Press Release

October 29, 2015

Polaris' Q2 FY16 revenues up by 9%

Chennai (India), October 29, 2015

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

Polaris Quarter revenues stood at Rs. 517.68 crore, registering 9% YoY growthas compared to Rs. 476.90 crore in the same quarter last year and 4% QoQ growth from Rs. 495.83 crore in Q1 FY 16. In dollar terms, revenuesstood at $77.63 Mn growing sequentially by 2% QoQas compared to $75.90Mn in previous quarter.

EBITDA stood at Rs. 70 crore registering 16% YoY growthas compared to Rs. 60.57 crore in the same quarter last year and 10% QoQ growth from Rs. 63.79 crore in Q1 FY 16. Profit After Tax (PAT) grew by 24% QoQ to Rs.47 crore from Rs.38 crore. Cash and cash equivalents stood at Rs. 294 crore at the end of the quarter. Quarter revenues were distributed across all geographies with Americas contributing 52%, Europe 21%, India 8% and Rest of the World 19%.

Management Statement

Jitin Goyal, CEO and Executive Director, Polaris Consulting & Services Limited said, “Our strategic focus on Digital is beginning to pay off with strong digital led wins in this quarter. We continue investing in the core areas of Digital, Data, Payments and Risk & Compliance and we are gaining good traction in the market in these areas, reflected in the steady build-up in the deal pipeline. Revenue and EBITDA are both trending in the right direction, and this is a good sign”.

NM Vaidyanathan, Chief Financial Officer, Polaris Consulting & Services Limited, said, “Our focused approach towards growth plans & cost plans has resulted in 9% growth in Revenues and a PAT of Rs 47 Cr. We are balancing the levers of investments in key accounts along with cost optimisation efforts. We expect this momentum to continue"

Financial Results for the Second Quarter Ended September 30, 2015

POLARIS CONSULTING & SERVICES LIMITED (Formerly known as Polaris Financial Technology Ltd)

Unaudited consolidated financial results for the second quarter ended September 30, 2015 prepared as per Indian GAAP

September 30,
June 30,
September 30,
March 31,
Income from Software development, Support & BPO services 51,767.88 49,583.48 47,689.79 189,334.54
Software development expenses 36,514.04 35,153.44 35,103.42 139,964.80
Selling & Marketing and General & Administrative expenses 8,253.45 8,050.64 6,529.16 26,860.97
Total Expenditure 44,767.49 43,204.08 41,632.58 166,825.77
Profit before interest, depreciation & amortisation other Income, foreign exchange gain/ (loss), exceptional items & tax 7,000.39 6,379.40 6,057.21 22,508.77
Depreciation and Amortisation expenses 687.49 674.59 690.46 2,790.87
Profit before other Income, foreign exchange gain/ (loss), exceptional items & tax 6,312.90 5,704.81 5,366.75 19,717.90
Foreign exchange gain/ (loss) 233.34 (445.04) 389.74 1,182.81
Other Income including exceptional items 153.68 450.27 968.41 2,242.24
Profit before tax 6,699.92 5,710.04 6,724.90 23,142.95
Provision for taxation 1,967.23 1,902.95 1,809.67 6,422.28
Profit after tax 4,732.69 3,807.09 4,915.23 16,720.67
Minority Interest/ Share of profit/(loss ) of Associate Companies 1.74 1.48 - 6.31
Profit for the period 4,734.43 3,808.57 4,915.23 16,726.98



About Virtusa

Virtusa Corporation is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovative engineering. Virtusa serves Global 2000 companies in Banking, Financial Services, Insurance, Healthcare, Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries.

Virtusa helps clients grow their business with innovative products and services that create operational efficiency using digital labor, future-proof operational and IT platforms, and rationalization and modernization of IT applications infrastructure. This is achieved through a unique approach blending deep contextual expertise, empowered agile teams, and measurably better engineering to create holistic solutions that drive the business forward at unparalleled velocity enabled by a culture of cooperative disruption.

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:

Alex Nickols
+1 (415) 430-8056

For Media related info, please contact:
Nachu Nagappan
Polaris Consulting Services Limited
Mob: +91 89396 19676


For Investor related info, please contact:
Praveen Malik
Polaris Consulting Services Limited
Mob: +91 89397 82837


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