Snapshot
NIIT Technologies (NIIT Tech) reported a net profit of Rs.57.5 crore in Q1FY’13, registering an increase of 39.7 per cent y-o-y and 24.5 per cent q-o-q. Net Sales for the quarter stood at Rs.469.6 crore, registering an increase of 42.8 per cent y-o-y and 5.9 per cent q-o-q.
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Key highlights of the results: Order intake during the quarter stood at USD 83 million taking the total executable order book to USD240 million over the next 12 months
Volume growth in constant currency terms stood at 0.5 per cent q-o-q (Q1 is usually weak for the company)
The total number of million dollar clients stood at 64 compared to 48 during Q1FY’12 and 61 during Q4FY’12
EPS for the quarter stood at Rs.9.6, cash and cash equivalent adds up to Rs.266.9 crore, translating into Rs.45 per share. This is equal to 15 per cent of the present price of the company.
Valuation & Recommendation
We expect the company to post net sales of Rs.1970.3 crore for FY’13E. The net profit for FY’13E is expected to be Rs.227.5 crore, translating into an EPS of Rs.37.9. We value the company at 10x FY’13E EPS of Rs.37.9 to arrive at a price target of Rs.379.
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