The shares of the financial platform provider for Corporate Banking gained up to 5.3 percent after the company expanded its partnership with the National Bank of Kuwait (NBK).
With a market capitalization of Rs 13,959.48 crore, the shares of Intellect Design Arena Ltd closed at Rs 1,020.25 per share, increasing around 2.27 percent as compared to the previous closing price of Rs 996.95 apiece.
According to the company filing, Intellect Design Arena Ltd has extended its partnership with the National Bank of Kuwait (NBK) for a comprehensive eMACH.ai digital transformation. This transformation is a significant leap forward for the bank in terms of scalability and volumes of transactions. It is a key catalyst in accelerating the NBK’s growth ambitions in Kuwait and the Middle East.
Furthermore, by concentrating on next-generation digital banking, NBK can provide the greatest omnichannel and mobile banking experience across a variety of industries, including oil and gas, construction, electricity and water, and transportation.
Looking at the company’s financials, Intellect Design Arena Ltd’s sales grew by 16% from Rs 547 crore in Q3FY23 to Rs 634 crore in Q3FY24. During the same period, net profit rose by 35% from Rs 63 crore to Rs 85 crore.
The company’s revenue from India rose by 16% from Rs 491.2 crore to Rs 571.3 crore in FY2022-23, while sales from outside India increased by 20% from Rs 1,386.9 crore to Rs 1,659.8 crore.
Ace investor Mukul Mahavir Agrawal holds 23,00,000 shares, i.e. equivalent to 1.68 percent of the company as of December quarter 2023.
The stock has delivered returns of 51.96 percent in the last six months and a multi-bagger return of 135.67 percent in a year. A shareholder’s investment of Rs. 1 lakh in the company would be worth Rs. 2.35 Lakh in a year.
Intellect Design Arena Limited operates internationally in the domains of financial technology for banking, insurance, and other financial services. The organization offers a diverse range of solutions, including Global Consumer Banking, Central Banking, Risk and Treasury Management, Global Transaction Banking, and others.
Written by:- Abhishek Singh
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