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August 3, 2001
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Money > Business Headlines > Report August 3, 2001 |
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NIIT to focus on finance, insurance practices businessBS ICE Bureau Delhi-based Rs 12 billion NIIT Ltd has decided to give an increased thrust to its finance and insurance practices business as part of its strategy to bring its software services business, hit by the US economic slowdown, back on the track. The company expects that the finance and insurance business, which contributed about 17 per cent to its total turnover in the second quarter of the current fiscal, would increase by around 25 per cent. "In the US alone, the finance and insurance market is estimated to be at $23 billion," said Arvind Thakur, president, software business. "We have started to witness the benefits of this business plan. We expect the contributions of these sectors to our revenues to grow considerably," Thakur added. Other high priority areas for the company is the transport and retail verticals. The company, which had heavy concentration on emerging technologies has recently decided to focus more on the legacy software services space. The legacy software service includes, upgrading the old computer systems to new technologies. "Legacy software offers good business opportunities. We have decided to concentrate in this area," Thakur said. In the retail finance business, the company would concentrate on providing solutions in customer relationship management. He also said that the company is looking at identifying newer opportunities in newer markets. "We are looking at new opportunities and adding new capabilities as an organisation," Thakur said. Currently, software solution business of NIIT across markets has 33 per cent exposure to the US market, 21 per cent to Europe, 31 per cent to Asia Pacific and 15 per cent to India. Thakur also said that the company is not expecting changes in this pattern in the recent quarters. NIIT has recently reported a lower than expected 93.2 per cent fall in its net profit and warned a worse performance for the year. The company's net profits has plunged to a dismal Rs 53 million in the quarter April- June as against the net profit of Rs 780 million in the corresponding period last fiscal. Total income for the third quarter ended June 30, 2001 fell 25.2 per cent to Rs 1.55 billion as compared to Rs 2.04 billion in the same quarter last year. Powered by YOU MAY ALSO WANT TO READ:
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