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    Please refer to important disclosures at the end of this report 1

    (` cr) 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy)Net revenue 305 250 22.1 324 (5.7)EBITDA 36 25 42.8 40 (11.6)

    EBITDA margin (%) 11.7 10.0 170bp 12.5 (78)bp

    Reported PAT 26 41 (35.5) 38 (30.5)Source: Company, Angel Research

    For 4QFY2012, NIIT reported modest performance, which was in-line with our

    expectations. Revenue growth was driven by all businesses, but reported

    operational performance was dented due to one-time pass through revenue in

    SLS business. The companys net debt currently stands at `6.7cr, which is a

    significant improvement over `313cr in FY2011 due to sale of Element-K during

    3QFY2012. We maintain our Buy rating on the stock.Quarterly highlights: For 4QFY2012, NIIT reported consolidated revenue of`305cr, up 22.1% yoy. This revenue includes one-time pass through revenue of

    `48.2cr; excluding this, revenue came in at `257cr. Revenue from ILS, SLS

    (excluding one-time pass through) and CLS (excluding Element-K) businesses

    increased by 14%, 2% and 36% yoy, respectively. Blended EBITDA margin of NIIT

    declined by 78bp yoy to 11.7% due to margin decline in ILS and SLS businesses.

    EBITDA margin, excluding Element-K and pass through, came in at 13.9%.

    Outlook and valuation:Management indicated that the ILS and CLS businesseswould be the companys primary growth drivers going ahead. In the ILS business,

    the company has started setting up cloud campuses in FY2012 and got 13,800enrollments in FY2012, which is healthy and promises large and growing

    opportunity in this area. CLS, which was heavily impacted by the downturn, has

    rebounded with respect to growth and NIIT was able to bag nine deals in FY2012

    from global MTS customers, with US$120mn revenue visibility over the contract

    period. In the SLS business, the company is witnessing traction from private

    schools and has added 687 schools in FY2012. Also, the companys net debt

    currently stands at `6.7cr, which is a significant improvement over `313cr in

    FY2011 due to sale of Element-K during 3QFY2012. Hence, we expect the

    company to post a PAT CAGR of 12.7% over FY2012-14E. We have valued NIIT

    on an SOTP basis, arriving at a target EV/EBITDA of 2.6x on FY2014E

    consolidated EBITDA of `197cr, arriving at a target price of `52. We maintain ourBuy rating on the stock.Key financials (Consolidated)Y/E March (` cr) FY2010 FY2011 FY2012E FY2013E FY2014ENet sales 1199 1248 1260 1162 1304% chg 4.4 4.1 1.0 (7.8) 12.3

    Net profit 70 92 110 117 145% chg 0.6 31.2 19.6 6.2 24.0

    EBITDA margin (%) 13.1 12.8 11.7 14.8 15.1

    EPS (`) 4.3 5.6 6.7 7.1 8.8P/E (x) 10.0 7.6 6.3 6.0 4.8

    P/BV (x) 1.4 1.3 1.1 1.0 0.9

    RoE (%) 13.9 16.5 17.8 16.7 18.4RoCE (%) 9.0 8.0 8.1 11.1 11.7

    EV/Sales (x) 0.8 0.7 0.5 0.4 0.3

    EV/EBITDA (x) 5.8 5.3 4.2 3.0 2.0

    Source: Company, Angel Research

    BUYCMP `42

    Target Price `52

    Investment Period 12 Months

    Stock Info

    Sector

    Bloomberg Code

    Shareholding Pattern (%)

    Promoters 34.0

    MF / Banks / Indian Fls 13.3

    FII / NRIs / OCBs 24.3

    Indian Public / Others 28.4

    Abs. (%) 3m 1yr 3yr

    Sensex (7.5) (11.3) 38.3

    NIIT Ltd. (3.9) (23.4) 35.8

    216,420

    4,966

    NIIT.BO

    NIIT@IN

    700

    0.7

    60/34

    98,122

    Education

    Avg. Daily Volume

    Market Cap (`cr)

    Beta

    52 Week High / Low

    Face Value (`

    )BSE Sensex

    Nifty

    Reuters Code

    Ankita Somani022-3935 7800 Ext: 6819

    [email protected]

    NIITPerformance Highlights

    4QFY2012 Result Update | Education

    May 10, 2012

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    NIIT | 4QFY2012 Result Update

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    Exhibit 1:4QFY2012 performance

    (` cr) 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy) FY2012 FY2011 % chg (yoy)Net revenue 305 250 22.1 324 (5.7) 1,260 1,248 1.0Operating expenses 270 225 19.8 283 (4.9) 1,113 1,089 2.2EBITDA 36 25 42.8 40 (11.6) 147 159 (7.5)Depreciation 20 20 (1.5) 21 (7.9) 87 86 2.2

    EBIT 16 5 220.0 19 (15.8) 60 74 (18.7)

    Other income (7) 165 8 143 (18)

    PBT 9 170 (94.5) 27 (64.9) 203 56 264.7

    Income tax (5) 145 (103.4) 3 (288.5) 141 9 1,483.1

    PAT 14 25 (43.7) 24 (40.6) 62 47 32.5Share of associates' net profit 12 15 14 48 45

    Reported PAT 26 41 (35.5) 38 (30.5) 110 92 19.6EPS (`) 1.6 2.5 (35.5) 2.3 (30.5) 6.7 5.6 19.8

    EBITDA margin (%) 11.7 10.0 170bp 12.5 (78)bp 11.7 12.8 (106)bp

    EBIT margin (%) 5.2 2.0 324bp 5.9 (63)bp 4.8 5.9 (115)bp

    PAT margin (%) 8.8 9.8 (100)bp 11.4 (260)bp 7.8 7.5 36bp

    Source: Company, Angel Research

    Modest revenue growth

    For 4QFY2012, NIIT reported revenue of `305cr, up 22.1% yoy. This revenue

    includes one-time pass through revenue of `48.2cr; excluding this, revenue came

    in at `257cr. The school learning solutions (SLS) business emerged as the primary

    growth driver for the company and reported 131.3% yoy growth in revenuebecause of one-time pass through revenue, which the company got from one

    government project it took up during the quarter. Revenue from individual

    learning solution (ILS) grew by 13.8% yoy, while revenue from corporate learning

    solutions (CLS) business declined by 56.5% yoy due to divestment of Element-K in

    October 2011.

    Exhibit 2:Revenue growth (Segment wise, yoy)

    Source: Company, Angel Research

    13.98.3

    13.8

    (27.4)

    16.5

    131.3

    (5.9)

    9.5

    (56.5)

    (1.9)

    9.8

    (5.7)

    (100)

    (50)

    0

    50

    100

    150

    JFM10 JFM11 JFM12

    (%)

    ILS SLS CLS Consolidated

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    NIIT | 4QFY2012 Result Update

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    Exhibit 3:Segment-wise revenue contribution

    Source: Company, Angel Research

    Exhibit 4:Revenue performance (Segment wise)

    (` cr) JFM 12 JFM 11 OND 11 % chg (yoy) % chg (qoq)ILS 152 134 133 13.8 14.7

    SLS 87 37 37 131.3 135.1

    CLS 66 153 81 (56.5) (17.5)

    Source: Company, Angel Research

    ILS: For 4QFY2012, revenue of the ILS business grew by 13.8% yoy to `152cr, withglobal enrollments growing by 7.8% yoy to 1,47,760 and short-term programenrollments increasing by 25%. The pending order book of this segment currently

    stands at `156.4cr, with 70% of it being executable in the next 12 months. Also,

    cloud campus (new initiative by NIIT) was implemented in over 340 centers, with

    digital enrollments of Digital NIIT standing at 13,800. EBITDA margin of this

    segment declined by 226bp yoy to 16.9% due to cloud campus-related expenses

    and adverse product mix.

    Exhibit 5:ILS Enrolment growth

    Source: Company, Angel Research

    41.9 41.349.9

    10.9 11.6

    28.3

    47.2 47.1

    21.8

    0

    20

    40

    60

    80

    100

    120

    JFM10 JFM11 JFM12

    (%)

    ILS SLS CLS

    7.7

    21.2

    11.2

    4.56.4

    7.8

    0

    4

    8

    12

    16

    20

    24

    60,000

    80,000

    100,000

    120,000

    140,000

    160,000

    180,000

    200,000

    OND 10 JFM 11 AMJ11 JAS11 OND 11 JFM 12

    (%)

    Nos.

    Enrollment yoy growth (%)

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    NIIT | 4QFY2012 Result Update

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    SLS: Revenue of the SLS business grew by 131.3% yoy to `87cr in 4QFY2012.During the quarter, the company added 258 private schools. Revenue from

    non-government schools grew by 24% yoy and now contributes 47% to total SLS

    revenue. The pending order book of this segment stands at`

    612.2cr, with 30%being executable in the next 12 months. For 4QFY2012, EBITDA margin of the

    business declined by 321bp yoy to 4.3%, but excluding the impact of one-time

    pass through revenue, EBITDA margin actually stood at ~10%.

    Exhibit 6:Trend in private school addition in the SLS segment

    Source: Company, Angel Research

    CLS: Revenue of the CLS business came in at `66cr, down 56.5% qoq due todivestment of Element-K business. On a continuing basis, revenue actually grew by

    36% yoy. Volume growth during the quarter was strong at 23% yoy, driven by

    volume growth of 72% yoy in managed training services (MTS). The company

    closed nine global MTS deals during the year, of which four were signed in

    4QFY2012. Order intake during the quarter stood at US$56.2mn, with the

    pending order book standing at US$47.1mn, of which 60% is executable over the

    next 12 months. EBITDA margin of the CLS segment increased by 177bp qoq to

    9.6% on account of strong traction from managed services contacts.

    Exhibit 7:Volume growth trend in CLS

    Source: Company, Angel Research

    35

    196

    173

    133

    123

    258

    0

    50

    100

    150

    200

    250

    300

    OND 10 JFM 11 AMJ 11 JAS 11 OND 11 JFM 12

    N

    os

    Private schools

    15.3

    13.0 12.0

    21.0

    14.0

    19.0

    23.0

    0

    10

    20

    30

    JAS 10 OND 10 JFM 11 AMJ 11 JAS 11 OND 11 JFM 12

    (%)

    Volume growth (%)

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    NIIT | 4QFY2012 Result Update

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    Consolidated margin declines: Blended EBITDA margin of NIIT declined by 78bpyoy 11.7% on the back of margin decline in ILS as well as SLS business. EBITDA

    margin, excluding Element-K and pass through revenue, came in at 13.9%.

    Exhibit 8:EBITDA margin (Segment wise)

    Source: Company, Angel Research

    Outlook and valuation

    Management indicated that the ILS and CLS businesses would be the companys

    primary growth drivers going ahead. In the ILS business, the company has started

    setting up cloud campuses (online portal to expand its reach and increase

    efficiency) in FY2012 and has currently got 340 centers under coverage. NIIT got13,800 enrollments in FY2012 for cloud campus, which is healthy and promises

    large and growing opportunity in this area. Also, the companys recently started JV

    with ICICI IFBI, which trains people for banking-related courses, is also fuelling

    growth and NIIT is now providing employees to large private sector banks.

    We expect ILS to continue its growth momentum of 14% yoy in FY2013 and

    FY2014.

    CLS, which was heavily impacted by the downturn, has rebounded with respect to

    growth and has managed to bag a strong order book. Demand for discretionary

    services, including training outsourcing, learning products and MTS, is gaining

    traction. NIIT was able to bag nine deals in FY2012 from global MTS customers,with US$120mn revenue visibility over the contract period.

    In the SLS business, the company is witnessing traction from private schools and

    has added 687 schools in FY2012. The companys solution nGuru which

    provides services of interactive classrooms, match lab and school ERP, is gaining

    growth traction.

    NIIT is strategically moving towards turning asset-light by targeting more

    annuity-based revenue. Management aims to do so by being selective in

    government SLS contracts, which are highly capital-intensive and have long debtor

    cycles (thus impacting returns), targeting more private schools in the SLS business.Also, annuity contracts bagged in CLS (related to learning products and MTS) are

    expected to accelerate revenue growth and improve margins. With the realignment

    of its focus, management expects to improve the companys profitability and

    21.019.1

    16.9

    23.1

    7.5

    4.3

    10.1

    7.99.6

    16.1

    12.5 11.7

    0

    4

    8

    12

    16

    20

    24

    28

    JFM10 JFM11 JFM12

    (%)

    ILS SLS CLS Consolidated

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    NIIT | 4QFY2012 Result Update

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    reduce debtor cycle. Also, the companys net debt currently stands at `6.7cr, which

    is a significant improvement over `313cr in FY2011 due to sale of Element-K

    during 3QFY2012. Hence, we expect the company to post a PAT CAGR of 12.7%

    over FY2012-14E.

    We have valued NIIT on an SOTP basis, arriving at a target EV/EBITDA of 2.6x onFY2014E consolidated EBITDA of `196.7cr, arriving at a target price of `52.We maintain our Buy rating on the stock.Exhibit 9:Segmental expectations

    (` cr) FY2010 FY2011 FY2012 FY2013E FY2014EILSRevenue 457 517 583 665 758

    yoy growth (%) 7.4 9.5 12.9 14.0 14.0

    EBITDA 83 95 92 126 146EBITDA margin (%) 18.2 18.4 15.8 19.0 19.3

    SLSRevenue 200 148 204 229 251

    yoy growth (%) 44.6 (26.0) 37.8 12.0 10.0

    EBITDA 30 17 15 21 23

    EBITDA margin (%) 14.8 11.4 7.2 9.0 9.0

    CLSRevenue 542 584 473 268 295

    yoy growth (%) (6.3) 7.6 (19.0) (43.3) 10.0

    EBITDA 44 47 44 26 28

    EBITDA margin (%) 8.1 8.1 9.2 9.5 9.5

    ConsolidatedRevenue 1,199 1,248 1,260 1,162 1,304

    yoy growth (%) 4.4 4.1 1.0 (7.8) 12.3

    EBITDA 157 159 150 172 197

    EBITDA margin (%) 13.1 12.8 11.9 14.8 15.1

    Source: Company, Angel Research

    Exhibit 10:One-year forward EV/EBITDA

    Source: Company, Angel Research

    0

    500

    1,000

    1,500

    2,000

    2,500

    3,000

    3,500

    Apr-08

    Jul-08

    Oct-08

    Jan-09

    Apr-09

    Jul-09

    Oct-09

    Jan-10

    Apr-10

    Jul-10

    Oct-10

    Jan-11

    Apr-11

    Jul-11

    Oct-11

    Jan-12

    Apr-12

    (`

    cr)

    EV 16 13 9 6 3

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    NIIT | 4QFY2012 Result Update

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    Exhibit 11:Valuation metric for NIIT (Based on FY2014E)

    FY2014E (` cr) EBITDA Target EV/EBITDA (X) Target EVILS 146.0 3.0 438.1

    SLS 22.6 1.5 33.9CLS 28.1 1.5 42.1

    Target EV for NIIT 514.1Debt 115.0

    Cash & Cash equivalent 203.3

    Target Mcap for NIIT 602.4Value per share for NIIT (`) 36.6

    Value due to NIIT TechnologiesCurrent price (`) 269.5

    Holding discount 0.35

    No. of shares held by NIIT (cr) 1.4

    Value of held equity 249.3

    Value per share of held equity 15.2

    Target price for NIIT Ltd. 51.8Source: Company, Angel Research

    Exhibit 12:Recommendation summary

    Company Reco. CMP Tgt. price Upside FY2014E FY2014E FY2011-14E FY2014E FY2014E(`) (`) (%) EBITDA (%) P/E (x) EPS CAGR (%) RoCE (%) RoE (%)

    HCL Tech Accumulate 491 560 14.0 17.4 11.4 17.0 20.4 21.3

    Hexaware Accumulate 121 128 6.0 18.6 11.3 55.0 24.9 22.4

    Infosys Buy 2,348 2,792 18.9 30.6 13.5 13.4 22.8 20.8

    Infotech Entp. Accumulate 166 177 6.7 16.6 8.9 13.9 16.9 13.2

    KPIT Cummins Accumulate 102 114 11.4 14.8 9.0 0.2 18.0 18.7

    Mahindra Satyam Buy 72 89 24.4 15.0 8.7 25.3 11.4 13.0

    MindTree Neutral 584 - - 15.5 10.0 32.9 19.8 17.0

    Mphasis Accumulate 387 433 12.0 17.9 9.4 1.7 14.1 13.7

    NIIT^ Buy 42 52 43.7 15.1 4.8 16.3 11.7 18.4Persistent Neutral 363 - - 22.4 9.1 4.7 17.0 14.5

    TCS Neutral 1,234 - - 28.7 17.4 16.8 28.8 27.7Tech Mahindra Accumulate 657 750 14.1 15.7 7.6 20.8 12.9 18.0

    Wipro Accumulate 407 430 5.5 19.9 14.2 9.7 13.9 18.3

    Source: Company, Angel Research; Note: Valued on SOTP basis

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    NIIT | 4QFY2012 Result Update

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    Profit and loss statement (Consolidated)

    Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014ENet sales 1,199 1,248 1,260 1,162 1,304Operating expenses 1,043 1,089 1,113 990 1,108

    EBITDA 157 159 147 172 197% of net sales 13.1 12.8 11.7 14.8 15.1

    Dep. and amortization 75 86 87 81 91

    % of net sales 6.3 6.8 6.9 7.0 7.0

    EBIT 82 74 60 91 106

    % of net sales 6.8 5.9 4.8 7.8 8.1

    Other income (33) (18) 143 0 13

    Profit before tax 49 56 203 91 119

    Provision for tax 11 9 141 31 41

    % of PBT 22.2 16.0 69.5 34.4 34.4

    PAT 38 47 62 60 78Share in profit of associates 32 45 48 57 67

    Profit after minority interest 70 92 110 117 145EPS (`) 4.3 5.6 6.7 7.1 8.8

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    NIIT | 4QFY2012 Result Update

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    Balance sheet (Consolidated)

    Y/E March (` cr) FY2010 FY2011 FY2012E FY2013E FY2014ECapital employedEquity capital 33 33 33 33 33ESOP outstanding - - - - -

    Reserves and surplus 463 517 585 656 745

    Currency translation reserve 8 7 - 10 10

    Net worth 504 557 618 699 788Secured loans 254 265 85 85 85

    Unsecured loans 151 101 30 30 30

    Total debt 405 366 115 115 115Minority interest 2 3 3 3 3

    Total capital employed 911 925 736 817 906Capital deployedGross block 814 877 777 827 877

    Accumulated depreciation 322 397 485 566 656

    Net block 492 480 293 262 221

    Capital WIP 45 62 70 50 50

    Total fixed assets 536 542 363 312 271Investments 127 164 100 100 100

    Inventories 13 15 13 10 10

    Sundry debtors 340 390 356 328 357

    Cash at bank 62 53 100 203 312

    Loans and advances 154 135 176 163 167

    Other current assets 70 117 58 76 83

    Sundry creditors 211 234 235 209 234

    Other liabilities 168 243 188 167 199

    Provisions 42 45 50 48 61

    Net deferred tax assets 30 31 42 50 100

    Miscellaneous expense - - - - -

    Total capital deployed 911 925 736 817 906

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    NIIT | 4QFY2012 Result Update

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    Cash flow statement (Consolidated)

    Y/E March (` cr) FY2010 FY2011 FY2012E FY2013E FY2014EPre tax profit from oper. 48 39 60 91 106

    Depreciation 75 86 87 81 91Pre tax cash from oper. 123 125 148 172 197

    Other inc./prior period ad (33) (18) 143 0 13

    Net cash from operations 91 107 290 172 210

    Tax 11 9 141 31 41

    Share of profit from ass. 32 45 48 57 67

    Cash profits 112 143 198 198 236(Inc)/dec in sundry debtors (50) (49) 34 28 (30)

    (Inc)/dec in current assets (26) (48) 59 (18) (7)

    (Inc)/dec in inventories (3) (3) 2 3 -

    (Inc)/dec in loans and adv. (4) 19 (41) 14 (4)

    Inc/(dec) in sundry creditors (31) 24 0 (26) 25

    Inc/(dec) in other current liab. (5) 78 (50) (23) 45

    Net trade working capital (118) 20 5 (22) 29

    Cash flow from oper. actv. (7) 163 203 176 265(Inc)/dec in fixed assets (38) (91) 92 (30) (50)

    (Inc)/dec in investments (21) (37) 64 - -

    (Inc)/dec in deferred tax asset 5 (1) (12) (8) (50)

    Cash flow from investing actv. (55) (129) 145 (38) (100)Inc/(dec) in debt 56 (39) (251) - -

    Inc/(dec) in equity/premium 17 17 (7) 10 -

    Inc/(dec) in minority interest 2 1 - - -

    Dividends 27 22 43 45 56

    Cash flow from fin. activities 48 (43) (300) (35) (56)Cash generated/(utilized) (13) (9) 47 103 109Cash at start of the year 75 62 53 100 203

    Cash at end of the year 62 53 100 203 312

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    NIIT | 4QFY2012 Result Update

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    Key ratios

    Y/E March FY2010 FY2011 FY2012E FY2013E FY2014EValuation ratio (x)P/E (on FDEPS) 10.0 7.6 6.3 6.0 4.8P/CEPS 4.8 3.9 3.5 3.5 3.0

    P/BVPS 1.4 1.3 1.1 1.0 0.9

    Dividend yield (%) 3.3 2.7 5.2 5.5 6.8

    EV/Sales 0.8 0.7 0.5 0.4 0.3

    EV/EBITDA 5.8 5.3 4.2 3.0 2.0

    EV/Total assets 1.0 0.9 0.8 0.6 0.4

    Per share data (`)EPS 4.3 5.6 6.7 7.1 8.8

    Cash EPS 8.8 10.8 12.0 12.0 14.3

    Dividend 1.4 1.2 2.2 2.3 2.9

    Book value 30.6 33.8 37.5 42.5 47.9

    Dupont analysisTax retention ratio (PAT/PBT) 0.8 0.8 0.3 0.7 0.7

    Cost of debt (PBT/EBIT) 0.6 0.8 3.4 1.0 1.1

    EBIT margin (EBIT/sales) 0.1 0.1 0.0 0.1 0.1

    Asset turnover ratio (sales/assets) 1.3 1.3 1.7 1.4 1.4

    Leverage ratio (assets/equity) 1.8 1.7 1.2 1.2 1.1

    Operating ROE 7.5 8.4 10.0 8.6 9.9

    Return ratios (%)RoCE (pre-tax) 9.0 8.0 8.1 11.1 11.7

    Angel RoIC 12.1 11.4 12.9 19.6 23.8

    RoE 13.9 16.5 17.8 16.7 18.4

    Turnover ratios(x)Asset turnover (fixed assets) 2.2 2.3 3.5 3.7 4.8

    Receivables days 96 107 103 103 100

    Payable days 79 75 77 77 77

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    NIIT | 4QFY2012 Result Update

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    Research Team Tel: 022 - 3935 7800 E-mail: [email protected] Website: www.angelbroking.com

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    Disclosure of Interest Statement NIIT Ltd

    1. Analyst ownership of the stock No

    2. Angel and its Group companies ownership of the stock No

    3. Angel and its Group companies' Directors ownership of the stock No

    4. Broking relationship with company covered No

    Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to 15%) Sell (< -15%)

    Note: We have not considered any Exposure below `lakh for Angel, its Group companies and Directors