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NIIT Technologies Ltd - Q2FY18 Result Update - Kotak

Posted On: 2017-10-23 20:10:07

NIITT revenue grew by 4.4% QoQ in USD Terms to USD 114.8mn and was above our estimates of USD 112mn. Integration of Ruletek contributed to growth of North America and overall. EBIDTA margins improved by 51bps sequentially to 16.2% and was in-line with our estimates driven by non recurring visa cost (as in Q1), and SGA leverage. PAT increased 31% QoQ Rs.672mn v/s our estimate of Rs.657mn led by lower tax rate of 22% v/s 34.7% in Q1.Company reported eighth successive quarter of USD100mn+ order intake, 12 month executable book was up by 3.6% YoY to USD320mn which improves FY18 growth visibility. Q3 outlook is soft due to seasonality and uncertainty with Morris account which would have impact of USD 1mn. Nevertheless management expects to close at least 2 large deals in Q3 defined as USD 20mn+. Our FY18 & FY19 earnings stand at Rs.42.9 & Rs.49.6 per share respectively. Strong revenue performance in Q2, with healthy deal pipeline and deal closure and steady margin improvement over H2 our target price of Rs.620 discounts FY19 earning by 12.5x v/s 11x earlier. However we downgrade to REDUCE due to recent run-up in stock price.

Shares of NIIT TECHNOLOGIES LTD. was last trading in BSE at Rs.617.5 as compared to the previous close of Rs. 612.5. The total number of shares traded during the day was 20095 in over 1082 trades.

The stock hit an intraday high of Rs. 633 and intraday low of 608.3. The net turnover during the day was Rs. 12351505.

Source: Equity Bulls

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