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.
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