NIIT Technologies slips 4% on fall in net profit

Last Updated: Mon, Oct 17, 2016 12:56 hrs
BPO

NIIT Technologies is down more than 4% at Rs 422 on weak results.

NIIT Technologies reported a net profit of Rs 28.63 crore for the quarter ended September 2016, down 29.69%, compared to the net profit of Rs 40.72 crore it had posted in the year-ago perod. Total income for the quarter was up 4.21% to Rs 391.26 crore, over the year-ago quarter.

The company cited decline in margin in UK insurance business and higher tax rate for the decline in net profit.

NIIT Technologies, which hit a high of Rs 632 in mid-November 2015, touched a low of Rs 388 on 29 August 2016.



In the quarter ended June 2016, NIIT Technologies posted a net profit of Rs 21 crore, as compared to Rs 71.87 crore for the quarter ended June 30, 2015. Total income decreased from Rs 394.81 crore for the quarter ended June 30, 2015 to Rs 382.26 crore for the quarter ended June 30, 2016.

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