NIIT Tech up 12%

NIIT Tech surged almost 12% to Rs.1326.65 in the morning trades and continues to remain among the top five gainers on the BSE.

The stock has surged on the back of robust earnings for Q4FY20 and more importantly, strong management commentary.

The company posted a consolidated net profit of Rs.124 crore v/s Rs.128 crore (QoQ) while total revenue rose to Rs.1131 crore v/s Rs.1088 crore.

For FY20, net profit rose 23% at Rs 474 crore, while revenue grew 18.5% at Rs 4,181 crore.

The company's board also declared a third interim dividend of Rs 11/share. Record dat is set for May 15, 2020.

The company stated that it has registered an order intake of $180 million, with three large deals secured. Its order book executable over the next 12 months has also increased to $468 million, a growth of 20% (YoY).