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Dolat Capital Report
NIIT Learning Systems Ltd. reported revenue growth of 1.7% QoQ (below our estimate: 3%), driven by ramp-up of new customers and increase in wallet share from existing clients. Ebitda margin expanded 131 basis points QoQ at 24.3% (our estimate: 22.9%).
Management provided FY25 constant currency revenue growth guidance of 12%-14% (versus 10% in FY24) and expects Ebitda margin to be within 22-24% range (versus 24% in FY24). Growth, however, will be back-ended given slower deal closures.
Factoring in commentary on growth and margins we cut our FY25/FY26E EPS estimates by 8%/8% and assign ‘Accumulate' rating with target price of Rs 520 valuing at 25 times on FY26E earnings per share.
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