NIIT Limited (NSE: NIITLTD), a global leader in skills and talent development, today reported its results for the second quarter ending September 30, 2021.
During the quarter, the company recorded Net Revenue of Rs. 314.2 Cr. up 44% YoY. EBITDA was Rs. 73.9 Cr. up 115% YoY and the EBITDA margin stood at 23.5%, up 780 bps. Profit After Tax was recorded at Rs. 52.4 Cr, up 101% YoY.
The results were taken on record at the meeting of the Board of Directors held today.
Speaking on the company's performance during the quarter, Vijay K Thadani, Vice Chairman & Managing Director, NIIT Limited said, "NIIT delivered robust revenue growth of 44% YoY with improved margins. The Corporate Learning business continues to strengthen its market position and has added a record 6 new MTS contracts during the quarter. Our key initiatives in India - TPaaS and StackRoute - delivered strong volume growth."
NIIT acquired majority stake in RPS Consulting Private Limited, a leading provider of training programs on emerging digital technologies for experienced technology professionals, specifically addressing the needs of Global Systems Integrators and Capability Centers of large multinational companies.
This acquisition creates new opportunities to deliver innovative learning solutions in emerging digital technologies including Software Architecting and Engineering, Data Science, Cloud, Automation and DevOps, for both working professionals and new hires.
Further, it will help NIIT expand its Managed Training Services portfolio to include technology training as a Managed Service for its global customers. The transaction was closed on October 1, 2021 and the financial results of RPS Consulting will get consolidated from Quarter 3.
Corporate Learning Group (CLG) recorded net revenue of Rs. 272.2 Cr, up 40% YoY.
CLG added a record 6 new MTS contracts during the quarter - two in FMCG segment, two in BFSI and two in specialized consulting. The number of MTS customers stands at 63 and Revenue Visibility at the end of the quarter was at $ 294 million.
Commenting on the quarter performance, Sapnesh Lalla, CEO and Executive Director, NIIT Ltd. said, "Both the Corporate Learning Group (CLG) and the Skills and Careers Group (SNC) continued to accelerate and grow during the quarter. As the war for talent intensifies, our core value proposition of providing training interventions that deliver outcomes at scale, continues to resonate with our customers."
Skills & Careers Group (SNC) recorded net revenue of Rs. 42 Cr during Q2, up 70% YoY, driven by significant acceleration in StackRoute and TPaaS (Talent Pipeline as a Service).
StackRoute is a preferred choice for leading organizations for building digital and technology talent through deep-skilling programs for entry level as well as existing experienced workforce. During this quarter, many leading enterprises including one of the Big 4, a leading FoodTech Start-up, and many large global technology service providers partnered with StackRoute towards their initiatives for building high quality digital talent.
As part of the TPaaS initiative, Sutherland, a leading global digital transformation company based out of Rochester, NY, USA and StackRoute, an NIIT Venture, entered a partnership to launch an immersive training program designed to identify the right talent and develop them as high-quality Full Stack IT Professionals, handling critical roles at Sutherland. NIIT Academy of Relationship and Wealth Management, a joint initiative by Axis Bank, and NIIT Institute of Finance, Banking and Insurance (NIIT IFBI) launched its second program on "Virtual Sales and Relationship Management" that offers an exciting sales career with Axis Bank. Given the increased hiring trajectory across IT and BFSI sector, there is a greater demand for TPaaS offering both from existing and new customers.
Other Highlights
NIIT earned 51 Brandon Hall Group Human Capital Management Excellence awards including 30 Gold awards, 12 Silver Awards, and 9 Bronze awards jointly with customers.
NIIT's nominees who are learning leaders from customer organizations won 7 Chief Learning Officer Learning in Practice awards including 4 gold awards, 1 silver, and 2 bronze awards.
NIIT IFBI won the 'Training & Education Excellence Award' at the Quantic India 3rd Annual BFSI Excellence Awards 2021.
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( With inputs from ANI )
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