ICICI Direct has given Hold recommendation for Intellect Design Arena with a target price of Rs. 815 in its research report issued on Jul 29, 2021

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)


We downgrade from BUY to HOLD We value Intellect at Rs 815 i.e. 25x P/E on FY23E.



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