NIIT sets 2:1 bonus issue, yearly profit zooms 95 pc | business | Hindustan Times
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NIIT sets 2:1 bonus issue, yearly profit zooms 95 pc

NIIT Technologies announces that its board recommendes a bonus issue of one share for every two shares held, reports Narayanan Madhavan.

business Updated: May 23, 2007 23:53 IST
Narayanan Madhavan

NIIT Technologies, the software and administrative service firm spun off by IT education leader NIIT, announced on Wednesday that its board had recommended a bonus issue of one share for every two shares held, as it showed an annual profit jump of 95 per cent in the year ended March.

Net profit in the latest January-March quarter zoomed by 139 per cent to Rs 45.9 crore from Rs 19.2 crore in the year-ago quarter, while consolidated revenues rose 47 per cent to Rs 243.5 crore from Rs 166.2 crore, NIIT said in a statement.

For the full year, net profit rose to Rs 129.2 crore from Rs 66.3 crore, while consolidated revenues rose 46 per cent to Rs 885.9 crore from Rs 607.5 crore.

The Delhi-based company added 249 employees to its rolls during the quarter, taking the headcount to 4,448.

The company said operating margin, which shows profitability, rose to 20.4 per cent in the year from 19 per cent in the previous year.

"The consistent all-round growth in revenues and profitability in all four quarters is a result of our single minded focus on building strengths in the chosen verticals," said Arvind Thakur, Chief Executive Officer, NIIT Technologies. He was referring to specialist areas like financial services, retail and manufacturing.

The bonus recommended is subject to the approval of shareholders at the annual general meeting of shareholders.

"The company supplemented its order book by committed business of $ 72 million during the quarter," Thakur said.

NIIT Technologies services customers in North America, Europe, Japan, Asia and Australia. It helps overseas clients in maintaining and developing software, designing software and allied services to make businesses more efficient, and executes administrative services to enhance customer efficiency.