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Intellect Design soars 15% as total income rises 19% YoY in Q1FY24

So far this calendar year (CY23), Intellect Design has rallied 47 per cent, as against 9 per cent jump in the S&P BSE Sensex

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SI Reporter New Delhi

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Shares of Intellect Design Arena soared 15 per cent to Rs 665 per share in Friday's intra-day trade, after the company's total income rose 19 per cent year-on-year (YoY) to Rs 644.3 crore in the April-June quarter of fiscal year 2023-24 (Q1FY24).
 
So far this calendar year (CY23), Intellect Design has rallied 47 per cent, as against a 9 per cent jump in the S&P BSE Sensex. On a month-to-date (MTD) basis, the stock has moved up by 4 per cent.
 
In the recently concluded quarter, the software and consulting firm's profit-after-tax (PAT) increased 36 per cent YoY to Rs 93 per share, while earnings before interest, tax, depreciation, and amortisation (Ebitda) jumped 33 per cent YoY to Rs 155 crore. 
 
Ebitda margins, too, expanded to 24.1 per cent in Q1FY24 from 21.5 per cent, in the year-ago period. Total expenses, meanwhile, grew 15 per cent YoY to Rs 489.3 crore in Q1FY24.
 
The management hailed the research and development team (R&D) to be driving forces behind the June quarter's growth.
 
"Around 2 million person-hours of sustained investments annually and 16 million person-hours during the last eight years in R&D have catapulted the company from product to technology company," said Arun Jain, Chairman and Managing Director, Intellect Design Arena.
 
Furthermore, they added that Intellect’s ‘Platform First’ strategy is powering unparalleled efficiencies in insurance, wealth, retail, risk, and corporate.
 
Intellect Design Arena has the world’s largest cloud-native, API-led microservices-based multi-product platform for global leaders in banking, insurance, and capital markets. 
 
The company offers a full spectrum of banking and insurance technology products through its three lines of businesses – Intellect Global Consumer Banking (iGCB), Intellect Global Transaction Banking (iGTB), and Intellect AI.

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First Published: Jul 28 2023 | 10:28 AM IST

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