Homeinformation technology News

NIIT Technologies will work with Baring to accelerate growth, says CEO

information technology | IST

NIIT Technologies will work with Baring to accelerate growth, says CEO

Mini

Insurance business at an annual level has grown 35.7 percent and has been the highest growth vertical, said NIIT Tech CEO Sudhir Singh.

NIIT Technologies' fourth-quarter revenues were below estimates due to weakness in the global information systems (GIS) business which is normally seasonally strong in Q4. The constant currency revenue growth came in at 1.3 percent quarter on quarter, and the constant currency excluding GIS business was at 2.1 percent.

The IT company reported a 22.5 percent rise in consolidated net profit to Rs 105.5 crore for the fourth quarter ended March 31, 2019
CEO Sudhir Singh said that the GIS business is no longer going to be part of reported numbers going forward because they divested that business at the end of the fourth quarter.
“We plan to deliver and will deliver robust, predictable and profitable growth. The organization and I am convinced that we will continue to move along that path,” said Singh in an interview with CNBC-TV18.
Insurance business at an annual level has grown 35.7 percent and has been the highest growth vertical, said Singh.
When asked what one should expect with a change in promoters and Barings coming in, he said, “At this point in time the clear message that we picked from Barings is that they would like us to continue on the growth path. They have been impressed with the growth numbers seen in recent quarters and they will work with us to figure out ways and means of driving that growth and accelerating the growth,” he said.
However, currently, Barings still haven’t got involved with running the business and hence capital allocation decision not yet taken, he said.
Talking about the $1 million the company spent more on immigration expenses and this supply-side pressure impacting margins, Singh said that supply-side pressure has been there but despite those cost increased our margins have gone up 80 basis points year on year.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!