New Delhi [India], Oct 24: NIIT Ltd’s on Thursday reported a net profit of Rs 209.4 crore in the quarter ending September on the back of a tax write-back of Rs 174.2 crore.
“This includes impact of reversal of tax provision pursuant to recent changes in income tax law, primarily related to divestment of shareholding in NIIT Technologies Ltd,” it said in a statement. The company had reported a profit of Rs 28.4 crore in a year-ago period. Revenue was up 4.7 per cent at Rs 236.5 crore versus Rs 226 crore.
Earnings before interest, tax, depreciation and amortisation (EBITDA) were up 6 per cent at Rs 25.4 crore while EBITDA margin was up at 10.3 per cent.”Continued improvement in the performance of go-forward business is a confirmation of the opportunity NIIT is pursuing and the strength of its value proposition,” said Vice Chairman and Managing Director Vijay Thadani.
NIIT Chief Executive Officer Sapnesh Lalla said the corporate learning group is starting to show growth after a couple of muted quarters. New contracts are starting to generate revenues.