Hold Intellect Design Arena; target of Rs 525: ICICI Direct

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ICICI Direct's research report on Intellect Design Arena

Intellect Design Arena (Intellect) provides software products to retail, corporate banking, insurance & treasury. Intellect is in a transition from a product company to a platform company • The company generates 55% of revenues from developed markets and the rest from emerging markets • Recently, it saw a turnaround in margins (from 5% in FY20 to 25.1% in FY22).

Outlook

We change our rating on the stock from BUY to HOLD. We value Intellect at Rs 525 i.e. 18x P/E on FY25E.