New Delhi: NIIT Technologies has recorded a 28 percent growth in its net profit for the second quarter, on the back of healthy hedging plan and better geography spread.

However, the company said that the rising rupee value was the major cause of worry.

The company’s CEO Arvind Thakur said, “Given the external challenges to industry on the strengthening of rupee, the spread of business coming from different currencies have helped besides sound hedging.”

The IT training and global talent development company has posted a net profit of Rs 344 million in the second quarter, whereas its revenues, for the same period, boosted 4.5 percent to Rs 2.3 billion, hit by a strong rupee.

Around 51 percent of NIIT’s revenue comes from European countries, 31 percent from the United States and the resting from Asian as wwll as Australian markets.

Mr. Thakur said that the company’s main worries include rising value of the Indian currency, managing talent and prospective plan matters regarding taxation.

The company has decided to swell its average billing rate by a percentage point, and this will give some power to the company to tackle this matter.

Arvind Thakur admitted, “We experienced a 1% impact of the rising rupee on our business but we are now hedged for the next 12 months.”

Rajendra S Pawar, chairman, NIIT Technologies, agreed, “While there has been a specific external challenge to our industry from the strengthening of the rupee, we have been able to arrest the impact through globally-dispersed businesses in multiple currencies and sound hedging.”

During the quarter, NIIT added up 235 new people, which takes the company’s overall headcount to 4,789. It also added 6 new clients in the same period.

NIIT also plans to make acquirements in Europe and the US in the travel and transportation, retail and distribution and finance and insurance sectors.