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Sunday, October 11, 2009

Jetking Infotrain Ltd:Future growth prospects and outlook

Scripscan:Jetking Infotrain Ltd

Story:Jetking Infotrain (JIL) is a Mumbai based company and is the leader in the field of hardware education in India. The name Jetking has been synonymous with hardware electronics and do-it-yourself radio and walkie-talkie kits for more than 40 years. The break-through opportunity, which Jetking has successfully tapped, is the franchising of hardware and networking education courses across India. India has a huge market for the profile of students that Jetking targets, not only in the metros but also the Tier 1 & 2 cities. JIL is one of the leading hardware and Networking Training Institute and has trained over 4 lakhs students in its 125 centers spread across India. JIL has 60 years of experience in the industry and has faculty of 25,000 teachers who have trained and placed 4 lakhs students with top rated companies such as HP, IBM, Samsung, CMC, Reliance etc.JIL's positioning as an educator in the Networking and Hardware space is quite strong, with the sector at an inflexion point and the company witnessing a 40% growth predominantly riding on the recession-proof status, as a result of its reach in almost every sector of the industry. JIL has an edge over the competitors as it guarantees 100% job placements, internationally benchmarked teaching methodology, ease of learning for non-technical students, personality development, practical training to enhance trouble shooting skills and has a strong leadership in the industry. JIL operates through a franchisee model which ascertains lower operating costs and scalable business model.In the year ended March 2009, JIL's revenues grew 25.5% to Rs 46.18 cr., whereas net profit grew 17% to Rs 12.44 cr. On a equity of 5.89 cr (Promoters' stake- 43%), the EPS stood at Rs 21.1 and the dividend of 50% was declared. JIL has an un-interrupted dividend paying track record since the past 10 years in addition to bonus shares issues-twice in the last 2 years. For the Q1 ended June 2009, JIL's revenues remained flat at Rs 11.13 cr. but EBITDA decreased by 31.5% on account of higher spending on other expenditure and courseware. Net profit was down 32.7% to 2.36 cr.. Going forward, JIL has plans to open 45 new centers in FY10 and also add 14 centers in China and Africa, which are markets, having large base of potential students, robust demand by recruiters and Government intent to invest in education sector. At current price of around Rs. 205, the stock trades at 9.7 times FY09 earnings and is available at a market cap of Rs. 120 cr. Looking at the opportunity size, the stock looks under priced and holds potential for appreciation. Accumulate on declines for good gains over the medium-long term.


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