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Dolat Capital Report
Intellect Design Arena Ltd. reported decline in revenue by 2.5% QoQ at Rs 5.3 billion (our estimate: Rs 5.7 billion) - miss was led by shortfall on account of shift from annualised recurring revenues to platform ($2.9 million) and on account of certain deals for which revenues recognition got deferred ($3.1 million) in Q2.
Operating profit margin further contracted by 610 basis points at 10.3% (our estimate: 16.4%) owing to weak revenue recognition and higher soft.
Development/ selling and general administrative expenses (up by 4.7%/3.6% QoQ) which resulted in negative operating leverage.
Intellect Design's management remain confident of its offerings that is winning deals and mindshare of the clients but would like more stability in the environment before articulating its growth outlook for near future.
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