Intellect Design down over 15%

Intellect Design is current the top loser on the BSE, with the market disappointed with its earnings for Q4FY24.

The company reported a reduced net profit of Rs.85 crore in the fourth quarter ended March 31, 2024, as against Rs.91 crore in the corresponding quarter last year. The net profit was without considering one-off exceptional item of MAT credit write-off of Rs.12.51 crore in Q4FY24. Total revenue for Q4FY24 stood at Rs.612 crore (Rs.621 crore).

The company ended the fiscal on a much better note with net profit for FY24 coming in at Rs.334 crore, up 25% on a 12% jump in total revenue at Rs.2513 crore.

The stock is down in the red, opening 10% lower at Rs.922 and slipping down to an intraday low at Rs.864.35, down 15.5%.