IT solutions provider NIIT Technologies posted 51.58 per cent decline in net profit for third quarter ended December 31. Its net profit currently stands at Rs 16.8 crore as compared to Rs 34.7 crore for the same quarter last year.

Tight financial conditions and Forex losses due to fluctuations in Dollar and Pound prices impacted its business leading to decline in net profit during the reporting period. The Joint Managing Director and CEO of NIIT Technologies, Arvind Thakur said, "With major economies moving into recession, our immediate focus has been securing future business with our top clients."

Company's operating profit also declined to 18% against 19% last year. It bagged contracts worth $148 million during the quarter. It also formed a new subsidiary in Dubai named NIIT Technologies FZ LLC in the same quarter.

NIIT would take steps to retain existing clients and increase its market share. Company's CEO. Arvind Thakur said, "There will be a short-term impact as clients re-adjust to the environment. We are consolidating our position among key clients, improving cost structure and making our business more non-linear to deal with the changes."

The shares of NIIT declined 3.12 per cent on the BSE and closed at Rs 59.05.