Kotak Securities is bullish on NIIT Ltd has recommended buy rating on the stock with a target price of Rs 125 in its research report dated July 30, 2018.
Kotak Securities's research report on NIIT Ltd
NIIT Ltd 1QFY19 revenue were below our estimates at Rs.2142mn v/s our estimate of Rs.2339mn. Margins at 8.9% were about 50bps lower than our estimates. The miss was largely due to SNC and school business which continue to remain impacted.
We have lowered our revenue estimates and expect revenue growth of 9% CAGR over FY18-20E and EBITDA margin to improve by 250bps (v/s 300bps earlier) over FY18-20E. We maintain BUY with a revised target price of Rs.125 (Rs.130 earlier).
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