Date:27/06/2006 URL: http://www.thehindu.com/2006/06/27/stories/2006062703991800.htm

Business

NIIT Tech profit up

Corporate Reporter

Recommends a dividend of 60 p.c.

CHENNAI: NIIT Technologies Limited, the global IT solutions organisation, has reported a 12 per cent rise in its consolidated revenues to Rs. 607.50 crore in the year ended March 31, 2006, from Rs. 543.20 crore in the previous year. IT solutions contributed Rs. 566.10 crore to consolidated revenues. The net profit saw a rise of 13 per cent to Rs. 66.30 crore from Rs. 58.50 crore.

Net earnings per share stood at Rs. 17.15. The directors have announced a dividend of 60 per cent. Arvind Thakur, CEO of the company, has stated in a release that Europe continued to provide the maximum share of business, representing 43 per cent of total revenues, while the share of the Americas was 39 per cent.

The company has recently acquired the U.K. based insurance solutions provider ROOM Solutions. According to Rajendra S. Pawar, Chairman of NIIT, this acquisition would add substantially to the company's domain expertise in the insurance sector.

In line with its overall growth plans, the company has added 1.25 lakh sq. ft. of offshore development facilities in Gurgaon, Bangalore, Delhi and Mumbai during the year under reference.