NIIT Q1 profit dips 44 pc to Rs 4.3 cr; revenue rises 2 pc to Rs 84.1 cr
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Skills and talent development firm NIIT Ltd on Friday posted a 43.6 per cent decline in consolidated net profit to Rs 4.37 crore in the April-June quarter due to headwinds from a turbulent environment in the technology and BFSI sectors.It had reported a profit (attributable to owners of the parent company) of Rs 7.75 crore in the year-ago period, according to a regulatory filing.The company's revenue from operations rose slightly to Rs 84.11 crore in Q1 FY26, from Rs 82.47 crore in Q1 FY25.Seen sequentially, profit and revenue fell by 66.7 per cent and 2.5 per cent, respectively.Enterprise business grew 7 per cent year-on-year and contributed 68 per cent to overall revenue. Revenue from Technology programs was up 7 per cent year-on-year, while revenue from BFSI & other programs was down 9 per cent year-on-year.The sharp decline in BFSI (Banking, Financial Services & Insurance ) hiring reflected in reduced share of BFSI & other programs, and also contributed to the decline in share of Consumer business, the company said. Wipro , and HCL Tech cut 42K+ jobs in two years, including TCS's 12K layoff; WorkPro segment in ITeS hit hardest as clients stay cautious amid trade tensions and tech spend slowdown."Banking Q1 was tough (Axis, Kotak, HDFC, SBI ,ICICI) with margin pressures and muted hiring amid lower attrition; weakness spilled over to insurance (slower premium growth) and NBFCs (retail/personal loan moderation)," the company said.The company's order intake during the quarter under review was Rs 106.5 crore, representing a 37 per cent year-on-year growth.During the quarter, NIIT Limited acquired a 70 per cent stake in Coimbatore-based AI-powered deep-skilling SaaS platform iamneo for around Rs 61.3 crore, with the remaining 30 per cent to be purchased in phases from its promoters upon achieving agreed financial milestones."In the current volatile environment, the company stayed the course on its investments in AI-powered learner-centric outcome-based education. The strategic investment in iamneo significantly enhances our capability to deliver impactful digital transformation curricula at scale," Vijay K Thadani, Vice Chairman & Managing Director, NIIT Limited, said.
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Indian Express
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Time of India
33 minutes ago
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