New Delhi– IT solutions organisation, NIIT Technologies said on Friday that its net profit dropped by 47.5 per cent during the first quarter of 2016-17, at Rs 28.6 crore compared to Rs 54.4 crore posted during the corresponding quarter in 2015-16.
“International revenues improved marginally during the quarter, revenues declined sequentially mainly on account of seasonality in our domestic geographical information system (GIS) business,” said NIIT Technologies CEO and Joint MD Arvind Thakur in a statement.
Domestic business declined by 26.5 per cent due to seasonality in GIS and lower revenues from government clients, while international business grew by 0.5 per cent during the quarter, the statement said.
Amongst international geographies, Americas’ share increased to 48 per cent on the back of strong growth in banking, financial services and insurance whereas Europe, the Middle East and Africa share declined to 32 per cent mainly due to reduced business in the British insurance sector. Share of Asia Pacific region expanded to 12 per cent on execution of digital integration programs, it added.
The company’s shares closed at Rs 470.05 per share, down 5.65 per cent at the BSE on Friday. (IANS)