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Intellect Design Arena reports 296% growth in profit to Rs 314.7 mn in Q2

Performance driven by strong contribution from large transformation deal wins from Asia and Australia, says chairman and managing director

T E Narasimhan  |  Chennai 

IT spending growth

Ltd has reported a 296 per cent growth in profit to Rs 314.7 million during the second quarter of financial year 2019 as compared to Rs 79.5 million in the corresponding period of the previous year.

Total revenues for the second quarter grew 42 per cent year on year (Y-o-Y) and stood at Rs 3.80 billion as against Rs 2.68 billion in the same quarter last year.

In dollar terms, Q2 FY19 revenue grew by 30 per cent Y-o-Y and stood at $54.28 million, as against $41.75 million in the same quarter last year.

Arun Jain, chairman and managing director, Limited, said, "We had a phenomenal quarter with 42 per cent Y-o-Y growth in revenue and H1 FY19 license registering 86 per cent Y-o-Y growth. This was driven by the strong contribution from large transformation deal wins from Asia and Australia. Our continued momentum as the leader in contextual and AI-based products places us well on the path to be the partner of choice for the large transformation initiatives of leading banks. The reinforce the economic value add for our clients who attach importance to our innovative technologies, appreciate the expertise and our commitment and actions for the responsible stewardship of their initiatives."

Venkateswarlu Saranu, chief financial officer, Limited, said, "We have had a very strong performance in Q2 FY19, accelerating our revenue run rate to Rs 15 billion. Total license exceeding Rs 1 billion in a single quarter is a significant milestone. Our Ebitda during the quarter had a growth of 75 per cent Y-o-Y, highlighting the way we are managing the business in a calibrated manner."

First Published: Thu, October 25 2018. 16:17 IST