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Dolat Capital Report
NIIT Ltd. reported 2.5% QoQ decline in revenue (our estimate: up 1.2%), impacted by higher seasonality in skills and careers business (including RPS business), leading to 9.3% QoQ decline. RPS Consulting Pvt. Ltd. business revenue stood at Rs 290 million, and saw 4% QoQ decline.
Corporate learning solutions business saw a marginal 0.5% QoQ decline (added three new logos).
NIIT's operating profit margin marginally affected at 15.3% (our estimate: 15.5%) from revenue decline and sustained business investments.
Corporate learning solutions Ebitda margin stood at 24.2%, a decline of 38 bps QoQ, while skills and careers business reported Ebitda of 2%, a decline of 851 bps QoQ.
Costs related to investments, transition of new customers in Q4 FY22, planned ramp-up of S&M, and partial revival of travel costs led to this decline.
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