Intellect Design posts Rs 59 crore net profit for Q2

Chennai, Oct 30 : Financial software technology company Intellect Design Arena Ltd on Friday said it closed the second quarter of this fiscal with a net profit of Rs 59.2 crore.

In a statement issued here, Intellect Design said it had posted a net profit of Rs.59.2 crore on a consolidated basis for the period ended September 30, 2020 as against a net loss of Rs 17 crore posted during previous year corresponding period.During the period under review the company had earned a revenue of Rs 373 crore up from Rs 327.5 crore.According to Intellect Design, the licence revenue logged a healthy growth of 131 per cent at about Rs 98.5 crore.The revenue from annual maintenance contract (AMC) was about Rs 74.8 crore and from cloud/software as a service (SAAS) was about Rs 34.5 crore.The companys total debt stood at about Rs 70.7 crore down from about Rs 230.2 crore during the corresponding period previous year.Intellect Design has a total order backlog of about Rs 1,194 crore (licence, AMC and implementation) at the end of second quarter.