NIIT net profit dips 60 percent

By IANS,

New Delhi : IT training major NIIT Ltd Tuesday reported a net profit of Rs.55 million for the third quarter ending December 31, a 60 percent dip compared to Rs.139 million profit in the same period a year before.

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The dip in profits has been attributed to the launch of NIIT Uniqua and increased depreciation due to new school projects that impacted profit after tax (PAT) for the quarter, a company statement said.

The company’s net revenues increased 17 percent to Rs.2.78 billion for the third quarter as against Rs.2.38 billion in the same period last year.

In China, NIIT recorded 71 percent growth in revenue over the same period last year, the statement added.