Intellect Design Arena, a financial platform for global consumer banking and insurance sectors, has seen a rise of 60 per cent in its consolidated profit after tax for the quarter ending on June 30, 2018.
The PAT stood at Rs 43.93 crore as against Rs 27.44 crore registered by the city-based company during the corresponding period last year.
For the full year ending March 31, 2018 consolidated profit after tax stood at Rs 56.70 crore.
The consolidated total income for April-June 2018 grew to Rs 341.44 crore from Rs 315.52 crore made a year ago. For the full year-ending March 31, 2018 the consolidated total income stood at Rs 1,113.96 crore.
Commenting on the performance, chairman and managing of the company Arun Jain, in a statement, said, "We are consistently gaining momentum in building market leadership and are on course to achieve over 20 per cent year-on-year growth. The last quarter saw two destiny deals getting deferred to this quarter resulting in a drop in the quarterly gross margin. The impact of this deferment is Rs 17.4 crore to be accounted in Q2 results."
The board has recommended fund-raising by issue of equity shares on a preferential basis for an aggregate consideration of upto Rs 100 crore, subject to approval from the shareholders, the release said.
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During the quarter ending June 30, the release said, the company bagged a deal worth Rs 100 crore from a private European bank which has chosen the Intellect Digital Core for its banking operations, it said.
The bank wanted to modernise its technology architecture and has chosen Intellect Digital Core for powering its digital transformation, the release said.
The firm bagged another deal worth over Rs 20 crore from a financial service organisation in Malaysia to implement its flagship digital transaction banking platform Contextual Banking Experience, iGTB, it added.
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