Intellect Design Arena records PAT of Rs 81 cr in Q4 FY21

Intellect Design Arena reported 96.7% jump in consolidated net profit to Rs 80.61 crore in Q4 FY21 as against Rs 40.99 crore in Q4 FY20.

Net sales rose 11% to Rs 397.57 crore in Q4 FY21 over Q4 FY20. Profit before tax in the fourth quarter stood at Rs 90.15 crore, up 112.9% from Rs 42.35 crore reported in the same period last year.

Current tax outgo stood at Rs 14.81 crore in Q4 FY21 as against Rs 1.05 crore in Q4 FY20.

The company reported a consolidated net profit of Rs 262.77 crore in the year ended 31 March 2021 compared with a net profit of Rs 15.99 crore recorded in the year ended 31 March 2020. Net sales increased 11.2% to Rs 1497.46 crore in FY21 over FY20.

Arun Jain, chairman and managing director, Intellect Design Arena, said: "Digital adoption not only accelerated this year but fundamentally altered the way technology impacts the business of banking and insurance. This was led by regulation, fintechs, changing consumer preferences and COVID.

Our technologically agile, domain focused R&D teams responded by delivering 4 exponential technologies whose acceptance in technologically advanced markets is an acknowledgement of the rapid adoption of Intellect's hyperscale Fintech architecture in highly competitive markets.

Our move towards an open finance architecture, driven by our proprietary iTurmeric suite of 900 plus APIs, provide the ability to our customers to adopt a flexible, composable and contextual product design strategy for their technology upgrade path.

This is not only at a substantially lower TCO than our competitors but also helps in future proofing the technology for our customers."

Intellect Design Arena, a specialist in applying true digital technologies, is the a full spectrum banking and insurance technology products company, across global consumer banking, central banking, global transaction banking (iGTB), risk, treasury and markets, and insurance.

The scrip slumped 6% to Rs 773.40 on the BSE.

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