Intellect Design Arena Ltd, a specialist in applying true digital technologies and a global leader in financial technology across banking and insurance, reported a total revenue of Rs 327.51 cr for the second quarter ended FY 2019-20.
Arun Jain, CMD, Intellect Design Arena said, “Our second deal win for IDC in the UK and Go-live of the first deal have opened up the Europe Market for IDC. With the revival of Lending Wins, iGCB Business will deliver on its promise as the Business to mature in FY20. While deferral of a large multi-million dollar deal and external factors have depressed revenues this quarter, our readiness to capitalise on the market shift towards Cloud and our Industrialisation successes, provide us confidence for the future.”
Venkateswarlu Saranu, CFO, Intellect Design Arena said, “While top line growth in this quarter has not been to our expectations, our efficiency drive has let to cost reduction by Rs 10 cr over year ago, which will also ease the pressure on our cash flows. We hope to sustain these initiatives going forward.”
The company’s net profit (loss) for Q2FY20 stood at Rs 17 cr while the same for H1 FY20 was Rs 13.6 cr. About 58% of Q2 FY20 revenue came from advanced markets. It also has a strong pipeline of over $90m+ in Q3/ Q4.