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Sunday, June 21, 2009

NIIT Ltd:-What to be done with it?

Scripscan:NIIT Ltd
cmp:54
Traded in:Nse-bse

Story:The company witnessed a slowdown in demand for IT training from private sector clients during the March ?09 quarter. However, various government departments and agencies increased spending on IT training. Also, the announcement by PSU banks to undertake new recruitment augured well for the company. NIIT''s individual learning solutions (ILS) and school learning solutions (SLS) were more profitable than its corporate learning solutions (CLS) division during FY09. The ILS division saw a 123-bps expansion in operating margin backed by a 10% rise in capacity and 67% growth in courses. This was also aided by the strategy to launch short training programmes focussing on the increasing requirement of candidates for jobs following the weak economic prospects. While the Indian market dominated the revenue of this division with 60% share, revenue from China accounted for 23%.The SLS division reported a robust 37% growth in FY09 as the company added 4,278 schools to its portfolio. The growth in the CLS division was modest at 5% given the delay in the release of annual budgets and allocation of new projects by corporate clients in the wake of economic uncertainty and liquidity pressure.Going ahead, the company plans to target the hiring requirements of PSU banks and the insurance sector for its ILS division. In the case of the SLS division, NIIT has chalked out a strategy to focus on private schools and to improve its cash management. Under CLS, it plans to expand training outsourcing in Europe and the Asia-Pacific region. The company has an order book worth Rs 700 crore, equivalent to half of the FY09 revenue.All said and done,the scrip merits an investment at sub 40 levels.

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