NIIT Technologies Q3 revenues grow by 18.8%
New Delhi, India, January 16, 2013: NIIT Technologies, a IT solutions organization, has announced its financial results for the quarter ended December 31, 2012, with a revenue increase of 18.8% over the same period last year, representing a sequential growth of 2.9%. There was a currency loss of 1.5% in revenues during the quarter.
Arvind Thakur, Chief Executive Officer, NIIT Technologies, said “Revenues grew 4.4% sequentially in constant currencies during the quarter reflecting the sustained growth momentum of the company.”
Business in the US contributed to 37% of revenues, EMEA improved to 40% of the total revenue share, while the revenue share from APAC and India remained at 23%.
Among industry segments, Travel & Transport remained at 42% of revenue share, BFSI stood at 31% while Manufacturing/Distribution and Government contributed 6% and 8% of revenue share respectively.
There was softness in the BFSI segment due to overall economic uncertainties with a major catastrophe like hurricane Sandy causing losses among reinsurers. Travel and Transport however continued to show good traction with top clients growing well in this segment. The company delivered pilots successfully on schedule for the large government program of CCTNS in all the four states where it is engaged.
$83 Mn of fresh orders was secured during the quarter which included a $10 Mn renewal in Travel & Transport, leading to $242 Mn of order book executable over the next 12 months. Four new clients were added which included two from Manufacturing and one each in Travel & Transportation and Government. This includes a $10 Mn contract for providing turn-key solution for the Registration and Stamps department of a large state. This project is replicable across all states.
Rajendra S. Pawar, Chairman, NIIT Technologies, said, “Despite the uncertain environment the company has been securing fresh orders at a steady rate throughout the year. We are confident to deliver better than industry growth in the current financial year.”