Dear Shareholders,


Polaris 1.0 (1985 – 2001) was our formative period focussed on FT Sourcing. We chose a singular BFSI path and adopted Services with a strong vertical approach. (Revenue for the year ended 31.03.2001
Rs. 269.6 crores)

Polaris 2.0 (2002 – 2008) was a conscious period of IP build, which we leveraged to deliver unprecedented operational productivity. The milestone OrbiTech acquisition, progressive governance and customer engagement models while ramping up people–processes– infrastructure, were part of this phase. (Revenue for the year ended 31.03.2008
Rs. 1,099 crores)

Polaris 3.0 (2009 – 2011) saw us focus on complexity reduction in financial institutions, leveraging high performance financial technology. By now we were working with leading banks and insurance companies around the world and our Run The Business Change The Business (RTB CTB) successes were leading industry transformation initiatives. (Revenue for the year ended 31.03.2011 Rs. 1,595 crores)

Polaris 4.0 (2012 onwards) is a period where Design becomes integral to the way we work. Design was used to drive deep differentiation. The COPARIS framework attacked the seven dimensions of complexity. The BOTIS framework ensured fail-safe design, accelerating the progress of innovation to industrialisation. This has been a period of acceleration, rationalisation, and transformation. (Revenue at this stage of the Polaris 4.0 journey and for the year ended 31.03.2014 Rs. 2,424 crores)

Into the second chapter of Polaris 4.0 (an evolution cycle I reckon will extend into 2016), we have entered a tremendously exciting and stimulating stage of our journey. In my letter to shareholders in the 2012 – 13 Annual Report, I signed off saying in the year ahead we would unlock value and unleash the potential of Polaris. We have done just that. Significant steps were taken by your company this year to make this possible. Through the course of this letter I will try to convey some of the milestones achieved and a sense of the high energy levels and infectious enthusiasm prevailing across the enterprise.


The recently announced de-merger of the Products business was a culmination of a series of carefully planned events that ensured the organisation was completely ready to hit the ground running in both Services and Products businesses.

The resurgent spirit of entrepreneurship is clearly evident in the leadership teams across independent and empowered lines of business. Watching the business leaders take charge and engage deeply with their teams and customers fills me with great personal satisfaction and pride.

As financial technology specialists across our several lines of business, we compete against the world's largest brands (often with business interests limited to their particular chosen niche). Irrespective of the width and depth of our expertise, it is a strategic necessity that we have the agility to challenge and win against these niche behemoths.
Your business leaders have risen magnificently to this challenge, taking the fight right to the door of the competition. Across specialist products and services within each line of business, our experts are engaged in high level problem-solution dialogues with customers and prospects, focussed on design, diagnostics and assured delivery.

Going forward, I will provide them the support required to grow these businesses at an individual product and service level, for each of these has the potential to grow into a powerful enterprise in its own right.


Your company has performed creditably in 2013–14, during a period of significant restructuring. Consolidated revenue registered a 7% growth and clocked Rs.2,424 crores. Profit after Tax (PAT) for the year was Rs.199 crores. Cash reserves grew from Rs.490 crores in the previous year to Rs.691 crores. EPS stood at Rs.20.01. A final dividend of 125% (Rs.6.25 / equity share) was proposed.

Given our long stated belief that stakeholders need to appreciate the inherent differences in the Services and Products business models, we spelt out financial highlights for both businesses separately apart from the usual consolidated figures in the annual financial results ended March, 2014.

Services contributed Rs.1,914 crores (79%) and Products Rs.510 crores (21%) revenue. These financial achievements during a phase of intense enterprise change in structure and processes, speaks well of the maturity of the organisation.


Polaris is recognised as a specialist FT Services major and this is reflected in the quality of deals closed during the year, as well as those in the pipeline. Global revenue contributions come from Americas 55%; Europe 20%; India 6%; Rest of the World 19%.

Industry analysts rate Polaris Services Business highly on capabilities in terms of scale, scope, technology / domain investment, delivery footprint, buyer satisfaction and resultant market success in the context of a given outsourcing function.

Going forward, the Services Business will focus on four strategic areas: Digital Enterprise, Payments, Risk & Compliance, Data & Analytics. Early response to the High Performance Outsourcing (HPO) model has been very positive. Customers recognise deep competency backed with a radically different engagement model that guarantees agreed performance outcomes.
Recent wins include the upgrade of the third-party Corporate Banking platform for a leading US-based bank and mobile banking services for one of the largest full-service universal banks in the APAC region.

Our long standing, strong and strategic relationship with Citi, evident in the extent of mission critical engagements we have maintained and extended over many years, is what the Services business headed by Jitin Goyal will seek to emulate across other customers in the year ahead. Going deeper in its relationships with an active roster of 150 customers is the start point.


The Intellect brand represents the Products business that covers four distinct lines of business (Global Consumer Banking, Risk & Treasury Management, Global Transaction Banking, Insurance), each comprising specialised products, integrated solutions and platforms.

Revenue contributions are distributed across the Americas 18%; Europe 29%; India 13%; Rest of the World 40%. With a significant 47% contribution from developed markets reflecting global competitiveness.

Recent wins include :

  • A leading Central Bank in Europe that formulates monetary policy to maintain price stability chose Intellect® Quantum Collateral Management System (QCMS) to manage its initiatives to provide liquidity against a wide range of cross-currency collaterals spread across countries.
  • The Trade division of a UK-based global financial services provider with a rich banking history of over 300 years chose to leverage the Payment product from the iGTB suite to accelerate its growth.
  • One of the leading banks in the UAE with a wide network of branches across the Emirates upgraded its existing system with Intellect Debt Management Platform.
  • A leading Saudi Arabian bank chose Intellect Corporate Business Exchange (CBX), a leading product in the Digital Banking space, to power its product offerings across Desktop and Mobile applications.
  • A leading scheduled commercial bank in India, which provides a wide range of banking services, chose the Intellect Cash Management product from the iGTB suite to launch its cash management operations across the country.
  • A leading Canada-based financial institution that provides a complete range of financial products and services globally revamped its central research portal using the Canvas Technology framework
  • A leading Payment provider in the US, rated among the top five global payment providers, chose Intellect to streamline its core business processes for merchant onboarding, credit card acceptance, vouchers and charge back processing. The solution will enable the client to provide world-class services for over one million merchant customers through the HUB Technology framework.

Recent analyst recognition includes :

  • Intellect CBS won XCelent Customer Base Award for Eastern Europe, Middle East and Africa (EEMEA)
  • Intellect FABX recognised as Leading Vendor & All-Rounder by My Private Banking report : Mobile Apps for Financial Advisors 2014
  • Intellect RISK HUB profiled amongst Global Vendors in Forrester Report
  • iGTB products rated among Global Best in Commercial Banking orchestration layer solutioning in Tower Report
  • Intellect CLAIMS (Life & Disability) featured among Global Best Insurance Claims BPM Solution Providers by Aite Group

Global Consumer Banking (iGCB)

The Global Consumer Banking (iGCB) business will focus on Core Banking, Lending, Wealth, Cards, Active Branch and Quantum Core for Central Banks. Intellect iGCB M180 is the most sophisticated Consumer Banking Platform built on advanced technologies. Seamless omnichannel banking with lifecycle assurance optimises first time cost of ownership and technology running costs.
Intellect Quantum CBS is the specialist Core Banking Solution specifically engineered for the unique requirements of Central Banks. Trusted by Central Banks of India, Seychelles, Ethiopia and now in Europe, the solution deploys a formidable array of advanced technology frameworks. Running active balance sheets for nations on real-time enterprise GLs, the solution enables a single source of truth, and has a proven track record for the fastest and most cost efficient implementation.

The iGCB business led by Jaideep Billa, is looking at an aggressive revenue growth in the coming year, and occupying 'first choice' position in the minds of financial institutions.

Risk & Treasury Management (RTM)

Shifting gears from managing risk to leveraging risk for business advantage, banks turn to the Intellect Integrated Risk & Treasury Management Platform. The largest Treasury operations in the world run on Intellect. In a highly regulated and controlled environment, business viability requires getting risk and execution onto a common platform, providing central enterprise-level global systems for informed decision making. The Intellect Basel III – LRM Platform Solution with Zf Visualisation, addresses the most arduous LRM challenges.
Led by Venkatesh Srinivasan, the RTM business registered 24 deals during the financial year, and is steadily gaining ground in the replacement market over legacy monoliths. Looking ahead, the RTM business will be an essential part of the trading environment of global treasuries.

Global Transaction Banking (GTB)

iGTB is the world's first complete Global Transaction Banking Platform. With around 60% of global transaction banking running on Polaris designed systems, we are the authority on integrated and vertical solutions that enable banks meet their ambition to be the principal banker to their corporate customers.
The GTB business extended reach into 20 new deals and signed on 9 new clients. With an active Advisory Board, a strong leadership team led by Manish Maakan, and a particular focus on CBX, Payments, Customer OnBoarding and Liquidity, the GTB business is looking at a significant revenue growth this year..


With strong vertical specialisation, the Insurance business is providing differentiated solutions in Claims, Life Claims, Distributed Solutions, Underwriting Workstation, Business apps and components. Strong customer relationships are reflected in over 90% cross-sell revenues. The Insurance business headed by Pranav Pasricha has a clear focus on becoming the leading Insurance financial technology company in the North Atlantic within 3 years.

Transformative Technology

Design for Digital Transformation enables financial institutions to move from exciting but disjointed piecemeal change initiatives to seamless full landscape digital transformation, with staged transitioning based on customer lifecycle maturity. Polaris is uniquely able to leverage process, technology and business model expertise to enable Digital 360 with powerful Digital IN and Digital OUT technologies. Helping customers navigate through the four classical stages of digital transformation, Polaris uses the proprietary COPARIS framework to focus on seven critical dimensions required to work in harmony for impactful design, and the SEPIA and DECAF models for sustainable change management.


The leadership team is approaching each line of business with renewed vigour and the intent to grow them into independent business state maturity. Within each line of business are several specialist offerings, with the individual potential to be jewels in their own right. In the story of evolution sometimes generational leaps are observed. This could well be such a pivotal year in our journey. Thank you for your support and encouragement.

Arun Jain
Chairman & Managing Director