Intellect Design Arena announces 17% YoY growth in Q2 FY24 revenue
Intellect Design Arena Ltd, a prominent player in the financial technology domain catering to top banking and insurance clients, has announced a notable 17% Year-over-Year (YoY) growth in revenue for the second quarter of the fiscal year 2024 (FY24). The company’s total revenue reached INR 621 Cr in Q2 FY24, up from INR 530 Cr in the corresponding quarter of the previous fiscal year.
Diverse Revenue Streams Indicate Robust Growth
The detailed financial highlights of Q2 FY24 reveal an increase across various revenue streams. Specifically, platform revenue rose by 23% YoY, with the figures standing at INR 147 Cr compared to INR 120 Cr in Q2 FY23. License revenue also witnessed an 11% increase YoY, amounting to INR 76 Cr. Notably, Annual Maintenance Contract (AMC) revenue saw a substantial 25% YoY growth, reaching INR 112 Cr. The combined license-linked revenue (License + Platform + AMC) consequently marked a 21% YoY increase, totaling INR 335 Cr.
EBITDA and Profit After Tax Reflect Financial Health
The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for Q2 FY24 stood at INR 125 Cr, marking a significant 45% growth YoY. The Profit After Tax (PAT) was even more impressive, recording a 54% increase YoY and reaching INR 70 Cr.
Strong Deal Wins and Digital Transformation Initiatives
Intellect’s Q2 performance was further bolstered by their digital transformation initiatives and new customer acquisitions. eMACH.ai, the company’s AI platform, secured 11 new customers, contributing to the growth acceleration. Additionally, 13 global financial institutions successfully transformed their digital operations utilizing Intellect’s platforms and products.
Half-Yearly Performance Echoes Continued Success
The first half of FY24 (H1 FY24) also painted a positive picture for Intellect Design Arena. The total revenue for H1 FY24 was INR 1266 Cr, marking an 18% increase YoY. The license revenue showed a remarkable 30% growth YoY, standing at INR 188 Cr. EBITDA for this period grew by 38% YoY, representing 22% of the total revenue, and PAT increased by 43% YoY to INR 164 Cr.
Leadership’s Vision for Future Growth
Arun Jain, Chairman and Managing Director of Intellect Design Arena Limited, emphasized the strategic positioning of their eMACH.ai platform, noting its role in lowering complexity and costs while accelerating speed for financial institutions. He expressed confidence in the platform’s ability to drive banks towards autonomous operations and highlighted the growing partnership network with global SI and Cloud Players. Jain’s outlook for the future remains highly positive, with new opportunities emerging monthly.