Intellect Design Arena posts 3qtr net loss at Rs 10.67 cr

Intellect Design Arena Ltd, a leader in financial technology across banking and insurance sectors on Friday recorded a consolidated net loss of Rs 10.67 crore for the third quarter ending December 31, 2019. The city-based company had registered consolidated net profits of Rs 13.54 crore in the corresponding quarter last year. For the nine-month period ending December 31, 2019, consolidated net loss was Rs 23.41 crore against a net profit of Rs 89.72 crore.

Commenting on the financial performance, company Chairman and Managing Director Arun Jain said, "while current quarter revenues have been impacted by documentation challenges, we have moved up assured revenue streams of AMC and Saas". "SaaS (Software as a Service) revenues, growing by 50 percent now contribute to 10 percent of revenues against 5 percent a year ago.", he said. The company would stay focused and forge partnerships towards increasing monetization and continue to drive efficiencies, he said.

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