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Dolat Capital Report
NIIT Ltd. reported 3.1% QoQ decline in revenue (our estimate: down 2.3%), with decline led by corporate learning group division de-growth of 3.9% QoQ (5% in constant currency terms), and skills and career business (including RPS business), declined 0.5% QoQ.
CLS business added three new contracts.
Operating profit margin declined to 10.5% (our estimate: 10.0%), down 439 bps QoQ, due to decline in CLG business, product mix changes, wage hikes, resumption of travel costs and growth investments.
NIIT's CLS Ebitda margin stood at 18.0%, a decline of 584 bps QoQ, while SNC reported Ebitda of 3% (up 264 bps QoQ). CLG margin is expected to stabalise at current levels while SNC margins to improve gradually.
Global macro uncertainty and guidance downgrade for CLG reflects pressures faced by clients in near term, while medium to long-term prospects remain positive.
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