Dolat Capital: NIIT Q2 Review - Digital Drives Profitability, Outlook Positive
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Dolat Capital Report
NIIT Technologies Ltd. reported strong results with 8.5% QoQ growth in rupee revenue (our estimate 2.4%) led by stellar growth of 8.8% in corporate learning solutions business which was driven by volume ramp-up from new customers (added six logos trailing twelve months basis), that overcome softness in select customers that are yet to move to eLearning.
Skills and careers group business grew 6.2% QoQ.
Ebit margin improved by 540 basis points to 9.5% (our estimate 5.2%) on strict cost measures and sustained digital delivery in CLS business (CLS operating profit margin 20.5% although unsustainable).
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