Shares of NIIT Technologies surge 19 per cent on robust Q4 results

The shares of NIIT Technologies were trading deep in green on Wednesday and surged as much as 19 per cent after the IT company announced its Q4 results after market hours on Tuesday.

The company’s consolidated revenue from operations during the quarter rose 14.10 per cent to Rs 1,109 crore from Rs 972 crore in the corresponding quarter of the previous fiscal year and 3.3 per cent from its preceding quarter. The company posted a net profit of Rs 124.2 crore during this period, registering a YoY growth of 13 per cent.

For Q4FY20, the order intake of US$ 180 million, with three large deals secured, reflects continued deal signing momentum. The cumulative order intake for the year is US$ 748 million, up by 16 per cent over the previous year.

Speaking on the occasion, Sudhir Singh, Chief Executive Officer of NIIT Technologies, said that the firm recorded one of its best annual performances ever in FY20, which has come on the back of similar strong performance, delivered in the preceding year. He further stated that the company’s differentiated strategy, strong tech capabilities and sharp execution, enabled the company to deliver sustained large deal wins and an industry-leading growth for the fourth quarter of FY20, overcoming unprecedented COVID-19 headwinds.

NIIT Technologies Limited is a global IT solutions organisation, focussing on key industries, such as banking and financial services, insurance and travel & transportation as well as hospitality to build deep domain expertise.

On Wednesday, the stock closed at Rs 1,420.50, up by 19.53 per cent or Rs 232.05 per share. The 52-week high is recorded at Rs 2,057 and the 52-week low is Rs 739.05 on BSE.