>NIIT LIMITED (IDFC SSKI)

HIGHLIGHTS OF FY09 AND MANAGEMENT INTERACTION POST RESULTS

■ NIIT Ltd has reported consolidated numbers for FY09 - revenue growth of 14% at Rs11.5bn (ahead of estimates at Rs11.1bn), EBITDA growth of 15% at Rs1.18bn (our estimates of Rs1.15bn) and PAT (before share of associate) at Rs389mn (our estimates at Rs374mn). PAT post share of associate came in at Rs698m.

■ The company reported other income for the year at ~Rs200mn (including a forex gain of ~Rs96mn, hedging losses to the tune of ~52mn and a one time exceptional gain of Rs158mn which includes sale of land during the year).

■ The company reported a capex of ~Rs1.6bn in the current year. In tandem with the capex, the debt levels shot up to Rs3.5bn (cash at Rs749mn taking net debt to Rs2.7bn). Going ahead the company plans to incur a capex of ~Rs1.3bn in the current year.

■ Reported numbers include a net interest outgo of ~Rs247mn for the year (post interest income of Rs53.2mn and an interest expense of Rs300mn).

■ For the quarter – NIIT reported a revenue growth of 10% at Rs3bn, EBITDA growth of 19% at Rs364mn and PAT decline of 46% at Rs96mn.

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