Shares of Intellect Design Arena surged 9% on May 12 after the company reported that its total revenue for FY23 rose 21% year-on-year to Rs 2,246 crore, compared to Rs 18,560 crore in the corresponding period of the previous financial year. This is the first time the fintech company has crossed the Rs 2,000 crore revenue mark in a financial year.

However, net profit for the year fell 24% to Rs 267 crore from Rs 349 crore a year earlier. Meanwhile, EBITDA was flat at Rs 450 crore.

Quarterly, total revenue stood at Rs 621 crore, up 24% from the Rs 500 crore reported in Q4FY22. Profit fell 5% to Rs 91 crore in the quarter ended March 2023, with EBITDA up 28% to Rs 143 crore.

The company’s board of directors has recommended a final dividend of Rs 2.50 per share with a face value of Rs 5 per share for FY23.

In March 2023, the company launched eMACH.ai, an AI-driven open financial platform designed to simplify banks’ complex technology environments and accelerate them from a service-oriented architecture to a cloud-driven marketplace.

The company’s market value fell more than 12% last year. However, it gained 17% in the previous month. The stock traded 8.75% higher at Rs 507.20 on the NSE at 10:02 am, while the benchmark Nifty was trading 0.31% lower at 18,239.80.