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Press Release

August 6, 2015

Polaris' Q1 FY16 revenues up by 6%

Chennai (India), August 06, 2015:

Polaris Consulting & Services Ltd (NSE and BSE: POLARIS), a leader in digital transformation solutions and services, announced its results for the first quarter of FY16 today.

"We remain focused on our three-pronged strategy of investing in Digital solutions, deepening our footprints in key accounts and acquiring new clients in the Tier-2 space. Internally our focus on cost optimization and process simplification is beginning to show results." said Jitin Goyal, CEO and Executive Director, Polaris Consulting & Services Limited

Key Financial Highlights

For the quarter ended 30 June, 2015:

  • Revenues at Rs. 496 crore registering 6% QoQ growth; 4% YoY growth
  • In dollar terms, revenues stood at $76 Mn
  • EBITDA at Rs. 64 crore registering 27% QoQ growth; 6% YoY growth
  • Profit After Tax (PAT) stood at Rs. 38 crore registering 3% QoQ growth
  • Cash and Cash equivalent stood at Rs. 318 crore
  • Revenues were distributed across all geographies with the Americas contributing 53%, Europe 20%, India 8% and Rest of the World 19%

Business Highlights

  • 4 New clients were added in Q1FY16 reflecting client confidence in our digital offerings
  • Active clients were 159 against 157 in the last quarter
  • Polaris rated as a "Major Contender" By Everest Group in their report titled "IT Outsourcing in Banking with PEAK Matrix Assessment"
  • Talent strength of 7305 ( Excl. BPO division)

"With Q1 revenue up by 6% QoQ, and PAT of Rs 38 Cr, we are on track in terms of our growth path. We have initiated cost optimisation efforts, the benefits of which will be fully realised in Q4 of FY16. We are looking at growth led by our digital transformation capabilities in FY16," said, NM Vaidyanathan, Chief Financial Officer, Polaris Consulting & Services Limited

Financial Results for the First Quarter Ended June 30, 2015

POLARIS CONSULTING & SERVICES LIMITED (Formerly known as Polaris Financial Technology Ltd)
Unaudited consolidated financial results for the first quarter ended June 30, 2015 prepared as per Indian GAAP

Rs. Lakhs

Particulars
QUARTER ENDED
YEAR ENDED

June 30,

2015

March 31,

2015

June 30,

2014

March 31,

2015
INCOME

Income from Software development, Support & BPO services

49,583.48

46,701.57

47,467.58

189,334.54

EXPENDITURE

 

Software development expenses

35,153.44

34,691.61

35,034.10

139,964.80

 

Selling & Marketing and General & Administrative expenses

8,050.64

6,981.82

6,391.20

26,860.97

Total Expenditure

43,204.08

41,673.43

41,425.30

166,825.77

Profit before interest, depreciation & amortisation other Income, foreign exchange gain/ (loss), exceptional items & tax

6,379.40

5,028.14

6,042.28

22,508.77

 

Depreciation and Amortisation expenses

674.59

670.65

763.94

2,790.87

Profit before other Income, foreign exchange gain/ (loss), exceptional items & tax

5,704.81

4,357.49

5,278.34

19,717.90

 

Foreign exchange gain/ (loss)

(445.04)

436.52

(162.46)

1,182.81

 

Other Income including exceptional items

450.27

438.31

457.41

2,242.24

Profit before tax

5,710.04

5,232.32

5,573.29

23,142.95

Provision for taxation

1,902.95

1,530.12

1,395.90

6,422.28

Profit after tax

3,807.09

3,702.20

4,177.39

16,720.67

Minority Interest/ Share of profit/(loss ) of Associate Companies

1.48

6.31

-

6.31

Profit for the period

3,808.57

3,708.51

4,177.39

16,726.98

 

Investor Conference Call

The Board of Directors of Polaris Consulting & Services Limited met on 6th August 2015, to take on record the financial results of the company for the First quarter ended June 30, 2015.

Polaris Consulting & Services Ltd. will host an Investors Conference Call on 6th August 2015, where the Senior Management of Polaris will comment on the company's performance during the First quarter ended June 30, 2015 and respond to questions from participants. The conference call will take place at 17:00 Hrs IST on Thursday, 6th August 2015.

The dial-in numbers to join the conference call:

Conference Name
: Q1 FY16 Investors earnings call
Date
: 06 August 2015
Time : 17:00 HRS IST
Conference ID : 3583513
           
ACCESS NUMBERS          
MUMBAI
 : Primary Access Toll Number : 02230360400
BANGALORE
 : Primary Access Toll free Number : 08030360400
DELHI
 : Primary Access Toll free Number : 01130360400
CHENNAI
 : Primary Access Toll free Number : 04430360400
INDIA
 : Primary Access Toll free Number : 180030131313
HONG KONG
 : Primary Access Toll free Number : 800901420
SINGAPORE
 : Primary Access Toll free Number : 8001011906
US and Canada
 : Primary Access Toll free Number : 18663944523
UK
 : Primary Access Toll free Number : 08081681758
UAE : Primary Access Toll free Number : 8000174397
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About Virtusa

Virtusa Corporation is a global provider of digital engineering and technology services and solutions for Forbes Global 2000 companies in the financial services, healthcare, communications, media, entertainment, travel, manufacturing, and technology industries worldwide. At Virtusa, digital engineering is at the heart of everything we do. We are 30,000 builders, makers, and doers that partner with customers to reimagine enterprises and creatively build solutions to the most pressing business challenges that move them to the forefront of their industries.

Virtusa's unique Engineering First approach means never presenting an idea we can't execute. With deep industry expertise and empowered agile teams made up of world-class talent, we think about execution early in the process, because the earlier you think about execution the earlier an idea can have an impact. Solving from the inside out enables businesses to respond swiftly to changing needs with improved quality, lower costs, and lasting results.

Virtusa is a registered trademark of Virtusa Corporation. All other company and brand names may be trademarks or service marks of their respective holders.

Media Contact:

Matt Flannery
Edelman
(203) 856-2006
matt.flannery@edelman.com

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For Investor related info, please contact:
Praveen Malik
Polaris Consulting Services Limited
Mob: +91 89397 82837
Email:Praveen.malik@polarisFT.com

 

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For Media related info, please contact:
Nachu Nagappan
Polaris Consulting Services Limited
Mob: +91 89396 19676
Email:nachu.nagappan@polarisft.com

 

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Okay & NextClick to Next

 

About Virtusa

Virtusa Corporation is a global provider of digital engineering and technology services and solutions for Forbes Global 2000 companies in the financial services, healthcare, communications, media, entertainment, travel, manufacturing, and technology industries worldwide. At Virtusa, digital engineering is at the heart of everything we do. We are 30,000 builders, makers, and doers that partner with customers to reimagine enterprises and creatively build solutions to the most pressing business challenges that move them to the forefront of their industries.

Virtusa's unique Engineering First approach means never presenting an idea we can't execute. With deep industry expertise and empowered agile teams made up of world-class talent, we think about execution early in the process, because the earlier you think about execution the earlier an idea can have an impact. Solving from the inside out enables businesses to respond swiftly to changing needs with improved quality, lower costs, and lasting results.

Virtusa is a registered trademark of Virtusa Corporation. All other company and brand names may be trademarks or service marks of their respective holders.

Media Contact:

Matt Flannery
Edelman
(203) 856-2006
matt.flannery@edelman.com

Ensure that you open the links to enable the Next button, assuming you have read all the documents.
Okay & NextClick to Next

For Investor related info, please contact:
Praveen Malik
Polaris Consulting Services Limited
Mob: +91 89397 82837
Email:Praveen.malik@polarisFT.com

 

Ensure that you open the links to enable the Next button, assuming you have read all the documents.
Okay & NextClick to Next

For Media related info, please contact:
Nachu Nagappan
Polaris Consulting Services Limited
Mob: +91 89396 19676
Email:nachu.nagappan@polarisft.com

 

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