ICICI Direct's research report on Intellect Design Arena
Intellect Design Arena (Intellect) provides software products to retail, corporate banking, insurance & treasury The company generates 55% of revenues from developed markets & rest from emerging markets Recently, it saw a turnaround in margins (from 5% in FY20 to 23% in FY21)
Outlook
We downgrade from BUY to HOLD We value Intellect at Rs 815 i.e. 25x P/E on FY23E.
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