Sharekhan is bullish on NIIT Technologies and has recommended buy rating on the stock with a target of Rs 500 in its May 09, 2014 research report.
"During Q4FY2014, NIIT Technologies Ltd (NTL) reported a muted sequential revenue growth at Rs588.5 crore, attributed to a ramp-down in one large account in the travels and transport vertical. The EBITDA margin came in at 15.1 percent, down 115BPS QoQ led by the ramp-down in one large account coupled with a delay in the revenue booking from the AAI contract (shift to Q1FY2015). The net profit was up by 16.8 percent QoQ to Rs62 crore, led by a lower tax provision of 8 percent against 25 percent in Q3FY2014."
"For the quarter, the fresh order intakes stood at $144 million and the 12-month executable order book stood at $290 million, a 15 percent Y-o-Y increase. The management expects the margins to pick up post Q2FY2015 (expected 17 percent margins for FY2015E) and also gave encouraging signals on the revenue outlook for FY2015. We have broadly maintained our estimates for FY2015 and FY2016. After a soft FY2014, NTL looks well poised to regain its growth momentum in FY2015, we estimate a 14.8 percent earnings CAGR over FY2014-16E. We retain our Buy rating on NTL with a price target of Rs500," says Sharekhan research report.
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