Polaris reports Q3 revenues of Rs 282.14cr
SOURCE: Press Release
DATE: January 24th, 2008
Polaris Software Lab Limited (POLS.BO), a Nasscom Top 10 company and the leader in Specialty Application Development in Banking, Financial & Insurance sector, today announced the third quarter results for FY 2007-08.
Financial Information Overview for the quarter ended December 2007
Indian GAAP Consolidated
Revenues: Rs. 282.14 crore, Up 6% QoQ in $ terms, 3% in Rupee terms
Operating Profit: Rs. 35.31 crore, Up 6% QoQ in $ terms, 3 % in Rupee termsProfit After Tax Rs. 19.12 crore, Up 8% QoQ in $ terms, 5% in Rupee terms
Business grows 30% YoY
The company’s Product (Intellect) business has grown over 30% year on year in $ terms.
Intellect Core Banking went live in one of the largest banks in Middle East
Intellect Custody Platform went live in one of the largest Private Sector banks in India
Intellect Cash Management Platform was chosen by SEB, a leading North European Financial group
Mekong Housing Bank, the 5th largest State-owned bank in Vietnam, chose Intellect Universal Banking Platform (Intellect 787)
Specialized Outsourcing Services
Polaris has carved a niche for itself in specialized outsourcing services with unique domain expertise and micro vertical specialization and has won two Global Outsourcing deals in Q3.
BPO Business grows 81% YoY
Optimus Global Services, Polaris’ BPO subsidiary focusing on the high-growth Indian market for complete banking process outsourcing, recorded a growth of 81% (in rupee terms) on a YoY basis and 29% on a sequential QoQ basis.
Consulting
On the strength of a huge asset base of Intellectual Property (IP), Polaris has been providing specialized services and consulting for non-disruptive modernization of legacy technology platforms. Two high end consulting assignments were completed in the quarter for the Markets and Banking division of a Fortune 10 bank in the US and for the Asset Management division of a leading Wall Street bank.
During the quarter the Company won 14 new customers out of which 6 were Intellect led wins.
Mr. Arun Jain, Chairman & CEO, Polaris Software Lab Ltd., said, “In the last 9 months, we have completed 9 lighthouse** implementations of our Next-Generation Intellect Platforms. Our unique methodology of Smart Legacy Modernization (SLM) has gained acceptance and recognition from Independent Analysts like the Tower Group & Forrester. They have also forecast that the maximum IT spend in the next 5 years is going to be in the area of modernizing legacy platforms. With our largest portfolio of Financial Technologies, we are well positioned to leverage this opportunity in select markets”.
Mr. Arup Gupta, President & COO, Polaris Software Lab Ltd., said, “In the last 6 quarters, the company has moved up from annual revenues in the $200 million level and is now approaching the $300 million level. At this point of time, our focus will be to improve operational efficiencies to counter rupee appreciation and record a higher growth in profits in the coming quarters”.
Mr. R Srikanth, Executive Vice President & CFO, Polaris Software Lab Ltd., said, “We introduced key programs for improving operational efficiencies two quarters back. This has resulted in the cash position at the end of the quarter moving from Rs. 100 cr to Rs. 145 cr and our collection days improving from 64 days to 59 days”.
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