Buy Intellect Design Arena: target of Rs 660: Sharekhan

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Sharekhan's research report on Intellect Design Arena

On its Technology Day 2021, Intellect Design Arena Limited highlighted its varied capabilities for flagship products in iGTB and retail banking. Management expects strong growth in its Intellect SEEC platform. Huge growth opportunities in five iGTB products as management expects customers count to increase to 150 by 2026 from 94 in 2021; market share to grow from 6% to 21%. Huge addressable market, strong traction for mature products, rising annuity revenues and improving margins would help company clock a revenue and earnings CAGR of 14% and 27%, respectively over FY2021-23E.

Outlook

We maintain a Buy with a revised PT of Rs. 660 as it is well-poised to gain market share given future-ready products with flexible modules.

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