Chennai (India), April 30, 2014: IT services and products firm Polaris Financial Technology on Wednesday announced its results for the March quarter, posting a profit of 45.4 crore, up 3.6% compared to same quarter last year. The revenue for the quarter stood at 645.5 crore, up by 16.3% compared to the same quarter last year when it posted revenue of 554.7 crore.
For the year, the revenue grew 10% y-o-y to 2,528 crore from 2,308 crore. These include revenue of around 29 crore accruing from IdenTrust, which was divested in September 2013. Profit for the year fell slightly from 200.8 crore last year to 199.2 crore this year.
Its services business quarterly revenue grew 18% to 515 crore from 438 crore. Profit before tax stood at 82 crore, a growth of 24% on a year-on-year basis. The division saw two new client wins in the quarter taking its client tally to 150 active clients. It overall gained 11 new clients in the year and accounted for 79% of consolidated revenue.
Its Intellect (products) division saw its quarterly revenue grow 28% y-o-y to 131 crore. The division gained 20 new clients in the quarter and 45 in the year.
"We restructured the company into independent services and product businesses, with the clear objective of moving to a customer centric organization, and to propel the next level of growth and value creation. Despite the major restructuring exercise the company has undertaken, we have been able to protect our revenues and sustain margin levels. Our sweet spot in the Services business will be around digital banking, payments and risk management. We have three flagship products in consumer banking, three in global transaction banking, two in risk & treasury management and two products in insurance that will drive the products business' growth in the coming year," said Arun Jain, executive chairman of Polaris.
The revenue for the quarter stood at 645.5 crore, up by 16.3% compared to the same quarter last year when it posted a revenue of 554.7 crore. For the full fiscal, revenue grew 10% to 2,528 crore.
About Polaris Financial Technology Limited
Polaris Financial Technology Limited is a global leader in Financial Technology for Banking, Insurance and other Financial Services. With over 25 years of expertise in building a comprehensive portfolio of products, smart legacy modernization services and consulting, Polaris owns the largest set of Intellectual Properties for a comprehensive product suite, Intellect® Global Universal Banking (GUB) M180. Intellect® is the world's first pure play Service Oriented Architecture (SOA) based application suite for Retail, Corporate, Investment banking and Insurance. Its acclaimed products, solutions and services enable unprecedented operational productivity for the global Financial Services Industry by Building, Maintaining, Expanding and Extending highly complex and Integrated Financial Technology Infrastructure.
This makes Polaris the chosen partner for 9 of the top 10 global banks and 7 of the top 10 global insurance companies. The company has a global presence through its 40 relationship offices across 30 countries, 6 international development centers and 8 fully owned Business Solution centers. Polaris has a talent strength of over 11,500 solution architects, domain and technology experts.
For more information, please visit http://www.polarisFT.com/.