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Centrum Broking Report
NIIT Technologies Ltd. delivered tepid Q1 FY21 with U.S. dollar revenue miss and steep profit after tax miss led by provision for bad debts. However, company cited worst is behind and guided for strong recovery from Q2 FY21.
Management guided that Q2 FY21 constant currency revenues would grow by at least 7% QoQ. Management guided that full year FY21 constant currency revenue would grow mid single digit YoY.
Led by strong commentary, we raise NIIT Technologies U.S. dollar revenue growth assumption to 3.5/16.5% for FY21/FY22E (versus 0.5/12.9% earlier).
NIIT Technologies is poised to show strong momentum in FY22 and could outpace peers by wide margin.
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