Business

NIIT Q1 EBITDA up 16 pc to Rs 22 crore on revenue of Rs 210 crore

ANI | August 10, 2019 03:26 PM
NIIT has a footprint in over 30 countries offering training and development solutions to individuals, enterprises and institutions

New Delhi [India], Aug 10 (ANI): NIIT Ltd's net revenue declined by two per cent to Rs 210 crore during the quarter ended June 30 compared to Rs 214 crore in Q1 FY19, the skills and talent development corporation said on Saturday.

The earnings before interest, tax, depreciation and amortisation (EBITDA) was recorded at Rs 22 crore, up 16 per cent year-on-year at an operating margin of 10.4 per cent, up 159 basis points.

Profit after tax recorded at Rs 1,090 crore included one-time income on account of divestment of NIIT Ltd's shareholding in NIIT Technologies Ltd.

"The increase in revenue visibility for corporate learning group and the growth in go-forward business in skills and careers vindicate the company's strategy and reaffirm the confidence of customers in our ability to add value," said Vice Chairman and Managing Director Vijay K Thadani,

The board of director took note of the closing of the transaction for sale of NIIT's stake in NIIT Technologies. The transaction was closed on May 17 after necessary approvals. NIIT Ltd received gross proceeds of Rs 2,020.4 crore in cash on closing.

On May 25, the board had proposed a dividend of Rs 5 per share and constituted a committee to make recommendations for utilisation of proceeds for rewarding shareholders after providing for transaction-related costs, taxes, the retirement of debt, growth capital and a prudent indemnity reserve.

Based on the recommendation of the committee, the board has approved a proposal to buyback up to Rs 2.68 crore of equity shares from shareholders of the company at Rs 125 per share, representing nearly 16 per cent of the total paid-up equity share capital for an aggregate amount not exceeding Rs 335 crore.

(ANI)

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