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NIIT PAGE 1 to 9.Indd Ride The Cloud A NEW WAY OF LEARNING ANNUAL REPORT 2012-2013 NIIT LIMITED Registered Office: NIIT Limited, 8, Balaji Estate, First Floor, Guru Ravi Das Marg, Kalkaji, New Delhi 110 019, India Phone: +91 11 41675000; Fax: + 91 11 41407120 www.niit.com; follow us on: www.twitter.com/niitltd AMERICAS United States of America Malaysia Principal Office: NIIT Malaysia Sdn Bhd NIIT (USA) Inc. 6th Floor, Plaza See Hoy Chan 1050 Crown Pointe Parkway Jalan Raja Chulan 5th Floor 50200 Kuala Lumpur, Malaysia Atlanta, GA 30338, USA DID: +603 2050 1955 Phone: +1 770 551 9494 Tel: +603 2050 1888 Fax: +1 770 551 9229 Fax: +603 2031 8618 Cognitive Arts MIDDLE EAST 500, Davis Drive, Suite 650 Evanston, Illinois 60201, USA Dubai Phone: +1 847 425 8500 NIIT Antilles NV Middle East (Branch) Fax: +1 847 425 8510 Dubai Airport Free Zone Office No.531, 6EA East Wing PO Box 293566 EUROPE Dubai, UAE Phone: +9714-4211369 United Kingdom NIIT Limited AFRICA 2nd Floor, 47 Mark Lane London EC3R 7QQ Mauritius United Kingdom NIIT GC Ltd. Phone: +44 207 002 0700 6th Floor, Tower A Fax: +44 207 002 0701 1 CyberCity Ebene, Mauritius ASIA Phone: +230 403 6000 Fax: +230 403 6060 China NIIT China (Shanghai) Ltd. South Africa 7A, Long Feng Mansion NIIT Antilles NV 1566, Yan An West Road 20 Alexandra Avenue Shanghai 200052, PRC Doringkloof, Centurion 0157 Phone: +86 21 5258154 PO Box 2660 Fax: +86 21 52581541 Brooklyn Square 0075 South Africa India Phone: +27 110283888/110284888 • NIIT Limited • NIIT Institute of Finance Banking and Nigeria Insurance Training Limited NIIT West Africa • NIIT Institute of Process Excellence Limited 70A, Itafaji Road • NIIT Yuva Jyoti Limited Dolphin Estate Registered Office : Ikoyi, Lagos 8, Balaji Estate, First Floor Nigeria Guru Ravi Das Marg, Kalkaji Phone: +234 803 1112713 New Delhi 110 019 India AUSTRALIA Phone: +91 11 41675000 Fax: +91 11 41407120 Sydney NIIT (USA) Inc. Corporate Office Level 7, 10 Barrack Street NIIT Limited Sydney, NSW 2000 85, Sector 32 Institutional Phone: +02 9392 8686 Gurgaon 122 001 Fax: +02 9299 8195 India Phone: +91 124 4293000 Fax: +91 124 4293333 NIIT LIMITED ANNUAL REPORT 2012-13 TABLE OF CONTENTS Page No. CHAIRMAN’S MESSAGE 2 CORPORATE INFORMATION 4 NIIT AT A GLANCE 6 FINANCIAL HISTORY 10 NOTICE 11 DIRECTORS’ REPORT 14 MANAGEMENT DISCUSSION AND ANALYSIS 21 CORPORATE GOVERNANCE REPORT 34 FINANCIAL STATEMENT OF NIIT LIMITED 51 CONSOLIDATED FINANCIAL STATEMENT OF NIIT LIMITED (GROUP) 97 FINANCIAL SUMMARY OF SUBSIDIARY COMPANIES 142 PROXY FORM AND ATTENDANCE SHEET 143 Ride The Cloud 1 CHAIRMAN’S MESSAGE Dear Shareowners, The financial year 2012-13 continued to be a challenging period for the Indian economy, with GDP growth slipping to five percent, the lowest in the last ten years. Slow pace of reforms, policy uncertainty, foreign exchange volatility and high interest rates further dampened business sentiment and caused hiring to decline. Impacted by the sluggish environment, the IT-BPM sector, traditionally a major recruiter generated fewer jobs, with companies even deferring the joining dates of thousands of fresh graduates hired by them. On the more positive side, sectors such as Banking remained robust. The schools market also experienced expansion and growth, with private schools actively embracing technology solutions and demanding offerings that would give them a competitive edge. At a global level, it was the corporate training market that demonstrated high potential. Companies, especially in the USA, enhanced their learning budgets and outsourced their training functions to organisations known for improving the efficiency and effectiveness of employee skilling. Your Company proactively handled both the highs and the lows of the environment, taking measures to overcome the challenges and ride the wave of emerging opportunities. NIIT continued to build traction in the four growth platforms identified last year - essentially the NIIT Cloud Campus for individuals, Managed Training Services (MTS) for corporations, nGuru solutions for schools and NIIT Yuva Jyoti for imparting vocational skills training to youth. The Cloud in fact, became the driver of your Company’s vision of ushering in a new way of learning. During the year, NIIT took its pioneering Cloud-based offerings across its four platforms of growth, making available new-age skills to students and learners across geographies. Owing to these developments, each of the identified platforms saw growth. Based on these positives, NIIT also won several industry accolades during the year including the ‘Top IT Training Company Award 2012’ for the 20th year in succession by Cybermedia publications. Your Company ranked among the ‘Top 10 India’s Best Companies to Work for 2012’, a listing brought out by Great Places to Work Institute. FINANCIAL PERFORMANCE The adverse economic conditions, coupled with a temporary squeeze in hiring by the IT sector, reflected in the student’s sentiments, thereby leading to a lower YoY performance. For the financial year 2012-13, your Company recorded Net Revenue of Rs. 960.8 Cr, with a PAT of Rs 26.3 Cr. Recognising that its financials were being impacted by external market conditions as well as the drop in IT training revenues, your Company responded quickly and proactively, restructuring its business to cut debt levels and undertake cost rationalisation. Your Company also exited capital-intensive models across businesses to improve cash flow. BUSINESS OPERATIONS Despite a drop in momentum, NIIT’s Individual Learning Solutions (ILS) business continued to be the largest contributor to its turnover, accounting for 48 percent of the revenues for the year. While hiring by the IT-BPM industry dropped by over 20 percent in FY13, companies showed an increasing preference for ‘just-in-time’ enrollment of skilled people. Your Company’s campus placements therefore remained strong at over 36,000, representing a marginal decrease of four percent as compared to the previous year. Ride The Cloud 2 In order to further spur ILS growth, NIIT stepped up its investment in the Cloud Campus, enriching the platform and offering it in a new version from 150 centres and with 50 courses. The wide range of higher realisation training programmes in IT, Banking, Global Finance, Management, Mobility, Digital and Social Media Marketing under the Cloud CampusTM helped transform learners into first-day first-hour industry-ready professionals. The Cloud Campus delivery platform also enabled your Company to achieve higher scalability with available resources, lower delivery costs, and achieve better capacity utilisation. The rise of career opportunities in verticals such as banking during 2012-13 further boosted NIIT’s banking courses as well as its Management Education programmes. During the year, NIIT’s banking and financial training arm, the Institute of Finance Banking and Insurance Training Limited (IFBI) continued to beef up its range of offerings for the sector, adding a course to prepare people for the role of sales officers within banks. Your Company’s Management and Leadership development programmes for working professionals, delivered through NIIT Imperia, as well as its offerings for Business Process Management/KPO training in joint venture with Genpact saw strong growth in FY13. NIIT’s Corporate Learning Solutions (CLS) business, encompassing Managed Training Services (MTS), kept your Company’s flag flying. CLS grew at 19 percent on a continuing business basis during the year on the strength of its MTS business acquiring five new marquee customers in 2012-13. MTS now accounts for 72 percent of CLS’ business mix. The performance of your Company’s School Learning Solutions (SLS) business was catalysed by its nGuru suite of products, targeted at private schools. NIIT nGuru, an identified platform for your Company’s growth, helped SLS sign 817 schools in FY13. Revenues from the NGSA segment now contribute to 43 percent of the overall SLS business. As far as NIIT’s Skills Building Solutions (SBS) business was concerned, FY13 represented the first full year of its operation. SBS registrations crossed the 4,800 mark, with the division adding 28 new centres to its network during the year. LOOKING INTO THE FUTURE Going forward, your Company intends to be back on its growth trajectory building on the successes it has achieved across its four identified platforms of growth, aligned to the Cloud. Driven by these businesses, NIIT will consolidate its leadership position in the industry. In the year ahead, your Company will continue to focus on products and services that harness the power of cloud technology to drive growth and profitability. We are already on a path of financial prudence and taking steps to reallocate capital and exit capital intensive businesses to generate superior returns for all stakeholders. I would like to take the opportunity to thank you on behalf of the 4924 strong NIIT family for believing in the company and encouraging us to move ahead with greater verve and vigour. From here onwards, as we get ready to ‘Ride the Cloud’, I look forward to your support in this transformational journey. Clearly, we see a much more optimistic future for the Company, as NIIT Cloud Campus redefines education. Rajendra S Pawar Chairman NIIT Limited Ride The Cloud 3 CORPORATE INFORMATION BOARD OF DIRECTORS Rajendra S Pawar Vijay K Thadani P Rajendran Chairman & Chief Executive Officer Chief Operating Officer Managing Director & Whole-time Director & Whole-time Director Surendra Singh Sanjay Khosla Madhabi Puri Buch Director Director Director
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