NIIT Technologies down nearly 3%; Credit Suisse maintains neutral with target Rs 1,150

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NIIT Technologies down nearly 3%; Credit Suisse maintains neutral with target Rs 1,150

Shares of NIIT Technologies down nearly 3 percent intraday Thursday. The company’s consolidated Q1FY19 net profit was down at Rs 85.8 crore against Rs 86.1 crore in Q4FY18.

Revenue of the company was up 4.6 percent at Rs 825 crore versus Rs 788.9 crore.

Brokerage: Credit Suisse | Rating: Neutral | Target: Rs 1,150

Credit Suisse has maintained neutral call on NIIT Technologies and raised target to Rs 1,150 from Rs 1,100 per share.

According to research house, the positive momentum continues but valuations no longer cheap. The company Q1 revenue and margin are higher than expected, it added.

Brokerage: Axis Capital | Rating: Buy | Target: Rs 1,260

Axis Capital has reiterated buy call on the stock with a target of Rs 1,260 per share.

The company is on course to double-digit growth and better margins. Strong revenue and no material headwinds set the base for a strong FY19.

NIIT Technologies down nearly 3%; Credit Suisse maintains neutral with target Rs 1,150

Brokerage: ICICI Securities

According to ICICI Securities, the company has reported a better than expected Q1FY19 on revenue growth and order intake.

Its EBITDA margin was lower than expectations due to hedging losses, meanwhile margin is likely to expand by 110 bps to 16.9% in Q2FY19.

The improving business mix with rupee depreciation should aid margin by 40 bps YoY in FY19, it added.

At 10:40 hrs NIIT Technologies was quoting at Rs 1,104.75, down Rs 16.40, or 1.46 percent on the BSE

source: moneycontrol