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|May 4, 1998||
NIIT global revenues rise 76.7 per cent
A Staff Writer in Bombay
The global revenues of NIIT and its subsidiaries rose from Rs 1.69 billion last year to Rs 2.98 billion in 1997-98.
The software business grew at 78 per cent, training at 69 per cent and multimedia by 99 per cent. Software provided 52 per cent of the global revenues, followed by training with 32 per cent and multimedia with 16 per cent.
NIIT's Limited itself earned revenues of Rs 2.04 billion, up 45.6 per cent from Rs 1.4 billion last year. Net profit at Rs 160 million was up 53.3 per cent. A higher provision of Rs 1.23 billion has been made for depreciation to ensure better reflection of true value of assets.
EVA implementation has cause a 14 per cent reduction in interest costs and in borrowings from Rs 104.8 million last heat to 90 million this year.
The company's software has earned a SEI Level 3 certification that has helped it gain clients like SEI Investments and the Singapore government and British Airways. It has also set up a new software factory in Bombay and tied up with CSK Corporation to assist in the systems integration business developing in Japan.
NIIT has also set up an education and training centre at Shanghai through a joint venture. And set up its "NetVarsity", an online learning facility on the Internet.
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