NIT Technologies said third-quarter revenue increased 2.6% sequentially to Rs 756.5 Crores, an increase of 9% on year.
Operating Margins expanded 97 bps sequentially to 17.1% as a result of growth in Digital engagements in US and EMEA.
Operating profits expanded 8.7% on quarter and 11.4% on year to Rs 129.5 Crores. Net profit improved 21.2% over same period last year to 75.6 Crores.
The company also announced the appointment of a new CEO in the name of Sudhir Singh and elevated Arvind Thakur to Vice Chairman and Managing Director.
“Sequential growth during the quarter came on the back of traction in our two key segments of Travel and BFS,” the new CEO said.
The company said it continued to experience good traction in the bank and financial services segment with revenues expanding 4.0% sequentially during the quarter contributing to 43% of revenue mix.
Travel & Transportation segment grew by 4.4% and now represents 27% of total revenues.
NIIT Technologies is among the smaller IT services providers in India and has leveraged newer technologies like cloud computing more than its bigger peers.
Digital revenues grew 11% sequentially during the quarter and contributed 25% of the total revenues.
It has also targeted less traditional markets such as the Middle East.
Revenues from EMEA expanded 7.2% sequentially during the quarter which now contributes to 30% of the revenue mix.
US grew 1.5% sequentially contributing to 50% of the mix. India and APAC business now represents 10% and 10% of the total mix.
NEW ORDERS
Fresh business of USD 130 m was secured during the quarter, including 3 large deals and 8 new logos, the company said. Two of the three large deals were in the Insurance segment.
Of the fresh business secured during the quarter, USD 82 Mn was from the US, USD 25 mn from EMEA and 23 mn USD from elsewhere.
Order book executable over the next 12 months expanded to USD 329mn (Rs 2,100 cr), it said.
In the digital space the company entered into agreements with a large multinational bank, a large cruise line and also signed a multi-million dollar, multi-year contract for upgrading the website of a large travel organizer, the company said.
“With Sudhir at the helm, the company enters into a new era of growth with a fresh perspective and new leadership inducted in the markets that we serve”, said Rajendra S. Pawar, Chairman, NIIT Technologies Ltd.
NEW HIRES
The company also added three other executives to its leadership.
Gautam Samantha formerly with Infosys joined to head Europe geography, Anantha Basavaraju formerly with Fujitsu joined to head APAC, and Madan Mohan formerly with Infosys takes charge of a new service line around Data Services & Automation with his base in the US.
In addition the company strengthened its cloud practice by inducting two senior leaders, Bhartendra Gupta formerly with Microsoft based in the US and Anthony Shepard, formerly with IBM to be based in UK.
Further Martyn Sutton, an Insurtech veteran has joined in the US to drive NITL business in the geography, it said.
A total of 59 people were added during the quarter taking headcount to 9,081 at the end of the period.