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Last Updated : Jul 25, 2019 02:34 PM IST | Source: Moneycontrol.com

Hold NIIT Technologies; target of Rs 1461: Arihant Capital

Arihant Capital recommended hold rating on NIIT Technologies with a target price of Rs 1461 in its research report dated July 23, 2019.

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Arihant Capital's research report on NIIT Technologies


NIIT Technologies came out with stable set of numbers, mostly in line with our estimates except some one-offs. Consolidated revenue for Q1FY20 came at Rs 9,627mn, broadly in line with our estimate of Rs 9,752mn, registering 16.7% YoY growth, while on QoQ basis in Constant Currency terms, revenue growth excluding GIS business was 4%. Reported EBITDA grew 5.3% YoY to Rs 1,385mn, while EBITDA margin contracted by 155bps YoY to 14.4% against 15.9% YoY due to some one-off expenses. Adjusting for one-offs margin stood at 17.1% against our estimate of 16% for the quarter.


Outlook


Reported PAT was flat (+2.1% YoY) at Rs 876mn, however adjusted for one-offs stood at Rs 1,006mn, mostly in line with our estimate of Rs 1,024mn. We keep our positive view intact on NIIT Tecnologies and maintain our Hold rating with a revised target price of Rs 1461.

For all recommendations report, click here

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First Published on Jul 25, 2019 02:34 pm
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