For 1QFY2012, NIIT reported a decent performance, which was in-line with our
expectations. Revenue growth was driven by all businesses, but operational
performance was dented due to the SLS business, which posted a 472bp yoy dip
in EBITDA margin. We have valued NIIT on an SOTP basis, arriving at a target
EV/EBITDA of 4.3x on FY2013E consolidated EBITDA of Rs214.4cr, and have
added the companys stake in NIIT Technologies (with a holding discount of
25%). We maintain Buy on the stock.

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