Intellect Design shares up 18% to a 52-week high

Following the announcement of the company's impressive June quarter earnings, shares of Intellect Design Arena surged over 18% to a 52-week high of Rs 687.70 on the NSE on Friday. Strong volume was seen during buying action, with more than one crore shares trading on India's largest market.

The IT services company reported a 36% increase year over year in its June quarter profit at Rs 93 crore against Rs 69 crore in Q1FY23. The company provides a cloud-native, API-led microservices-based multi-product platform to banking, insurance, and capital markets. The company's filing to the markets disclosed that EBITDA, which stands for Earnings before Interest, Taxes, Depreciation, and Amortization, was up 33% YoY to Rs 155 crore in the reported quarter from Rs 116 crore in Q1FY23.

Comparing Q1FY24 to Q1FY23, total revenue increased by 19% YoY to Rs. 644 crore against 540 crore.

Platform revenue increased by 21% YoY in Q1FY24 to Rs 141 crore from Rs 116 crore in Q1FY23. The licensing revenue for the first quarter of FY24 increased by 46% YoY to Rs 112 crore from Rs 77 crore in Q1FY23.

Source: Media Reports