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

Chennai, Feb 14 (): Intellect Design Arena Ltd, aleader in financial technology across banking and insurancesectors on Friday recorded consolidated net loss of Rs 10.67crore for the third quarter ending December 31, 2019.

The city-based company had registered consolidated netprofits of Rs 13.54 crore in the corresponding quarter lastyear.

For the nine month period ending December 31, 2019consolidated net loss was Rs 23.41 crore against a netprofit of Rs 89.72 crore. Commenting on the financial performance, company Chairmanand Managing Director Arun Jain said, "while current quarterrevenues have been impacted by documentation challenges, wehave moved up assured revenue streams of AMC and Saas". "SaaS (Software as a Service) revenues, growing by 50 percent now contribute to 10 per cent of revenues against 5 percent year ago.", he said. The company would stay focused and forge partnershipstowards increasing monetisation and continue to driveefficiences, he said. VIJ APRAPR APR