Buy Intellect Design Arena; target of Rs 900: ICICI Direct

ICICI Direct's research report on Intellect Design Arena

Intellect Design Arena (Intellect) provides software products to retail, corporate banking, insurance & treasury. The company is a transition from a product company to a platform company Intellect generates 55% of revenues from developed markets and rest from emerging markets Recently, it saw a turnaround in margins (from 5% in FY20 to 23% in FY21)

Outlook

We revise our rating on the stock from HOLD to BUY We value Intellect at Rs 900 i.e. 20x P/E on FY24E.