NIIT Limited on Friday informed the exchanges about impact on business due to Covid-19 pandemic. The company said, in NIIT’s B2C business, learning centres have remained under lockdown in accordance with government regulations and safety requirements. In-person instructor-led learning activity has been restricted since Q4FY20.
NIIT’s B2B business worldwide saw cancellations and deferrals by corporates of planned in-person instructor-led training events starting early March. These continue to be restricted.
EBITDA margin has improved yoy in Q2FY21 and in Q3FY21 after a sharp decline in Q4FY20.
Company said that in India, the impact is higher due to slower adoption of Digital and slowdown in pace of hiring. There has been some improvement qoq in Q2. The company has been able to arrest the impact partially due to agile and decisive actions including accelerating transition to Digital. Given the increase in adoption of digital learning, the Company has achieved Revenue and EBITDA levels higher than last year, as indicated in performance in Q3FY21,” company said.
Learning centers remain closed in accordance with government regulations and safety requirements. The company had enabled Work from Home globally for its workforce, and transitioned delivery of learning services to its digital platform ‘NIIT Digital’, which has enabled continuity of services to NIIT’s B2B as well as B2C customers, it said.
It further said, the timeline for opening of education centers is not known at this point of time. However, learning has been transitioned to Digital, and available across B2C and B2B learners. The company has also rationalized usage of leased premises in line with changing customer preference.
NIIT Ltd ended at Rs192.90 per piece down by Rs2.65 or 1.36% on the BSE.