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Dolat Capital Report
Intellect Design Arena Ltd. reported 29% YoY growth (our estimate: 35%) in revenue at $68 million.
Ebit margin declined 149 basis points YoY to 18.5% below estimates (our estimate: 21.5%) due to increased wage pressure (employee expense up by 7.5% QoQ, gross margin down 60 bps QoQ).
Despite weak quarter, growth confidence is maintained and is backed by strong funnel at $725 million (up by 27% YoY) and sustained deal win momentum in Q4 (added six new deal wins including three platform deal).
Commentary remain confident Intellect Design believes that its current business model and positioning would ensure 20% plus revenue compound annual growth rate with 30% Ebitda margins CAGR over FY21-FY24E.
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