Intellect Design Arena stock down by more than 14% today

10 May 2024 , 01:18 PM

Intellect Design Arena shares plunged more than 14% on May 10, a day after the business disclosed dismal earnings for the March 2024 quarter.

The Chennai-based fintech startup posted a lower net profit of ₹85 Crore in Q4FY24, compared to ₹91 Crore in the same quarter last year. The net profit was calculated excluding the one-time extraordinary item of ₹12.51 Crore for MAT credit write-off.

Intellect Design Arena’s overall revenue for the period under review fell 1% year on year to ₹612 Crore. The company’s board has recommended a final dividend of ₹3.50 per share with a face value of ₹5 for the fiscal year ending March 31, 2024.

The company’s first principle-built technology package, eMACH.ai, continued expansion with 16 new customers and 18 major financial institutions adopting Intellect platforms and solutions in Q4, according to a statement.

In total, 52 new customers have selected Intellect’s Digital stack, including 16 destiny transactions, and 54 global financial institutions are employing Intellect platforms and technologies.

The company announced the expansion of eMACH.ai’s application to cater to major corporations and government entities with the introduction of three new platforms in the fiscal year 2024: Intellect Corporate Procurement Exchange (iCPX), Intellect Government Procurement (iGPX), and Intellect Account Payable Exchange (iAPX).

At around 10.56 AM, Intellect Design Arena was trading 12.90% lower at ₹892.60, against the previous close of ₹1,024.80 on NSE. The counter touched an intraday high and low of ₹948, and ₹864, respectively.

Over the last year, the stock has returned more than 90%, surpassing the benchmark Nifty 50, which has increased 20%.

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