Profit problems linger for Intellect
Intellect Design Arena’s lack of profit continues as it has reported a loss after tax of INR 55.2 million ($826,690) for the quarter ended 30 June 2016.
This is an improvement on the previous year’s quarter, when loss after tax was INR 111.1 million ($1.6 million).
Arun Jain, chairman and managing director, Intellect Design Arena, yet again makes no mention of profit. He calls the quarter “eventful” and says the firm had “transformational deals, product launches and strategic leadership additions”.
Jain says: “However, a few deals with UK based banks have been deferred due to Brexit. With a healthy pipeline, I am confident that we will achieve our set annual revenue guidance in the range of Rs. 990 crore to Rs. 1020 crore [$148.2 million to $152.6 million] for this financial year.”
Revenues for the quarter were more positive – standing at INR 2.05 trillion ($30.7 million). This is a slight rise on the previous year’s quarter of INR 1.93 trillion ($28.9 million).
There were two notable developments for Intellect this year.
Maybank Indonesia went live with Intellect’s integrated treasury management system, One Treasury, for its Indian operations. Intellect says the solution has enabled the overseas branch to “eliminate dependence on intensive manual operations”. The firm says the deployment, user acceptance testing (UAT) and data migration were completed in seven months.
However, Federal Bank in India is looking to replace its legacy treasury system, supplied by Intellect. It issued a request for proposal (RFP) for procurement and migration of treasury management.