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NIIT posts Rs 11.2 Cr profit in Q4 FY24; Aurionpro Transit partners with Fime

Here is your daily dose of key developments from the technology world of India.

NIIT posts Rs 11.2 Cr profit in Q4 FY24; Aurionpro Transit partners with Fime

Friday May 24, 2024 , 3 min Read

NIIT reports net profit of Rs 11.2 Cr in Q4 FY24

NIIT Limited reported a net profit of Rs 11.2 crore for the fourth quarter of FY24 against a loss of Rs 9.4 crore in the comparable period of the previous fiscal. The revenue for the fourth quarter rose by 24% year-on-year (YoY) to touch Rs 74.3 crore.

According to the company, in the fourth quarter, the revenue from NIIT's early career segment grew 16% YoY, contributing 48% to the total revenue. The working professional segment grew 32% YoY, contributing the balance revenue.

Commenting on the result, NIIT Managing Director Vijay Thadani said, The business has responded with agility to the IT hiring freeze with alternate growth strategies which resulted in getting back on the path of growth in Q4. We have received a very encouraging response from our customers for the adoption of GenAI in improving productivity.”

Fime partners with Aurionpro Transit

Fime, a provider of consulting and testing services for payment systems, and Aurionpro Transit, an Aurionpro subsidiary and a transit ticketing solutions firm, have collaborated to explore opportunities in the field of transit ticketing, payments, and fare collection projects worldwide.

Fime and Aurionpro Transit will jointly undertake initiatives aimed at enlightening industry stakeholders, especially public transport operators, about the transformative potential of emerging technologies in transit ticketing and fare collection.

Both organisations will endeavour to utilise each other's services as preferred partners, leveraging their respective competencies to deliver comprehensive solutions to clients, they said in a statement.

TCS bags deal from Burgan Bank in Kuwait

Tata Consultancy Services has signed a deal to modernise the core banking technology of Burgan Bank, a leading commercial bank in Kuwait.

The bank will deploy TCS BaNCSTM to consolidate multiple standalone legacy applications into a contemporary universal banking solution that drives innovation and strengthens customer relationships.

Burgan Bank is one of the youngest commercial banks in Kuwait, with a regional network of over 160 branches and 360 ATMs. It will harness the products of the TCS BaNCSTM suite such as core and digital banking, payments, retail and corporate loan origination, wealth management, regulatory compliance, and more to simplify and digitally transform its technology landscape.

The solution aims to enable the bank to manage higher transaction volumes, enhance automation, and improve staff productivity. With TCS BaNCSTM rich set of APIs, the bank will serve its diversified customer base of corporate, retail, and private banking segments with an integrated solution.

Edited by Kanishk Singh