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For the second time, NIIT, the Global Talent Development Corporation has been accorded Superbrand status. At a recently concluded award ceremony held in the Capital, NIIT has been adjudged as a Business Superbrand 2008, commanding consumer respect, loyalty and trust by the Superbrands Council, from amongst consumer brands across categories. The prestigious Superbrand status is internationally known as the ?Oscars in the world of branding?. NIIT will be listed in Superbrands India?s very second edition of the book ?Superbrands,? a chronicle of India?s strongest brands. The prestigious award was received by Mr. P Rajendran, Chief Operating Officer, NIIT. Mr. P. Rajendran, Chief Operating Officer, NIIT, said, ?Being conferred the coveted Superbrand status for the second time, is a reiteration of the faith placed in us by our stakeholders. Having pioneered IT training in India, NIIT is now poised to emerge as a leading Global Talent Development Corporation.? This is not the first time that the strength of NIIT brand has been recognized. NIIT was recently honoured with the Digital Opportunity Award at World Congress on IT held in Kuala Lumpur, for its pathbreaking Hole-in-the-Wall Education Initiative. Also at the recently concluded 2008 International Business Awards, NIIT won an International Stevie Award for the Most Innovative Company in Asia (Subcontinent, Australia and New Zealand). UN World Body UNESCO also presented NIIT with a Commendation Certificate for its innovative science station.

Buy NIIT with target price of Rs 107. Going ahead, we expect NIIT to clock a CAGR of 19.8% and 29.4% in Top-line and Bottom-line respectively, over FY2008-10E. We expect Top-line growth to be driven by the ILS Business, which is expected to grow at a CAGR of around 37% over the same period, with ILS-IT expected to grow by 29.3% CAGR and ILS-FMT by a robust 98.4% CAGR. The SLS Business is expected to clock a CAGR growth of 28.7%, while the CLS Business is expected to clock a subdued 5.7% CAGR growth over the same period. We expect EBITDA Margins to rise by around 100bp annually led by operating leverage in the ILS Business, particularly ILS-FMT. At the CMP, the stock is trading at 11.7x FY2010E EPS. We have downgraded our EPS estimates for FY2009 and FY2010 by 12% and 13% respectively, on account of lowering our Top-line and Margin estimates for the CLS Business, which has recorded a below-par performance. t.