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NIIT, NIIT Learning Systems Announce Annual Financial Results FY23 Post Demerger
The Board of NIIT recently announced that its Corporate Learning Business undertaking has been transferred to NIIT Learning Systems (NLSL) upon the Composite Scheme of Arrangement becoming effective from 24 May 2023
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NIIT and NIIT Learning Systems (NLSL) announced annual results for FY23 on Monday following the strategic demerger announcement by NIIT, which has led to the establishment of two distinct entities – NIIT and NLSL.
The Board of NIIT recently announced that its Corporate Learning Business undertaking has been transferred to NIIT Learning Systems (NLSL) upon the Composite Scheme of Arrangement becoming effective from 24 May 2023. Going forward, NIIT will continue to focus on and operate the Skills & Careers business, whereas NLSL would operate the Corporate Learning Business.
Speaking on the company’s performance, Rajendra S Pawar, Chairman and Co-founder of NIIT Group said that NIIT Group post the demerger, emerges as a stronger and more dynamic organisation, unlocking growth and value for our customers, shareholders and stakeholders.
As talent builders for the nation, NIIT is poised to realise its true potential through the creation of two independently run businesses with significant growth capital, Pawar added.
NIIT, leading skills and talent development corporation, on Monday, reported its financial results for the Financial Year ended 31 March 2023.
During the year the company recorded consolidated Net Revenue of Rs 341.3 crore, up 36 per cent YoY. EBITDA was Rs 1 crore and EBITDA Margin stood at 0.3 per cent. Profit After Tax of Rs 3.2 crore reflects EPS of Rs 0.2. During the quarter, the company recorded consolidated Net Revenue of Rs 60 crore.
The results were taken on record at the meeting of the Board of Directors held on 29 May 2023.
During the year revenue from the early career segment of NIIT grew 15 per cent YoY and contributed 54 per cent to total revenue. The working professional segment grew 73 per cent YoY contributing to the balance of 46 per cent. StackRoute and TpaaS grew 17 per cent YoY.
NIIT acquired an additional 20 per cent equity shareholding in RPS Consulting during the year. This takes the total shareholding to 90 per cent.
Commenting on the results, Vijay K Thadani, Vice Chairman & Managing Director of NIIT, said, “Our robust growth of 36 per cent YoY in FY 22-23 underscores our unwavering dedication to growth and innovation in the skills and talent development sector. The strategic demerger of NIIT Limited into NIIT Ltd and NIIT Learning Systems (NLSL) marks a pivotal milestone, propelling our future growth trajectory.”
NIIT Learning Systems (NLSL) also announced its annual financial results. During the year the company recorded consolidated Net Revenue of Rs 1361.8 crore, up 20 per cent YoY. EBITDA was Rs 315.4 crore, up 6 per cent YoY. EBITDA Margin stood at 23.2 per cent. Profit After Tax was Rs 192.2 crore and the EPS stood at Rs 14.3.
During the quarter, the company recorded consolidated Net Revenue of Rs 385.7 crore up 30 per cent YoY and PAT of Rs 53.9 crore up 17 per cent QoQ. EBITDA was recorded at Rs 94.8 crore up 30 per cent YoY. EBITDA Margin stood at 24.6 per cent up 70 bps QoQ.