NIIT Technologies - Inline performance, retain ACCUMULATE - Emkay

- Inline operating performance-rev at Rs 5,372 mn(+4.4% QoQ), op mgns up by 70 bps QoQ to 16.5%. Profits at RS 564 mn despite higher than expected fs losses aided by lower taxes

- Order wins /Executable order book performance decent along with healthy Headcount addition during the quarter.

- Management expects strong revenue growth trajectory to continue from US and APAC. Expects margins to improve in FY14 on a/c of recovery in GIS and Insurance segment

- Valuations at ~6.4x/6x FY14/15E and ~3.5% dividend yield make us keep the faith. Retain ACCUMULATE with an unchanged TP of Rs 325

Source : Equity Bulls

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