NIIT Technologies, an IT solutions organization, today reported a fall of 18.7% in consolidated first quarter profit to Rs 432 million as compared to Rs 532 million in the same period last year.

"Lower other income at Rs 36 million as compared to Rs 206 million in the same quarter last year, on account of revaluation of current assets and liabilities due to rupee depreciation, has resulted in YoY decline in PAT," the company said.
 
Total revenues came at Rs 5.77 billion, an increase of 6.6% over Rs 5.41 billion in the same period a year ago.
 
Analysts, on average, had expected NIIT Tech to report a profit of Rs 523 million on revenue of Rs 5.83 billion.

Operating profits stood at Rs 775 million, a fall of 0.8% over Rs 782 million in the same period a year ago.

Total headcount stood at 8,282 at the end of the quarter under review.

''In constant currency, revenues remained flat sequentially during the quarter,'' said Arvind Thakur, CEO and Joint MD, NIIT Technologies. ''Operating Margins declined 171 bps to 13.4% primarily on account of wage increase during the quarter'', he added.

''Fresh orders of USD 124 Mn were secured during the quarter'', said Sudhir Chaturvedi, COO, NIIT Technologies. ''This includes a large multimillion dollar contract with a major airline''.

''The Company continued its momentum of securing large deals during the quarter'', said Rajendra S. Pawar, chairman, NIIT Technologies. ''Revenues are expected to scale during the second half of the year''.

Shares of the company declined Rs 23.60, or 5.11%, to trade at Rs 439.80 at the BSE (1.59 p.m., Tuesday).