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
| Particulars | QUARTER ENDED | YEAR ENDED | ||
| September 30, 2015 |
June 30, 2015 |
September 30, 2014 |
March 31, 2015 |
|
| INCOME | ||||
| Income from Software development, Support & BPO services | 51,767.88 | 49,583.48 | 47,689.79 | 189,334.54 |
| EXPENDITURE | ||||
| 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 |