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Education company NIIT Learning Systems announced Q2FY24 results:
1. Financial Performance
- NIIT Learning Systems reported a consolidated net revenue of Rs 381.9 crore for Q2FY24, a growth of 27% YoY.
- The company's EBITDA for Q2FY24 was Rs 91 crore, reflecting a YoY increase of 58%.
- EBITDA margin stood at 23.8%, showing a YoY improvement of 464 basis points.
- Profit After Tax for the quarter was Rs 46.9 crore, resulting in an earnings per share of Rs 3.5.
2. Dividend Declaration
- The Board of Directors approved the declaration of an interim dividend of Rs 2.50 per share.
- The record date for the dividend is set as November 10, 2023.
3. Business Growth
- NIIT MTS added four new MTS customers during the quarter.
- The company achieved 100% renewals with four existing customers.
- As of the end of the quarter, NIIT MTS has 85 active MTS customers with a revenue visibility of USD 350 million.
4. Industry Awards and Recognitions
- NIIT MTS earned 56 Brandon Hall Excellence in HCM awards in partnership with customers, including 33 gold awards, 10 silver awards, and 13 bronze awards.
- NIIT MTS was named to Training Industry, Inc.'s 2023 Top 20 Learning Services companies list for the sixteenth consecutive year and the Top 20 Experiential Learning Technologies companies list for the third consecutive year.
Vijay K Thadani, Co-founder NIIT and Vice Chairman & Managing Director, NIIT Learning Systems, "Disruptive technologies like Al present a massive opportunity for learning to become significantly more impactful and will enable organizations to transform their talent and achieve competitive advantage. By investing early in these transformative technologies, NIIT MTS is uniquely positioned to become more valuable to its growing list of customers."
Sapnesh Lalla, Executive Director & CEO, NIIT Learning Systems, "In a tough economic environment, our value proposition is continuing to resonate with a larger set of customers. We continue to make investments, expand our customer set, and grow our capabilities, uniquely positioning NIIT MTS for acceleration and growth as the environment starts to stabilize."
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