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Dolat Capital Report
NIIT Learning Systems Ltd. reported revenue de-growth of 1% QoQ (our estimate: +2.3%) at Rs 3,823 million, mainly due to compression in customer spends led by macro uncertainties.
Ebitda margin declined to 22.3% down 23 basis points QoQ (our estimate: 23%), primarily due to investments in ramping new contracts and sustained employee additions.
Guidance curtailed with management now expecting constant currency revenue growth of Mid-to High teen's (earlier 20%), while maintained 20% plus Ebitda margins for FY24.
Factoring in revised outlook, we have arrived at FY24/FY25E earnings per share at Rs 18.1/Rs. 21.4 for NIIT MTS and assign 'Buy' rating on the stock with target price of Rs 430 valued at 20 times FY25E EPS.
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