NIIT Q1 Review - Result Beat On All Counts; Guidance Suggests Further Acceleration: Dolat Capital
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Dolat Capital Report
NIIT Ltd. reported strong results with 9.3% QoQ growth in revenue (our estimate: 0.9%) led by traction in corporate learning solutions business (revenue up 11.9% QoQ) which was partially negated by decline in skills and careers business (down 6.0% QoQ).
Profitability performance was impressive as Ebit margin stood at 19.2% (our estimate: 16.2%) led by improved Ebitda margin in corporate learning solutions business at 29.3% (due to cost control).
This was partially negated by Ebitda loss in skills and careers business at 13.5%.
Loss from schools stood at Rs 38 million (down 11.8% QoQ).
NIIT has displayed spectacular digital transformation by moving its delivery to digital mode that ensured revenue stability and helped it take a structural leap on operating profit margin.
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