NIIT Ltd

About

NIIT is a leading Skills and Talent Development Corporation that is building a manpower pool for global industry requirements. The company was established in 1981 to help the nascent IT industry overcome its human resource challenges. [1]

Key Points

Customer
Customers are divided into two groups, Corporate Learning Group (CGL) and Skill & Careers Group (SNC).
Corporate Learning Group- It offers Managed Training Services and Learning & Development transformation services to market-leading companies in North America, Europe, Asia, and Oceania.
Skill & Careers Group- It delivers a diverse range of learning and talent development programs to individuals and corporate learners in established and growth areas. These include Technology, Banking & Finance, Digital Marketing, Data Sciences & Analytics, Professional Life Skills, Business Process Excellence, and Multi-sectoral Vocational Skills. The Company provides these programs in India & China. [1]

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  • Market Cap 5,367 Cr.
  • Current Price 402
  • High / Low 440 / 136
  • Stock P/E 28.0
  • Book Value 107
  • Dividend Yield 0.62 %
  • ROCE 8.27 %
  • ROE 6.71 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 43.48%
  • Company has been maintaining a healthy dividend payout of 44.11%

Cons

  • Stock is trading at 3.76 times its book value
  • The company has delivered a poor sales growth of -1.07% over past five years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
226 219 202 232 244 211 202 219 253 276 301 314
212 206 191 209 222 216 183 189 212 211 234 241
Operating Profit 14 13 11 23 22 -4 19 30 42 64 67 73
OPM % 6% 6% 5% 10% 9% -2% 9% 14% 16% 23% 22% 23%
Other Income 26 30 1,323 41 30 15 35 19 24 10 14 14
Interest 5 5 6 5 3 3 2 2 1 1 1 0
Depreciation 9 8 12 13 17 18 16 14 13 16 14 14
Profit before tax 26 30 1,316 46 32 -11 35 34 51 57 66 73
Tax % 23% 23% 17% -358% 15% 106% 17% 23% 19% 18% 22% 28%
Net Profit 19 23 1,090 209 27 1 29 26 42 47 51 52
EPS in Rs 1.16 1.38 65.09 12.47 1.61 0.04 2.05 1.84 2.93 3.27 3.87 3.93

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,199 1,237 1,245 953 943 953 1,002 845 850 865 889 950 1,144
1,044 1,101 1,098 909 890 927 929 785 780 796 835 792 898
Operating Profit 156 137 147 45 53 26 73 60 71 70 54 157 246
OPM % 13% 11% 12% 5% 6% 3% 7% 7% 8% 8% 6% 17% 22%
Other Income 9 44 171 -8 17 -68 7 74 75 100 1,408 88 62
Interest 41 39 28 18 19 17 24 28 22 23 20 9 3
Depreciation 75 85 87 86 78 107 49 46 40 33 60 59 58
Profit before tax 49 56 203 -68 -26 -166 7 61 84 114 1,383 177 247
Tax % 22% 16% 69% 64% -35% -1% 50% 30% 24% 24% 4% 19%
Net Profit 70 92 110 26 18 -139 67 41 62 86 1,327 143 192
EPS in Rs 4.25 5.58 6.67 1.59 1.08 -8.39 4.06 2.47 3.75 5.17 93.81 10.05 14.00
Dividend Payout % 33% 27% 24% 101% 149% 0% 0% 0% 0% 97% 11% 25%
Compounded Sales Growth
10 Years: -3%
5 Years: -1%
3 Years: 4%
TTM: 31%
Compounded Profit Growth
10 Years: 1%
5 Years: 9%
3 Years: 20%
TTM: 117%
Stock Price CAGR
10 Years: 24%
5 Years: 39%
3 Years: 63%
1 Year: 136%
Return on Equity
10 Years: 21%
5 Years: 33%
3 Years: 43%
Last Year: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
33 33 33 33 33 33 33 33 33 33 28 28 27
Reserves 471 524 629 635 641 697 772 643 678 784 1,479 1,597 1,402
Borrowings 405 366 109 153 128 155 195 177 178 207 166 58 35
423 526 387 388 319 284 337 517 492 440 365 468 471
Total Liabilities 1,332 1,448 1,158 1,208 1,121 1,168 1,337 1,370 1,382 1,465 2,039 2,151 1,934
492 480 228 220 185 110 107 194 219 228 357 310 293
CWIP 45 59 18 12 18 4 2 15 28 53 20 5 0
Investments 127 164 195 236 290 526 582 586 604 2 844 854 679
668 745 717 739 628 527 646 575 531 1,182 818 983 962
Total Assets 1,332 1,448 1,158 1,208 1,121 1,168 1,337 1,370 1,382 1,465 2,039 2,151 1,934

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
42 131 31 58 62 31 70 111 88 46 51 234
-46 -49 340 -52 -25 -19 -67 -48 -63 -54 746 -48
-9 -96 -304 -0 -76 -6 16 -43 -21 1 -809 -98
Net Cash Flow -13 -14 66 5 -40 5 19 20 4 -7 -12 88

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 104 113 105 142 98 72 88 73 71 70 56 54
Inventory Days 42 26 29 31 31
Days Payable 549 438 554 816 980
Cash Conversion Cycle 104 -394 -308 -384 -686 -877 88 73 71 70 56 54
Working Capital Days 47 16 36 63 43 18 28 -21 -29 -5 37 -17
ROCE % 11% 9% 8% -4% -2% -8% 3% 9% 12% 14% 3% 8%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
31.60 31.55 31.54 31.47 34.35 34.35 34.33 34.29 34.27 34.15 35.31 35.12
15.50 13.03 13.99 14.72 17.29 17.26 19.02 22.16 23.80 22.56 23.20 23.64
12.27 14.72 18.08 18.89 15.03 16.42 15.88 11.83 11.35 11.31 12.12 11.30
0.22 0.21 0.21 0.24 0.28 0.01 0.01 0.01 0.01 0.01 0.01 0.01
40.41 40.48 36.18 34.69 33.06 31.96 30.76 31.72 30.56 31.98 29.36 29.93

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