NIIT MTS Sees Profit Decline Amid Economic Uncertainty

NIIT Learning Systems reported a 17.8% decline in its consolidated net profit for the June quarter, as jittery corporate clients cut spending amid ongoing macroeconomic uncertainties. The company's profit fell to Rs 49.3 crore from Rs 60 crore in the previous year.

The revenue from operations showed a healthy growth of 10.8% to Rs 451.3 crore compared to the same quarter last year. This increase was a sliver of good news amid dimmer profit figures, owing to cautious corporate spending strategies.

In response to the wavering economic climate, NIIT MTS expanded its Managed Training Services client base, onboarding two new clients and renewing three existing contracts, bringing their total client number to 95 by the end of June.

(With inputs from agencies.)