Harsh Yadav · other
A very good evening to you. Am I audible?
No answer was attributed to this question in the transcript.
Moderator · other
Sorry to interrupt Harsh, you are not audible. Please use your handset for the speak.
No answer was attributed to this question in the transcript.
Harsh Yadav · other
A very good evening to you. Am I audible now?
No answer was attributed to this question in the transcript.
Vijay Thadani · other
Yes. Very audible.
No answer was attributed to this question in the transcript.
Moderator · other
You are audible.
No answer was attributed to this question in the transcript.
Harsh Yadav · pricing
So my first question is basically, in the presentation, you highlighted that AI-led programs now
contribute about 9% of overall revenue. Given that enterprise clients are compressing the
traditional team sizes, how are pricing realizations and ARPU trending for AI-led capability
building compared to legacy IT training?
Pankaj Jathar · our CEO
You said first question. So is there another question that you can ask?
Harsh Yadav · other
Yes, there are a few more questions I have.
No answer was attributed to this question in the transcript.
Vijay Thadani · other
Why don't you answer one?
Pankaj Jathar · our CEO
Okay, let me answer this one. The direction you are hinting at is true. AI-led training does have
a higher realization than traditional training. But batch sizes will tend to be smaller for AI-led
training than the more traditional training, especially for some of the advanced concepts like
Agentic AI, etc., there is a going-in requirement of knowing how to code, knowing Python. So
those entry criteria need to be met. So the average realization will be higher, but typically, batch
sizes would end up being a little smaller.
Harsh Yadav · other
Okay. My next question is, so consumer posted a robust growth of 27% year-over-year, even
though your total enrolment saw a quarter-over-quarter dip by around 150,000. Could you
provide some color on the split between early career and WorkPros learners this quarter?
No answer was attributed to this question in the transcript.
Vijay Thadani · other
So we used to track early career WorkPro, but those lines have become so fuzzy that -- but when
we are talking of consumer, consumers also have WorkPro's built into them. So we are not at
this point of time, breaking that. Sufficient to say that the early career part, if we were to take
iamneo's offerings, for example, they service a large number of universities and those are all in
the early career part of the business. And I think that part has done well. And overall, the mix in
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early career is increasing, but not at the level at which we would have expected given that the
hiring is very, very muted.
No answer was attributed to this question in the transcript.
Harsh Yadav · other
So just a follow-up on that. As we have seen that top 5 IT services firms continue to curtail their
fresher hiring. So within consumer, has growth primarily been driven by experienced working
professionals that are upskilling in AI? And also, I just wanted to know how StackRoute and
TPaaS are performing in this environment?
No answer was attributed to this question in the transcript.
Vijay Thadani · other
Sorry, I heard the first part, which I'll answer. The second part, I'll ask you to repeat, if you don't
mind.
No answer was attributed to this question in the transcript.
Harsh Yadav · other
Okay.
No answer was attributed to this question in the transcript.
Vijay Thadani · other
So there is -- now let me further subdivide early career into 2 parts. One is fresher and the other
is 2 to 4 years’ experience. So early careers actually includes the 2 to 3 years’ experience or not
4, 2 to 3, 2-0 to 3, yes, 2 to 3 years' experience. I think that segment because people are reskilling
themselves like our Agentic AI programs.
For example, the pull for those is higher because the current people who have been hired or are
working in organizations need to reskill themselves very quickly, a, to retain their jobs; and b,
to find growth opportunities. So I think that's where the real push is. The pressure is largely
driven by the onboarding requirement of corporates, which has not started yet.
But there are -- when we look at IT hiring, we look at the top 10 or top 20 IT services companies,
but there are a large number of start-ups and other companies which are also in the hiring game
and GCCs, where the numbers are not individually at very large level, but there are a very large
number of companies. So I think there is a momentum which is building up there.
No answer was attributed to this question in the transcript.
Harsh Yadav · other
Okay. All right. My second part of this question was actually, I just wanted to know how
StackRoute and TPaaS are performing in this environment?
Pankaj Jathar · our CEO
Yes. So we've combined RPS and the StackRoute entities and we call that enterprise technology
learning solutions, right? And that is the enterprise tech that I spoke about.
Pankaj Jathar · our CEO
And we've actually integrated those teams. So it's not that we can separate out either. It's actually
integrated into one team. But to answer your question on how they're performing in this
environment, they are performing very well. We are seeing robust growth on the tech side. The
numbers that I spoke of as enterprise tech is actually those two teams combined together and a
few other tiny contributions. But that's the number.
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So that business performs actually well. And the other side is where we've combined our
banking, TPaaS and service and excellence training, all that into BFSI and industry performance
solutions. So BIPS as acronym. That has also performed well in this quarter. So both these
significant components of our business have performed well in the quarter gone by.
Vijay Thadani · other
Okay. I think maybe Pankaj would like to talk about -- all those terminologies have now got
changed after we merged RPS and IFBI into NIIT. So he is now giving you numbers. Numbers
are still the same, but I think the businesses have got combined, simplified and I think that's also
reflective in how we have managed our costs. But maybe, Pankaj, you will talk about this.
No answer was attributed to this question in the transcript.
Vijay Thadani · other
They are both housed under NIIT, and therefore, you don't have those available separately.
No answer was attributed to this question in the transcript.
Harsh Yadav · other
Okay. I just have a very qualitative question. Just wanted to shoot it. So I've been noticing with
the advent -- so there's an advent of a lot of IIT and IIM offerings with respect to online
certifications, degree programs, especially in this AI Agentic applications, FDE, etcetera. So
how do we position ourselves in this environment?
And what are we doing to create like an edge in terms of program structure or like an
implementation point of view with this upcoming courses and programs from so many different
educational institutions within the country and also outside, especially targeted to working
professionals?
Pankaj Jathar · our CEO
Just give me one second to pull together exactly what he asked for. So you are right, there is a
lot of different programs that are coming in, which makes it difficult for a customer to actually
understand what they're getting for, right? So you have programs which promise Agentic AI
training from 10 hours up to 600 hours.
And therefore, a customer will find it difficult to compare those 2 things and understand what
they should get into. What we are doing is, of course, trying to provide as much information as
we can, on the consumer side. And on the corporate side, of course, there are differentiators that
we bring to the table, especially outcome orientation.
One of the things that we talk to customers about on the enterprise side of the business is on
delivering outcomes through our training programs rather than completion, right? So therefore,
it's not that we will just track how many attended and how many completed. We will work with
customers to track outcomes of the programs we deliver.
So those are the areas that we are able to differentiate how we provide this training. But you are
right, it is becoming a very competitive market. And people are using buzzwords like FDE,
etcetera, to bring new offerings. And it's up to us to keep educating our customers and providing
the differentiation we need to do.
Vijay Thadani · other
No, let me add one line. I think we at least believe that in this -- in the new world that we are in,
it is the capability which counts rather than the credential. So we are not running after
credentials. We are running after building capability. And I think that success is very visible in
our enterprise offerings.
Our enterprise offerings are showing a clear differentiation because we are able to demonstrate
outcomes in terms of capability, which leads to productivity and effectiveness of the workforce.
So people are preferring that rather than allowing a credential program -- rather than adopting a
credential-based program.
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On the consumer side, that awareness is not yet there. But wherever we have access, we would
like to focus on that part because I think the long term lies not in credentialing, but in capability
which can be demonstrated. And employers will now hire for capability and not the credential.
No answer was attributed to this question in the transcript.
Moderator · other
We will take the next question from the line of Aman Prakash, an Individual Investor.
No answer was attributed to this question in the transcript.
Aman Prakash · other
And my question is to Pankaj. You mentioned about outcome-based learning, right? So I want
to understand more about this because you're right that -- I mean, if you use AI, it is in the end,
the outcome that counts, right? And if you take this into account, then the umbrella of
opportunity is far bigger. It is not just IT companies, right? Eventually, it might percolate down
to like other sectors as well. So I want to know more about like how you are going about this
outcome-based learning right now and what are like the plans for the future?
Pankaj Jathar · our CEO
So Aman, actually, forever, NIIT has been talking about delivering outcomes through learning,
right? So it's not just now in the AI era that we are talking about outcome-based learning. We've
always believed that there's no point in doing a learning program unless we are able to deliver
and demonstrate that outcome.
That belief continues in how we approach training, and we build a fit for usage kind of training
program. So depending on who it is and what it is being made for, we create training programs
that will deliver specific outcomes. We are working across the organization, right? So at the
entry level, we deliver bootcamp-oriented programs to help new joiners become productive from
day 1. So we deliver that kind of an outcome.
At the more senior level, we deliver architecture programs, which help seasoned architects
become even better at their job at managing large teams and delivering outcomes. And we also
do some leadership training programs where the final outcome is a change in behaviour. So the
way we do this is by tracking before and after training-related metrics and looking -- and working
with our customers to track the outcomes of our training. Vijay, anything you want to add to
that?
Vijay Thadani · other
Yes. I guess outcome depends, as Pankaj rightly pointed out. Outcome depends on what is the
outcome that you came for. If you came for -- we are firm believers of the fact getting a job is
not the problem. Getting the job is the real challenge. When people join a course, they are not
joining it for a job, a job you can get.
But the job, job which is consistent with the investment that you made in that course. And that
you will get only if you demonstrate that capability in terms of being able to do and create a live
application. And I think there are enough and more ways by which employers test you for
whether you have that capability, Hackathon being one of them.
Hackathon is very -- becoming a very, very standard way by which people hire, especially tech
professionals. So if you are able to build and solve that problem that is given in the Hackathon,
then you have a reason. So I'm giving you that as an example. An Agentic AI, for example,
program, a person who is doing, he may have an agent that he -- or a bunch of agents that he has
to create to solve a workflow problem in his organization.
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In which case, was he able to do that? In this program, by the end of the program, you could
actually have an early part or an early version of that agent ready for deployment. So I think that
is not something which any credential-based program typically offers.
No answer was attributed to this question in the transcript.
Aman Prakash · other
Okay. All right. Just one last question regarding this outcome-based, right? One is the outcome
at the personal or the individual level, right? But we see in India a lot of like these legacy
companies, right, which eventually will have to like -- or will move towards AI. So then there is
because a big part of our business, I think if I'm not wrong, more than 60% is now B2B enterprise
level. So is there like a thing, let's say, an organization approaches NIIT and then the outcome-
based AI, like how do you say learning or the transformation can happen, anything of that sort
like going on or is it in the pipeline?
No answer was attributed to this question in the transcript.
Vijay Thadani · pricing
Yes. So I was -- I gave you some examples of an early career person. But in organizations who
are deploying, for example, GSIs or GCCs, they have specific initiatives happening where their
people have to be billable. How long are the people billable after they join that organization is
an outcome that is very important to them.
We would like them to be billable in day 1, R1. And if we are able to deliver that, then
organization would prefer that. So I think that's also an example. How do their realizations
improve? How do their deliverables improve? So although actually in an enterprise program, in
a running enterprise, when you introduce AI, outcomes are more easily definable.
No answer was attributed to this question in the transcript.
Moderator · other
Thank you. We have the next question from the line of Ganesh Shetty, an Individual Investor.
No answer was attributed to this question in the transcript.
Ganesh Shetty · other
My question is regarding integration of StackRoute, NIIT Enterprise business and also RPS
Consulting. So after this integration of these businesses, whether we have fine-tuned our go-to-
market strategy and whether this will also result in easier processes for the company and market
improvement. Can you please throw some light on this, sir?
Pankaj Jathar · our CEO
Sure. Thanks, Ganesh, for taking the time to join the conference and for the question. In one
word, yes, integrating StackRoute and RPS together improves our go-to-market. They are both
very complementary offerings in many ways. One does -- one used to do OEM-specific training.
The other builds long-term solutions for customers based on what they want specifically. So
both of those are complementary offerings, and that makes our go-to-market that much stronger.
They also had reasonably complementary customer bases. One was GSI-heavy, the other GCC-
heavy. So that also helps us build a stronger market presence for that business.
So definitely, the integration has improved our ability to go to market with their offerings. And
in terms of easier process, et cetera, that's an ongoing work that we've been doing, which is to
simplify parts of the organization and simplify things on how we work. And yes, this integration,
of course, helps us simplify some of those things, but it's an ongoing NIIT-wide initiative
anyway that we are working on to improve our ways of working and simplifying things. I hope
that answers your question, Ganesh.
Ganesh Shetty · other
Yes.
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No answer was attributed to this question in the transcript.
Vijay Thadani · other
Net-net, I think what Pankaj just trying to say is that the combination has got integrated in the
last few months, right? Even though officially, it has happened from 1st of July, but it has been
in the works before that. And I think the combination has got going, as you can see from the
enterprise tech results also. And I think we'll see more efficiency and better performance as we
go forward. Obviously, the tailwind of the environment is also helping.
No answer was attributed to this question in the transcript.
Ganesh Shetty · guidance
Yes. Sir, my second question is like continuation of earlier response. We are now serving mostly
BFSI and technology sector. And as AI is now entering all the sectors and is a part of natural
progress. So are we targeting any other sectors for giving them AI-related training or we are
preparing ourselves to market ourselves as an AI leader in training to access other sectors, auto
or anything like that industrial where we can showcase our AI capabilities and make them AI-
based -- or AI competent. Can you throw some light on this, sir?
Pankaj Jathar · our CEO
Sure, Ganesh. So we are actually already recognized as a leader in AI training, right? And while,
yes, you're right, the largest part of our business come from these two areas, but we are working
with customers in the auto, telecom, India enterprise side. And some of the work we are doing
also involves AI.
In fact, we've developed some existing new AI-based tools, which we are deploying with some
of the customers from these industries and helping them improve their capability on sales, on
service, etcetera. So we are working with customers beyond these two sectors as well and
specifically with AI as the main thrust of our offering in these areas.
Ganesh Shetty · other
Okay. Sir, my third question is regarding the opportunity in university sector. As we -- there are
hundreds of universities, deemed universities in India, but they are lacking I think, AI
compatibility. And we are having iamneo as a special division where we are -- we can easily
collaborate with institutions or universities apart from placement services for giving them
content for AI training for in-house capabilities. So are we trying for these type of businesses
right now? Is there anything like that in our pipeline, sir?
Pankaj Jathar · our CEO
So iamneo is focused on universities business, and they will continue to expand in that area. And
we will build our presence through the iamneo go-to-market that we have. AI is, of course, a
large part of iamneo's tool set as well. And they launched a couple of new offerings in the last
quarter, which are very AI-centric for the university segment. And we are seeing good traction
from that also. Vijay, anything you want to add to that on the University segment?
Vijay Thadani · other
No, I think, yes, you are absolutely right. The universities are very hungry to add AI in their
curriculum. However, I think different universities have different level of commitment for that.
The solution that we are offering from iamneo is a very, very superior solution and would be
suitable only for maybe top 500 or so.
And then we are looking at solutions which the other universities would like to have. So for
example, engineering colleges, the level of AI solutions that they need are very different or
curriculum that they need is very different from what, let's say, commerce or a liberal arts
university would look at or a science university would look at. So I think defining a curriculum
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which is for each segment is the next issue. AI is not a magic wand by itself. AI has to be used
in specific situation in a specific manner for best results. And that's what I think our focus is.
No answer was attributed to this question in the transcript.
Ganesh Shetty · other
Sir, can I ask one more question if time permits.
No answer was attributed to this question in the transcript.
Vijay Thadani · other
Sure. Yes..
No answer was attributed to this question in the transcript.
Ganesh Shetty · other
The macro has been very challenging for entire year, coming back to our own business, whether
we can see that whether the macros have improved from the last quarter or it has deteriorated
this quarter or whether we are in the same mode and there is no improvement in macros and the
business is as -- that's all from me.
No answer was attributed to this question in the transcript.
Vijay Thadani · other
Well, I think you understand macros better than we do. And we all get swayed by the macros by
statements of one leader or the other and by some actions. I think the situation, in fact, I would
tend to feel the situation remains the same. There are days when it looks about to be very, very
brighten up a lot, but there are days when it just goes back to -- and nowadays, the current days
that we are going through are not pointing in the right direction.
So I think we have to look at the opportunities ahead of us rather than we get concerned by the
macros a lot. Of course, we have to be conscious of that. So for us, the AI opportunity and the
role that AI has to play in education, AI has to play in the fundamental business of some of the
organizations is an opportunity which will exist irrespective of the macros.
So we are focused on that. And I think that is delivering us results. There are parts of the business
which are very dependent on how environment works. We will remain open to that. But how do
we just spread our risk that we do not get caught in any one particular direction is, I think, the
challenge that we are all working on. We are also opening doors for newer segments that we
have not serviced. And we are also looking at inorganic growth, which I mentioned already.
No answer was attributed to this question in the transcript.
Moderator · other
Thank you very much. Ladies and gentlemen, that was the last question. And with that concludes
the question-and-answer session. I now hand the conference back to the management for the
closing comments. Thank you, and over to you, sir.
No answer was attributed to this question in the transcript.
Vijay Thadani · guidance
Okay. Thank you very much for joining us this afternoon or this evening for this session. This
is the first time we have switched to the timing of the call to be such. We would love to receive
your feedback on how you found it in terms of convenience. And, of course, on content, your
questions always educate us and open new windows or doors in our mind of the opportunities
ahead of us. And we remain grateful to you for giving us your time, for your support and for
your guidance from time to time. Thank you very much, and wishing you the best.
No answer was attributed to this question in the transcript.
Moderator · other
Thank you, members of the management. On behalf of NIIT Limited, we conclude this
conference. Thank you, everyone, for joining with us today, and you may now disconnect your
lines. Thank you.
No answer was attributed to this question in the transcript.
