Intellect Design Arena share price soars over 15% on strong Q1 results; here's why

Intellect Design Arena share price jumped over 15% on Friday's trading session and was hovering near its 52-week high level after the software company reported a robust Q1FY24 numbers on Thursday. Intellect Design Arena share price opened at ₹601.55 apiece on BSE.

According to the company's exchange statement, the total revenue for the first quarter of fiscal year 24 increased by 19% year over year, from ₹540 to ₹644 crore rupees. Profit after Tax increased by 36% YoY to ₹93 Cr in Q1 FY24 from ₹69 Cr in Q1 FY23.

Profit after Tax jumped by 36% YoY to ₹93 crore in Q1 FY24 from ₹69 crore in Q1 FY23. EBITDA, or earnings before interest, tax, depreciation, and amortisation, climbed by 33% year over year to ₹155 crore in Q1 FY24 from ₹116 crore in Q1 FY23.

Intellect Design Arena closed 11 deals in Q1FY24. Some of the notable agreements included Aspen opting to use IntellectAI's Magic Submission, OTP Bank selecting Intellect's prestigious IDC Banking platform, and others. A leading bank in the Kingdom of Saudi Arabia has adopted iGTB's DTB solution, and a fintech startup located and operating in the UK has chosen IntellectAI's Magic Invoice.

“I wish to celebrate the power of the Research and Development teams at Intellect this quarter. 2 million person-hours of sustained investments annually and 16 million personhours during the last 8 years in R&D have catapulted the company from Product to Technology company. eMACH.ai, with its 5 built-in technologies, drives holistic and agile transformation at double the speed and half the costs.

Turmeric Technology is first-of-its-kind Composable platform (No code), choreographing Events, Microservices, APIs, Business Rules, UX and Generative AI seamlessly to deliver high performance with inbuilt ease to use. Fabric Technology brings in enterprise decision-grade knowledge from Structured and Unstructured Data. Intellect’s ‘Platform First’ strategy in building technology is powering unparalleled efficiencies in Insurance, Wealth, Retail, Risk and Corporate. Extremely high point in building commercial IPs,” said Arun Jain, Chairman and Managing Director, Intellect Design Arena.

The company also disclosed that Vasudha Subramaniam, Senior Vice President and Financial Controller of our company, has been approved for appointment as Chief Financial Officer of the firm, effective September 1, 2023.

As of that day, the company's current CFO, Venkateswarlu Saranu, will transition into a new position.

On the technical front, as per trendlyne data, Intellect Design Arena share price rose 0.2% and underperformed its sector by 11.8% in the past year. Intellect Design Arena shares touched intraday high at ₹665.50 and low at ₹601.50.