Q3 Results 2023: MakeMy Trip, NIIT, Blue Star declare December quarter results HIGHLIGHTS

Q3 Results 2023: Several listed companies announced their December quarter earnings on Tuesday. Among them were MakeMy Trip which posted a net profit of USD 0.2 million in net profit for the quarter ended 31 December 2022 while Blue Star's Q3 net profit rose to Rs 58.41 crore. NIIT Q3 net profit remained flat at Rs 55 crore. Here are key takeaways from the earnings posted by these companies. 

MakeMyTrip Q3 Results 2023: company posts December quarter profit at USD 0.2 million

Travel service provider MakeMyTrip Ltd on Tuesday reported a profit of USD 0.2 million in the third quarter ended December 2022.

The NASDAQ-listed firm had posted a loss of USD 9 million in the year-ago period, it said in a statement.

In the third quarter gross bookings grew by 64.4 per cent in constant currency year-on-year to USD 1.74 billion, the highest-ever in the company's history, it added.

"Positive consumer sentiment and peak seasonality on the back of festivals and holidays led to improved travel demand during this quarter. As a result, we recorded our highest-ever quarterly gross bookings and adjusted operating profit," MakeMyTrip Group CEO Rajesh Magow said.

Blue Star Q3 Results 2023: net profit rises to Rs 58.41 crore

Air conditioning and commercial refrigeration firm Blue Star Ltd on Tuesday reported a 22.79 per cent rise in consolidated net profit at Rs 58.41 crore in the third quarter ended December 2022.

The company had posted a consolidated net profit of Rs 47.57 crore in the same quarter last fiscal, it said in a regulatory filing.

Consolidated revenue from operations during the quarter under review stood at Rs 1,788.2 crore as against Rs 1,506.22 crore in the year-ago period, it added.

Total expenses in the reported quarter were higher at Rs 1,712.96 crore as compared to Rs 1,449.64 crore in the corresponding period last fiscal.

"This is the fifth consecutive quarter of good performance, and we expect to maintain the growth momentum in the coming quarters as well," Blue Star Ltd Vice Chairman & Managing Director Vir S Advani said.

Revenue from the electro-mechanical projects and commercial air conditioning systems segment grew by 20.51 per cent to Rs 1,000.09 crore in the third quarter of FY23 compared to Rs 829.85 crore in FY22, the company said.
Meanwhile, unitary products revenue grew by 15.13 per cent to Rs 701.90 crore in the third quarter as against to Rs 609.68 crore in the corresponding period of the previous fiscal.

Further, Blue Star said professional electronics and industrial systems business revenue grew by 29.27 per cent to Rs 86.21 crore during the December quarter over Rs 66.69 crore a year ago driven by strong demand for healthcare solutions on the backdrop of increasing awareness and investments in the healthcare sector.

Going ahead, Advani said, "We will continue to stay focused on rejigging our product portfolio in line with customer preferences, deepening our distribution penetration in the domestic market and expansion of our footprint in international geographies."

Simultaneously, he said, "We will continue to invest in enhancing our R&D capabilities, manufacturing capacity expansion and various programmes to mitigate the supply chain risks in order to improve our competitiveness.

NIIT Q3 Results 2023: net profit remains flat at Rs 55 crore

Talent development corporation NIIT Ltd on Tuesday posted almost flat consolidated net profit at Rs 55 crore for the third quarter ended December 31, 2022 mainly on account of acquisitions that the company made in the US.

The company had posted a net profit of Rs 54.9 crore in the same period a year ago.

The consolidated revenue from operations of NIIT Ltd grew by 18.2 per cent to Rs 454.6 crore during the reported quarter, from Rs 394.3 crore in the December 2021 quarter.

"In the midst of an uncertain macroeconomic environment, NIIT further strengthened its market position by recording a revenue growth of 16 per cent quarter-over-quarter and 18 per cent YoY," NIIT Ltd, Vice Chairman & Managing Director, Vijay K Thadani said.

He attributed flat net profit during the quarter to acquisitions that the company made in the US.

"During the quarter, we acquired St Charles Consulting Group and we could only get two months of their revenue.

"The acquisition of St Charles Consulting Group is aligned with NIIT's stated strategy to deploy its growth capital for the purpose of expanding its capability set and accessing new market segments," Thadani said.

The company through its US-based subsidiary acquired 100 per cent stake in St Charles on November 4 for about USD 65 million.

The deal comprises fixed consideration of USD 23.43 million subject to certain adjustments as per the agreement and USD 41.66 million based on annual performance over the next four years.

NIIT's Corporate Learning Group (CLG) reported a growth of 22 per cent in net revenue to Rs 363.6 crore on YoY basis and renewed contract with all the existing customers and closed the quarter with 71 MTS customers with a revenue visibility of USD 321 million.

The Skills and Careers Group (SNC) division of the company grew by 4 per cent to Rs 91 crore during the reported quarter.

"As industries are going through multiple transformations and disruptions, skilled talent continues to be a top priority for CEOs. We see significant and robust opportunities for growth in both the CLG and SNC businesses," NIIT, CEO and Executive Director, Sapnesh Lalla said.

He said that the economic uncertainty will remain for next few quarters and the company will leverage its CLG division and expansion of business in new geographies to mitigate the impact.