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NIIT
For 2QFY2012, NIIT reported a decent performance, which was in-line with our
expectations. The company’s consolidated revenue came in at `384cr, up 19.5%
yoy. Revenue from ILS, SLS and CLS businesses increased by 11.9%, 12.4% and
9.6% yoy to `180.2cr, `40.5cr and `163.0cr, respectively. The company’s blended
EBITDA margin improved by 501bp yoy to 14.6% on the back of margin
expansion in SLS as well as CLS businesses. These gains in margins by the CLS
and SLS businesses were partially overshadowed by margin decline in the ILS
business and higher operating expenses due to facility overlap and some preoperative
expenses related to skill building solutions. PAT came in at 30.2cr. We
maintain our Buy view on the stock with a target price of `60.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
NIIT
For 2QFY2012, NIIT reported a decent performance, which was in-line with our
expectations. The company’s consolidated revenue came in at `384cr, up 19.5%
yoy. Revenue from ILS, SLS and CLS businesses increased by 11.9%, 12.4% and
9.6% yoy to `180.2cr, `40.5cr and `163.0cr, respectively. The company’s blended
EBITDA margin improved by 501bp yoy to 14.6% on the back of margin
expansion in SLS as well as CLS businesses. These gains in margins by the CLS
and SLS businesses were partially overshadowed by margin decline in the ILS
business and higher operating expenses due to facility overlap and some preoperative
expenses related to skill building solutions. PAT came in at 30.2cr. We
maintain our Buy view on the stock with a target price of `60.
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