Hold NIIT Technologies; target of Rs 1330: ICICI Direct
ICICI Direct recommended Hold rating on NIIT Technologies with a target price of Rs 1330 in its research report dated May 06, 2020.
May 10, 2020 / 11:01 AM IST
ICICI Direct's research report on NIIT Technologies
NIIT Technologies (NIITT) reported 2.3% QoQ growth in dollar revenues mainly led by insurance vertical and Wishworks, partially offset by 4.7% QoQ decline in the travel vertical. The fresh order book remains in the range of $180 million. The QoQ dip in the fresh order book was mainly due to the higher base in the last quarter. Digital revenues increased 8.0% QoQ & 42.1% YoY and now accounts for 38% of total revenues. The company is in the process of changing its name to Coforge Ltd.
Hence, we maintain our HOLD rating on the stock with a revised target price of Rs 1330 per share (15x P/E on FY22E EPS).
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