NIIT Technologies shares jump 14 pc after Q4 earnings

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Shares of NIIT Technologies zoomed 14 per cent in early trade after the company reported a 11.4 per cent rise in consolidated net profit .
Shares of NIIT Technologies

New Delhi, May 6 (PTI) Shares of NIIT Technologies on Wednesday zoomed 14 per cent in early trade after the company reported a 11.4 per cent rise in consolidated net profit for March 2020 quarter.

The company’s shares rose sharply by 11.84 per cent to Rs 1,329.20 on the BSE.

At the National Stock Exchange (NSE), it gained 13.98 per cent to Rs 1,356.15.

NIIT Technologies on Tuesday reported a 11.4 per cent rise in consolidated net profit at Rs 113.6 crore for the March 2020 quarter and said strong tech capabilities and sharp execution helped the company in winning large deals.

The company had posted a net profit of Rs 102 crore in January-March 2019 quarter.

Its consolidated revenue grew 19 per cent to Rs 1,109.3 crore in the quarter under review, from Rs 931.9 crore in the year-ago period, according to a company statement.

For FY’20, net profit rose 23.2 per cent to Rs 474 crore, while revenue grew 18.5 per cent to Rs 4,180.9 crore over the previous financial year.

The firm recorded one of its best annual performances ever in FY’20, which has come on the back of a similarly strong performance delivered in the preceding year,” NIIT Technologies CEO Sudhir Singh said.

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