NIIT Technologies on Tuesday reported a consolidated decline in net profit of Rs. 17.5 crore for the fourth quarter ending March 31, 2015.
The company's net profit during the same quarter last year was Rs. 61.9 crore.
A dispute had arisen between one of the company's subsidiaries and its client in the APAC region during the quarter, it said.
The dispute was resolved by concluding a settlement agreement which released the company of its obligation towards execution of the programme.
The financial impact of this one-off event during the quarter was Rs. 80 crore which was reflected as an exceptional expense in the P&L account, it said.
However, the company reported a consolidated revenue of Rs. 611.2 crore during the quarter, up around four per cent, compared with Rs. 588.5 crore in January-March 2014.
"Robust growth in the US contributed to strong sequential growth during the quarter," Arvind Thakur, Chief Executive Officer, NIIT Technologies, said.
“Cross currency headwinds in Europe impacted reported revenues. In constant currency, revenues expanded 3.3 per cent sequentially," he added.
Business in the US grew 3.8 per cent contributing to 44 per cent of the overall revenues during the quarter.
EMEA contributed to 35 per cent, while the revenue share from APAC and India stood at 21 per cent, the company said.
Fresh orders of $89 million were secured during the quarter leading to $295 million worth of orders executable over the next 12 months, it added.
NIIT Technologies added 435 people during the quarter taking the total headcount to 8,494.
No comments:
Post a Comment