NIIT Technologies declines on reporting 30% fall in Q2 net profit

17 Oct 2016

NIIT Technologies is currently trading at Rs 429.25, down by 10.45 points or 2.38% from its previous closing of Rs 439.70 on the BSE.

The scrip opened at Rs. 450.00 and has touched a high and low of Rs. 450.40 and Rs. 426.60 respectively. So far 46095 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 632.00 on 18-Nov-2015 and a 52 week low of Rs. 388.00 on 30-Aug-2016.

Last one week high and low of the scrip stood at Rs. 455.00 and Rs. 407.00 respectively. The current market cap of the company is Rs. 2631.83 crore.

The promoters holding in the company stood at 30.72%, while Institutions and Non-Institutions held 51.17% and 18.11% respectively.

NIIT Technologies has reported 29.69% fall in its net profit at Rs 28.63 crore for the quarter ended September 30, 2016 as compared to Rs 40.72 crore for the same quarter in the previous year, on account of fall in higher margin UK insurance business as well as higher tax rate.

However, total income of the company increased by 3.76% at Rs 391.26 crore for the quarter under review as compared Rs 377.07 crore for the corresponding quarter previous year, supported by growth in its banking, financial services and insurance business (BFSI) business from United States. 

NIIT Technologies is a leading global IT solutions organization, servicing customers in Americas, Europe, Middle East, Asia and Australia. It offers services in Application Development and Maintenance, Infrastructure Management Services, IP Asset or Platform Solutions, and Business Process Management to organizations.

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