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Intellect Design Arena posts 3qtr net loss at Rs 10.67 cr

Press Trust of India  |  Chennai 

: Intellect Design Arena Ltd, a

leader in financial technology across banking and insurance sectors on Friday recorded consolidated net loss of Rs 10.67 crore for the third quarter ending December 31, 2019.

The city-based company had registered consolidated net profits of Rs 13.54 crore in the corresponding quarter last year.

For the nine month period ending December 31, 2019 consolidated net loss was Rs 23.41 crore against a net profit of Rs 89.72 crore.

Commenting on the financial performance, company Chairman and Managing Director Arun Jain said, "while current quarter revenues have been impacted by documentation challenges, we have moved up assured revenue streams of AMC and Saas".

"SaaS (Software as a Service) revenues, growing by 50 per cent now contribute to 10 per cent of revenues against 5 per cent year ago.", he said.

The company would stay focused and forge partnerships towards increasing monetisation and continue to drive efficiences, he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 14 2020. 18:42 IST