Buy Intellect Design Arena; target of Rs 813: Hem Securities

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Hem Securities report on Intellect Design Arena

Intellect Design Arena Ltd Q2FY22 consolidated revenues came in at ₹452.14 Cr, up 21.6% YoY and up 10.7% QoQ. EBITDA for Q2FY22 stood at ₹118.2 Cr, up 36.8% YoY and up 17.9% QoQ. EBITDA margins for Q2FY22 came at 26.1% as compared to 24.5% in Q1FY22 and 23.2% in Q2FY21. PAT for Q2FY22 stood at ₹82.5 Cr, up 38.5% YoY and up 4.9% QoQ.

Outlook

We initiate a “BUY” rating on the stock and value the stock at 24.5x FY23E earnings to arrive at the target of ₹813.

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