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NIIT net profit falls 11% in Q4

This article was posted on Jun 11, 2008 and is filed under Press Releases

NEW DELHI: IT technology company NIIT on Wednesday posted a net profit of Rs 31 crore in the fourth quarter ended March 31, an 11 per cent fall from the corresponding period last year.

It had reported a net profit of Rs 45.9 crore during the same quarter last year.The company said given the volatility in the exchange rate, NIIT adopted a new method for hedging accounting to reflect the mark-to-market for forcast transactions as mandated by ICAI. Accordingly, the company has provided Rs 6.7 crore for notional loss resulting in net profit of Rs 31 crore.Consolidated revenue was up 6 pc at Rs 248.5 crore during the quarter under review, against Rs 243.5 crore in the same quarter in 2006-07, the company said.

For the year, the net profit increased 5 per cent to Rs 135.3 crore, while operating profit fell by 2 per cent to Rs 176.3 crore.

Consolidated revenue for 2007-08 was up 6 per cent at Rs 941.5 crore, the company said.
original post: dnaindia

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