NIIT Technologies Ltd sees euro’s fall hitting realisations

NIIT Technologies Ltd sees realisation from its European business a cause for concern over the next few quarters due to significant depreciation of the euro. “From our Europe business, realisation will be a concern in the near term. Though our Europe business showed volume growth in April-June, the realisations were lower on account of weak euro,” CEO Arvind Thakur said. During April-June, the euro slumped over 10% against the greenback, and 6% against the rupee. Hurt by the sovereign debt crisis and currency fluctuations in the Eurozone, most IT companies expect slowdown in business from Europe.  NIIT Technologies’ business from Europe, Middle East and Africa region declined 35% on account of lower realisations.  The company maintains an optimistic outlook on the potential of business from Europe. “We see a lot of growth. There is no let down as far as business activity is concerned.” NewsWire18