NIIT Q1 net profit at Rs 1,090.4 cr; board approves Rs 335-cr buyback

Skills and talent development company NIIT Ltd on Saturday posted a consolidated net profit of Rs 1,090.4 crore for the June quarter, and said its board has approved a buyback programme of up to Rs 335 crore. Its net revenue declined by 2 per cent to Rs 210.3 crore in the quarter under review from Rs 214.3 crore in the year-ago period.

NIIT Ltd, which had registered a net profit of Rs 17.9 crore in the April-June 2018 quarter, said profit after tax for the June 2019 quarter includes one-time income on account of divestment of NIIT Ltd’s shareholding in NIIT Technologies. In April this year, funds affiliated with Baring Private Equity Asia (BPEA) bought about 30 per cent stake in NIIT Technologies from NIIT Ltd.