Hold NIIT Technologies :: ICICI Securities, PDF link

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Reprioritising efforts but with distant outcomes….
• NIIT Technologies reported Q2FY15 earnings, which were marginally
above our estimates primarily led by growth in the travel vertical
• Rupee revenues grew 1.9% QoQ (| 588.3 crore) and were in line with
our estimate of 1.9% QoQ growth (| 588.3 crore)
• EBITDA margins came in at 14% (60 bps QoQ improvement), above
our 13.8% estimate led by better operating metrics (offshoring,
utilisation) and hedge gains
• Reported PAT of | 40 crore came in below our | 45.2 crore estimate
led by higher depreciation and lower other income

LINK
http://content.icicidirect.com/mailimages/IDirect_NIITTech_Q2FY15.pdf