Buy NIIT, target of Rs 132: Emkay

Published on Thu, Jun 19, 2008 at 14:31 |  Source : Moneycontrol.com

Updated at Thu, Jun 19, 2008 at 14:37  

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Emkay Research has maintained its buy rating on NIIT with a price target of Rs 132 in its June 13, 2008 research report. "NIIT reported strong Q4FY08 numbers with revenues of Rs 2725 million (+14.1% QoQ, 6.2% YoY) along with impressive operating margin expansion of 170 bps QoQ (V/s our expectation of 100 bps) and YoY increase of 320 bps. Net profits came in significantly ahead of our expectations at Rs 253 million (+83.3% QoQ, +47% YoY) helped by operating margin expansion and higher other income."

"We remain confident on the prospects of the retail training business (company continues to surprise positively) as well expect more ICT wins in the coming quarters in the Institutional business. We maintain 'BUY' with a price target of Rs 132," says Emkay's research report.

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