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NIIT Announces Q3 (October - December 2020) Consolidated Results
The Board of Directors of the Company approved a proposal for buyback of up to 98.75 Lac equity shares for an aggregate amount not exceeding Rs. 237 Cr at a price of Rs. 240/- per Equity Share.
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NIIT Limited, a global leader in skills and talent development, today reported its results for the third quarter ending December 31, 2020. During the quarter, the company recorded a Profit After Tax of Rs. 41.5 Cr, up 53% YoY and Net Revenue of Rs. 253.4 Cr, up 16% QoQ, 4% YoY. EBITDA was Rs. 47.1 Cr. up 64% YoY and the EBITDA margin stood at 18.6%, up 685 bps YoY.
The results were taken on record at the meeting of the Board of Directors held today.
Earlier during the quarter, the Board of Directors of the Company approved a proposal for buyback of up to 98.75 Lac equity shares for an aggregate amount not exceeding Rs. 237 Cr at a price of Rs. 240/- per Equity Share. The Buyback is subject to the approval of the shareholders and other regulatory permissions.
Speaking on the company’s performance, Mr. Vijay K Thadani, Vice Chairman & Managing Director, NIIT Limited said, “The continued agility and strong execution capability has resulted in robust growth of 16% QoQ and 287 bps QoQ improvement in EBITDA margin.
The last three quarters have seen our customers accelerate their adoption of NIIT’s Digital platform. This is a strong testimony to NIIT’s depth and breadth of experience in learning technologies”, added Mr. Thadani.
Corporate Learning Group (CLG) recorded net revenue of Rs. 217.5 Cr up 12% QoQ, 15% YoY. It added 3 new Managed Training Services (MTS) customers and 4 MTS customer renewals in Q3. Revenue visibility increased to $270 Mn.
Commenting on the quarter performance, Sapnesh Lalla, CEO, NIIT Ltd. said, “Corporate Learning Group acquired 3 new MTS customers, resulting in an increased revenue visibility of $270 Mn. The key initiatives in the SNC business, including NIIT Digital, StackRoute and TPaaS continued to gain momentum.”
Skills & Careers Group (SNC) recorded net revenue of Rs. 35.9 Cr during Q3.
NIIT held the 4th India edition of its international customer conference - NIIT India Confluence from January 12-13, 2020. The 2-day exclusive virtual summit saw representation from around 170 companies. Confluence India attracted widespread participation from CEOs, CHROs, Business Leaders, along with thought leaders from across the world coming together to deliberate on the conference theme - 'Accelerating Performance through Transformative Learning'.
During the quarter P. Rajendran, Joint Managing Director & Co-Founder, NIIT Ltd. was felicitated with the prestigious IIT Delhi Alumni Award for Outstanding Contribution to National Development - Corporate Excellence.
· NIIT featured as the only company in Educational Services Industry, in the Fortune India 500 list 2020.
· NIIT has been accredited by the Learning and Performance Institute for the fifth consecutive year.
· NIIT earned fifteen Brandon Hall Excellence in Technology awards jointly with MetLife for the MetLife Distribution Academy Platform.
· NIIT featured in the 2020 Top Training Companies™ list for the information technology (IT) training sector of the learning and development (L&D) market. NIIT has been featured on this list for eleven years.
· NIIT won two coveted 2020 Learning Technologies Awards jointly with MetLife.