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Dolat Capital Report
Intellect Design Arena Ltd. posted Revenue de-growth of 1.2% QoQ (our estimate plus 2.4%), with miss attributed to deferral of a large deal which has now got postponed to Q4 FY25. OPM declined by 260 bps QoQ at 14.2% (our estimate 17.2%), owing to lower rev recognition and elevated cloud investments.
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Intellect Design Arena has guided 15% revenue growth for FY25E, (ex GeM), which looks stretched. Management is also optimistic on margin expansion as they expect cost to stabilize.
We downward revise our FY25E earning per share estimates by 6.2% baking in delay of a deal, while keeping FY26E largely unchanged, anticipating an improvement.
Continuing with a positive outlook on the space and the company, we maintain ‘Accumulate' rating on the stock with discounted cash flow based target price of Rs 1,100 (implies 32 times on FY26E earnings).
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