IT education and training company NIIT Ltd today reported a 12 per cent drop in its second quarter (ending July-September 30, 2009) net profit at Rs 26.2 crore on the year-on-year basis.
The company had posted Rs 29.7 crore net profit in the same quarter last fiscal.
“The company’s consolidated revenues were up 19 per cent year-on-year at Rs 555 crore,” NIIT Ltd Chairman Rajendra Pawar said.
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The decline in the net profit were due to forex volatility, he added.
The board of the company has approved raising Rs 230 crore through QIP (Qualified Institutional Placement).
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