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Here you will find all the research and views that we post on Equitymaster. Use the tools to customize the results to suit your preference!


















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NIIT vs. Educomp: The winner?

Apr 7, 2011

Equitymaster gives a comparative analysis of two NIIT and Educomp, based on balance sheet strength and valuations

NIIT vs. Educomp: The numbers

Mar 24, 2011

Equitymaster gives a comparative analysis of two NIIT and Educomp, based on their key financials

NIIT vs. Educomp: The right choice?

Mar 22, 2011

Equitymaster give a comparative analysis of two companies in the IT based education sector, NIIT and Educomp

Indian IT: This 'cloud' has a golden lining!

Jun 22, 2010

Equitymaster discusses cloud computing, its cost, benefits, and the impact it will have on India.

NIIT Limited: Our key assumptions

Feb 7, 2006

NIIT Limited (NIIT) is India’s largest IT education and training company. The company has a presence across the country and caters to the retail, institutional (government) and corporate segments. NIIT also derives a significant portion of its revenues from international business (53% in FY05). It has a presence in over 30 countries. In FY04, the company segregated its businesses into software services and IT education. This was done in order to enable the company to focus separately on these tw

HCL Infosys: Where to from here?

Mar 18, 2004

Perhaps no other Indian technology company has provided as much returns to shareholders in the last year as HCL Infosystems (HCL Infosys), the largest personal computer (PC) maker in the country. Apart from the overall rally that was witnessed in the whole of 2003, HCL Infosys' shareholders were rewarded due to an impressive performance from the company. This was mainly aided by its office automation and telecommunication business that raked in a YoY growth of over 90% for the quarter ending Dec

NIIT: Software services shine…

Oct 27, 2003

NIIT, India’s largest IT education and training company, has reported a 4.5% and 348% rise in its topline and profits, respectively, for 4QFY04. For FY04 (NIIT is a September ending company), while the rise in revenues has been almost similar to 4QFY04, profits have risen by 98%. The substantial gains in profitability were a result of improvement in operating margins as well as tax benefits (deferred tax assets).

Tata Infotech: In murky waters

Aug 22, 2003

Tata Infotech, in its June quarter, reported a dismal performance with topline falling by 14%, and profits by a substantial 47%, on a sequential basis. Importantly, the company has witnessed its margins decline by more than half over the period.

NIIT: Uncertainty looms large

Jul 30, 2003

NIIT, India’s largest IT training and education company has reported poor YoY performance for 3QFY04 (ending June, 2003). While the topline growth has been a dull 4%, bottomline has taken a big hit of 79% YoY. For 9MFY04, also, the performance has been dismal. While the topline has grown a meagre 2%, bottomline has shown a substantial growth of 58%, mainly contributed by substantial tax benefits. But for the tax benefits the bottomline growth would have been marginal.

Identifying a software stock: Do's and don'ts

Jul 19, 2003

In Views on News, Equitymaster has tried to highlight here some factors one should keep in mind before investing in an Software company. Know more

Digital: Topline driving growth

May 13, 2003

Digital Globalsoft, one of the leading software services companies in the country has reported a healthy growth in topline for FY03, however bottomline growth has been restricted due to falling margins. The company has reported a 27% growth in topline for FY03 while bottomline has grown at a lower 14%. For 4QFY03 topline growth has been 10% on a sequential basis while bottomline growth has been 11%. But in the March quarter too pressure on operating margins are apparent. For FY03 operating margi

NIIT: Chugging along

Apr 21, 2003

NIIT has posted a 14% growth (YoY) in consolidated revenues for 2QFY04. This is on the back of a 10% growth in revenues from the education business and a heartening 24% growth in the company’s software business. On a sequential basis, revenues from the software business grew by 8%. This performance indicates stability in the company’s revenue streams and therefore, points to the fact the worst seems to be over for the company.

NIIT: Portfolio expansion

Feb 5, 2003

The downturn in the IT industry and therefore, the slack in demand for IT education and intense competition have forced NIIT to look at other alternatives. Consequently, the company is expanding its portfolio of offerings from IT education to IT-assisted education. To develop competencies is this domain NIIT has chosen the inorganic route and has acquired eGurucool.com.

MphasiS: Software services shine

Jan 9, 2003

MphasiS, has announced a 13% growth, both in topline as well as bottomline (consolidated) for 3QFY03 on a QoQ basis. Growth in topline has been mainly due to a 11% QoQ growth in its dominant revenue stream i.e. software services. MsourcE, the call centre subsidiary has reported a 17% QoQ revenue growth compared to a 54% QoQ growth in September quarter. While the performance of the software services division has been good, the call centre business growth seems lower. Operating margins on the othe

NIIT: The worst may be over

Dec 6, 2002

The IT training and software services major NIIT has, on a standalone basis, reported a 49% fall in its topline, while its bottomline has declined by 91%. This due to disastrous performance in the first three quarters for the fiscal. Prima facie, the 4QFY03 also look disappointing, as the company has reported a loss at the pre-tax level and the bottomline is in the black due to a tax write back and extraordinary income.

Tata Infotech: Poor YoY numbers

Dec 4, 2002

Tata Infotech has reported better quarterly results for 2QFY03 compared to 1QFY03. The company reported a nearly 8% growth in its topline while its bottomline has registered a net profit of Rs 43 m on a QoQ basis. On a YoY basis the picture is a bit grim. Topline has fallen 23% while bottomline has fallen by 74%.

Aptech: Signs of a comeback

Nov 11, 2002

Aptech, the IT training major, has reported its September quarter results. The company has reported a topline of Rs 411 m for 2QFY03 exhibiting a marginal QoQ growth of 2%. This is the second quarterly result that Aptech has announced post demerger of its software division. The software division of the company has been merged with Hexaware Technologies. Hence, the results are not comparable on a YoY basis. Post the recast, the year ending of the company has been changed from December to March.

Global tele: Bottomline disappoints yet again

Oct 28, 2002

GTL, the network engineering and IT services company, has announced disappointing bottomline figures for its September quarter. For 2QFY03, it has reported a seqeuential 35% fall in consolidated net profits. The consolidated topline has grown by a marginal 4%, on a QoQ basis. Not accounting for the other income and extraordinary item figures net profits have still declined by 16%. Fall in other income and jump in extraordinary items have further depressed net profits.

MphasiS: Good show

Oct 9, 2002

Mphasis BFL has announced encouraging consolidated 2QFY03 results. The company has reported a 15% growth in its revenues while its bottomline has grown by a steep 16% on a QoQ basis . Software service revenues of the company have grown by 7%, while its call centre subsidiary MsourcE has seen a 56% growth in revenues on a QoQ basis.

NIIT: Buying growth

Sep 18, 2002

NIIT’s trouble’s started with the slowdown in the IT services industry in 4QFY01. With lesser jobs available, the optimism towards IT as a career subsided. Consequently, IT education companies witnessed a sharp decline in business. The decline was so steep that NIIT for four consecutive quarters of posted a 85% plus decline in net profits (YoY). However, company’s IT training business has shown signs of improvement since, 2QFY03 (quarter ended March 2002). Better realisations per student, improv


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