to reward meritorious students in Nigeria desirous of building successful careers in today's digital economy.
During the year, NIIT introduced first-of-its-kind strategic initiative - Talent Pipeline as a Service (TPaaS), to ensure reliable availability of specifically skilled talent to global organizations to match the pace of expansion in today's fast changing, uncertain business environment. Through this initiative NIIT will train around 1,00,000 youth in 3 years for aspirational career opportunities in leading corporates in the IT & BFSI sectors.
In FY19, NIIT announced the launch of series of aspirational Career Programs guided by the choices of the industry to address the changing workforce needs that digital transformation has brought forth.
MindChampion Learning Systems Limited (MLSL) registered net revenue of Rs. 18 Cr during the quarter. In Q4 it added 523 school contracts and released new curriculum products in Maths, Science and English.
Full year revenue for MLSL was recorded at Rs 35 Cr. It added 761 school contracts during the year.
During the year, MLSL launched a new Math program in partnership Marshal Cavendish Education – a leading national and regional provider of K-12 educational solutions in Singapore. MLSL also organised Principals' Symposiums for principals from over 100 leading schools to highlight the importance of 21st-century learning skills in the school curriculum.
Other highlights of FY19:
- NIIT earned 19 Brandon Hall Group HCM Excellence Awards 2018 jointly with customers
- NIIT ranked among the Top 20 Training Outsourcing Companies by TrainingIndustry.com 2018 for the eleventh Consecutive Year
- NIIT ranked among the Top 20 Companies in IT Training by TrainingIndustry.com– for the ninth year.
- NIIT was recognised as 'Best Training Institution' at the 9th Indian Education Congress & Awards 2019
- StackRoute recognized as 'Most Innovative Learning Partner for Enterprises' at Times Ascent - National Award for Excellence in Training & Development
- StackRoute recognized as Leading Innovative Learning Partner for Enterprises by Dataquest Digital Leadership Conclave & Awards 2018
- During the year NIIT held its flagship international customer conference – 'Confluence' in Orlando, USA and Goa, India. Focused on key imperatives for Learning & Development, the conferences attracted widespread participation from global thought leaders and CXOs from leading organizations.