Buy Intellect Design Arena; target of Rs 524: Hem Securities

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Hem Securities report on Intellect Design Arena

Intellect Design Arena Ltd Q2FY23 consolidated revenues came in at ₹527.54 Cr, up 16.68% YoY and down 2.54% QoQ. EBITDA for Q2FY23 stood at ₹83.96 Cr, down 28.23% YoY and down 28.96% QoQ. EBITDA margins for Q2FY23 came at 15.92% as compared to 21.61% in Q1FY23 and 26.14% in Q2FY22. PAT for Q2FY23 stood at ₹48.45 Cr, down 41.3% YoY and down 33.8% QoQ.

Outlook

We give a “BUY” rating on the stock and value the stock at 20.6x FY24E earnings to arrive at the target of ₹524.