New Delhi, India, October 17, 2014: NIIT Limited, leading Global Talent Development Corporation, today reported its results for the second quarter ending September 30, 2014. In this quarter, the company recorded Net Revenue of Rs. 260.4 Cr and PAT of Rs. 10.3 Cr. The results were taken on record at the meeting of the Board of Directors here today.
During the quarter, NIIT initiated its Business Transformation plan, to usher the Company into the next phase of growth. Starting with rationalization of subsidiaries to streamline group operations, the company strengthened its management structure and announced a comprehensive succession plan. Mr. Rahul Keshav Patwardhan was appointed as the CEO Designate for NIIT Ltd. on October 6, 2014. He takes charge as Chief Executive Officer of NIIT Limited on April 1, 2015. Further, Mr. Shivan Bhargava joined the company as the Group President of the Skills and Careers Group during the quarter.
“The induction of Rahul Patwardhan (CEO Designate) and Shivan Bhargava (Group President, Skills & Careers Group) as part of the succession plan, provides the impetus and the capacity to drive our ‘Growth through Transformation’ agenda”, said Rajendra S Pawar, Chairman of NIIT Ltd.
Speaking on this occasion, Rahul K Patwardhan, CEO Designate, NIIT Ltd said, “I am delighted to be back at NIIT. The Individual Learning and the Corporate Learning businesses are undergoing significant changes and NIIT is well positioned to reaffirm leadership by driving the Business Transformation program forward swiftly and with agility in execution”.
After having spent the first 20 years of his career with NIIT in multiple roles, Rahul returns to the company with 10 years of extensive Global experience in scaling managed services operations with Logica. With a proven track record and excellence in strategy, technology services management, training services & channel management, Rahul will spearhead the transformation of NIIT’s global offerings and brand positioning in the Global Talent Development space.
During the quarter, Corporate Learning Solutions (CLS) recorded net revenues of Rs. 124.8 Cr, up 26% YoY. Overall Revenue visibility of CLS was recorded at USD 164.3 Mn, up 14% YoY. Managed Training Services (MTS) continued to grow, by contributing 88% to the total CLS revenue. Two new international clients were added for MTS during Q2.
Vijay K Thadani, Chief Executive Officer at NIIT Limited said “Reaffirming customer confidence, Corporate Learning business recorded a 50% YoY increase in order intake at USD 20.7 Mn, registering a revenue growth of 35% YoY in Dollar terms.”
Individual Learning Solutions recorded net revenue of Rs. 100.4 Cr in Q2, with ‘Beyond-IT’ enrolments growing 23% YoY. NIIT flagship centres recorded a 25% YoY growth in Rev GNIIT enrolments in Q2.
Catering to the growing demand for Information Security professionals, NIIT and EC-Council entered into a strategic partnership to empower Digital India with a pool of Cyber Guardians. Through this partnership, NIIT has introduced cutting-edge training programs in Ethical Hacking to create a manpower pool of trained InfoSec professionals in the country.
NIIT and Microsoft recently tied up to roll-out its significant ‘Women in Tech’ initiative across 5,000 Schools, Colleges, and Centres in 200 cities.
During the quarter, NIIT launched its ‘24th Bhavishya Jyoti Scholarship’, to enhance employability of meritorious students by bridging the affordability gap and making them future-ready to meet the emerging needs of today’s knowledge economy.
NIIT Institute of Finance, Banking & Insurance Training Ltd (IFBI) entered into a partnership with SBI General Insurance to introduce a unique “Earn and Learn” program where each student will get an opportunity to work under experienced mentors while pursuing the certification course. IFBI further signed up Kotak Mahindra Bank to launch a 12-month Post Graduate Diploma in Banking and Relationship Management.
The 5th National Banking Entrance Test for industry-linked career programs in banking and finance was conducted by IFBI in Q2 to offer successful candidates an opportunity to earn scholarships in the various PG Programs.
School Learning Solutions (SLS) recorded net revenue of Rs. 31.8 Cr during the quarter.
SLS engaged in extensive customer outreach during the quarter by launching its social media initiative and participating in connect platforms like – World Didac, wherein it displayed live Math Lab stations. It further launched cutting-edge ICT enabled solutions for the schools of tomorrow in cities like Namakkal, Tamil Nadu and Kurnool in Andhra Pradesh under the aegis of NIIT NGuru. These solutions which significantly improve the efficacy of the teaching and learning experience for school administration, teachers and students alike, aim to bring in a paradigm change in teaching and learning experience.
P Rajendran, Executive Director of NIIT Limited said, “NIIT NGuru added 95 more schools in Q2 and completed the pilot of teacher training for CTET, with excellent results”.
NIIT’s vocational skills training initiative – NIIT Yuva Jyoti (NYJ), and Rotary International District 3010 entered into a partnership to enhance livelihood of youth in Delhi-NCR & surrounding regions through skilling and employability training.
Established in partnership with National Skill Development Corporation (NSDC), NYJ continued to gain momentum, expanding its reach to over 75 locations with more than 30,000 students trained, since commencement.