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Dolat Capital Report
NIIT Learnings System Ltd. reported nearly flat revenue (-0.1%) sequentially below are estimates of +1%, being growth tampered due to uncertain macro environment.
Ebitda margin declined by 34 basis points QoQ at 23.8% (our estimate: 21%), beat was led by improvement/savings across cost lines and modest employee additions.
Guidance further curtailed with NIIT Learnings System's management now expecting constant currency revenue growth of early-to-mid teen's (earlier mid-to-high teen's), but upgraded their Ebitda margin guidance to 22%-24% (earlier 20% plus ) in FY24.
Factoring in revised outlook, we expect growth momentum to improve hereon led by robust customer addition and thus maintain our 'Buy' rating with target price of Rs 440 valued at 20 times on FY26E earnings per share.
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