NIIT Technologies on Wednesday announced a year-on-year increase of 66.3% in net profit to ₹111.8 crore for the second quarter ended September 30, 2018.
The company had registered a net profit of ₹67.2 crore in the same quarter last year. Sequentially, the net was up 30% compared with ₹85.8 crore in the April-June quarter. The firm posted revenues of ₹907.4 crore, up 23.1% from ₹737.2 crore a year earlier and higher by 10% from ₹824.9 crore in the previous quarter.
“The extremely robust 10% sequential revenue growth and the 217 basis points sequential improvement in operating margin is a reflection of the new normal as we target predictable and fast-scaling, profitable growth,” NIIT Technologies CEO Sudhir Singh said in a statement.
The company said its insurance vertical grew 11.2% during the quarter contributing to 28.8% of total revenues, while banking and financial services segment grew 6.2% contributing to 16.2% of total revenues. Likewise, revenues from travel and transportation segment were up 9.2%, representing 26.9% of the revenue mix.
$160-mn new business
The firm secured fresh business of $160 million during the quarter, which included 10 new clients, it said, adding that of this, $86 million was from the U.S., $39 million from the Europe and West Asia and $35 million from the rest of the world.
Order book executable over the next 12 months has expanded to $363 million, the company said. NIIT Tech added 261 people in the quarter, taking total headcount to 10,025 at the end of September.
