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23 July 2008

Result Update : NIIT Technologies

NIIT Technologies announced its result for QE Jun 08 on 22 Jul 08.

Geographical spread rose to 52% in favour of Europe while declining by 2% for the US. Orderbook additions were worth Rs 184 Cr in the qtr, with only 43 Cr coming from the US. Vertical wise - the share of Transportation rose to 28 % while BFSI dropped to 42%.

Net profit remained flat at Rs 35 Cr Q-on-Q which translates into an EPS of 5.99 while consolidated revenue rose 7% Q-on-Q to Rs 229.4 Cr. A higher outlay for depreciation and taxation and a reduction in the other income component from 33.21 Cr to 4.9 Cr caused the halving of net profits vis-a-vis QE Mar 08. The Operating Profit Margin remained flat at 19%.

The Trailing Tweleve Months EPS is Rs 22.57 and at the current market price of Rs 112, the stock trades at a PE of 4.96.I maintain a buy on the stock and the target price of Rs 172.

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