Shares of this small-cap IT stock jumped 19 percent today after showcasing decent growth in numbers during the quarter ending June 2023. In the past six months, the company’s stock soared 56 percent from Rs 432 to the current price level.
With a market capitalization of Rs 9,162 crores, the stocks of Intellect Design Arena Limited are currently trading at Rs 670. The scrip witnessed an intra-day high of Rs 689, also recorded as the company’s new 52-week high mark, indicating a gain of approximately 19 percent as compared to the previous closing levels of Rs 577.20 apiece.
One of the prime reasons for the stocks to show such movements is pertaining to the recent filing published by the company with the Bombay Stock Exchange (BSE) announcing the financial results for the June 2023 quarter.
On a sequential basis, the company reported an increase in basic performance indicators such as operating revenues as well as net profits. The operating revenues grew from Rs 615 crores during Q4FY22-23 to Rs 639 crores during Q1FY23-24, and, the net profits, during the same period, moved marginally from Rs 91 crores to Rs 94 crores.
Comparing Q1FY22-23 and Q1FY23-24, the operating revenues increased from Rs 541 crores to Rs 639 crores representing an increase of 18 percent, and, the net profits took a shift from Rs 69 crores to Rs 94 crores indicating an increase of 36 percent.
Having a glance at the shareholding data available for June 2023 quarter, the Promoters hold a 30.5 percent stake, and the Foreign Institutional Investors (FIIs) hold a 23.03 percent stake in the company.
Intellect Design Arena Limited is a company based in India that is engaged in the provision of Information Technology (IT) services. The company develops software and financial technology for insurance, banking, and many other sectors. Some of the products in its portfolio include Digital lending, Digital cards, and others.
Written by Amit Madnani
