IT education and training company NIIT Ltd today reported a 12 per cent drop

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in its second quarter (ending July-September 30, 2009) net profit at Rs 26.2 crore on the year-on-year basis.

The company had posted Rs 29.7 crore net profit in the same quarter last fiscal.

"The company's consolidated revenues were up 19 per cent year-on-year at Rs 555 crore," NIIT Ltd Chairman Rajendra Pawar said.

The decline in the net profit were due to forex volatility, he added.

The board of the company has approved raising Rs 230 crore through QIP (Qualified Institutional Placement)