NIIT recommends 65 percent dividend

June 12th, 2008 - 12:49 am ICT by IANS  

New Delhi, June 11 (IANS) Talent development major NIIT Ltd Wednesday announced a dividend of 65 percent and a net profit of Rs.756 million ($18 million) for 2007-08. The company earned net revenues to the tune of Rs.10.06 billion during the period under review at a year-on-Year (YoY) growth of 27 percent.

“We crossed the Rs.10 billion mark in net revenues with a decent growth in profitability,” NIIT CEO Vijay K. Thadani told reporters.

“We experienced an increase of 29 percent in enrolment for the financial year 2007-08 and have expanded to new markets in Africa apart from having a strong presence in China for over 10 years now,” he said.

Thadani expressed optimism that the IT industry would keep its growth rate despite the slowdown in the US economy.

He emphasised the government’s role in growth of the educational training industry and said he was bullish on the partnership prospects.

“The government has allocated five times more funds in the 11th five-year plan for education and is looking for public-private partnership. We hope to provide our services to 50-60,000 government schools in the next three to four years,” he said.

The company incurred a capital expenditure of Rs.800-900 million in 2007-08.

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