KIFS Result update of NIIT-Thermax-Praj

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KIFS Result update of:

NIIT LTD

OVERVIEW

NIIT offers training solutions in area of IT, business process outsourcing (BPO), banking, finance and insurance, executive management education and professional life skills. The company is restructuring the business by reducing the dependence on the government schools business. The company has not initiated a single new project in FY11 on the Government schools side. The eGuru program is gaining increased acceptance. NIIT has more than 2000 private schools. In transitioning new projects (CLS) business is expected to grow by about 16% in FY12. Improving sentiment in developed economies is expected to help CLS report better numbers.

 Key highlights:

· Total income  grew by 10% Y-o-Y to Rs. 156 cr. v/s Rs. 142 cr in June-10

· Operating Profit fell by 55% Y-o-Y to Rs. 9 cr.  v/s Rs. 19 cr in June-10

· OPM fell by 794 bps Y-o-Y to 5.6% v/s 13.5% in June-10

· Net loss widen by 1118% Y-o-Y to Rs. –12 cr. v/s Rs. –1 cr in June-10

· NPM fell by 708 bps Y-o-Y to –6.4%  v/s 0.8% in June-10

THERMAX

OVERVIEW

Thermax offers engineering solutions to various industries. It offers wide range of products and services in heating, cooling, waste heat recovery, captive power, water treatment, recycling and waste management. The company has three plants coming up in the next 18 months including

supercritical boilers, chemicals and air pollution control equipments. The company has consolidated its strong position in the sub-15 MW power plants with a 40% market share. Commercial production from manufacturing and assembly shop for air pollution control equipment at Solapur is expected to begin in the last quarter of FY12.

Key highlights:

· Total income grew by 32% Y-o-Y to Rs.1044 cr. v/s Rs. 790 cr in June-10

· Operating Profit grew by 17% Y-o-Y to Rs.128 cr. v/s Rs.110 cr in June-10

· OPM fell by 162 bps Y-o-Y to 12.3%  v/s 13.92% in June-10

· Net profit grew by 21% Y-o-Y to Rs. 80 cr.  v/s Rs. 66 cr in June-10

· NPM fell by 73 bps Y-o-Y to 7.65%  v/s 8.38% in June-10

PRAJ INDUSTRIES

OVERVIEW

Praj Industries was set up in 1984 with a vision to deliver cutting edge technologies to distillery industries. It is leading biofuel Technology Company providing number of processes and systems for ethanol and biodiesel productions. For last two quarters company has been booking orders in excess of Rs 250 crores. The total order book of the company stood at Rs 750 crore. The order book composition shows some optimistic picture. Order book is gradually shifting towards export market and order book composition as on March 31,2011 between export and domestic stands at 60: 40 compared to 40:60 as on March 31,2010.

Key highlights:

· Total income grew by 76% Y-o-Y to Rs. 165 cr. v/s Rs. 94 cr in June-10

· Operating Profit grew by 37% Y-o-Y to Rs. 20 cr.  v/s Rs. 15 cr in June-10

· OPM fell by 345 bps Y-o-Y to 12.2%  v/s 15.7% in June-10

· Net profit grew by 32% Y-o-Y to Rs. 14 cr.  v/s Rs. 10 cr in June-10

· NPM fell by 274 bps Y-o-Y to 8.32%  v/s 11.1% in June-10

Thanks and Regards,

KIFS Research