Software and consulting firm, Intellect Design Arena is trading 11 percent higher in trade on July 28 morning after reporting a strong set of financials for the first quarter of FY24.

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The revenues are 18 percent higher year on year at Rs 639 crore versus Rs 541 crore in the same quarter of last year. The gross profit margins improved for another consecutive quarter to 56.8 percent.

The margins at earnings before interest, tax, depreciation and amortisation (EBITDA) level grew to 23.1 percent versus 21.6 percent in the same quarter of last year.

The profit after tax for the first quarter improved 36 percent year on year to Rs 94 crore. Collection in this quarter grew to rs 582 crore versus Rs 485 crore in the March 2023 ended quarter. The deal pipeline is also at a multi quarter high of Rs 7,240 crore.

The stock is trading 11 percent higher on July 28 morning and snaps its seven day losing streak. This is the biggest single day gain in the past two months. The stock has rallied 45 percent since the start of this calendar year.