Polaris Financial Technology Ltd. (POLS.BO), a leading global Financial Technology company, today announced the third quarter -results for FY 2011-12.
Key Performance metrics
For the quarter ended December 31, 2011, Revenue grew by 26% Y-o-Y to USD 112.48 million from USD 89.12 million and 1% Q-o-Q from USD 111.34 million. Operating Profit (EBITDA) grew by 18% Y-o-Y to USD 16.76 million from USD 14.24 million and 2% Q-o-Q from USD 16.50 million. Profit after Tax (PAT) grew by 7% Y-o-Y to USD 12 million from USD 11.17 million and 2% Q-o-Q from USD 11.78 million.
Highlights for the quarter ended December 31, 2011
- Product revenues grew 49% Y-o-Y to USD 30.97 million from USD 20.76 million; 13 new Intellect wins across Banking and Insurance were recorded in the quarter
- Services revenue grew 19% Y-o-Y to USD 81.51 million from USD 68.36 million
- Quarter revenues were well distributed with Americas contributing 44.87%, Europe 22.97%, IMEA 11.22% and Asia Pacific 20.94%
- Polaris bagged a USD 20 million deal with a leading global bank with presence in over 25 countries
- Excluding foreign exchange other income impact, operating profit grew by 78% Y-o Y to USD 20.73 mn from USD 11.68 mn and by 53% Q-o-Q from USD13.58 mn
Arun Jain, Chairman & CEO, Polaris said, "We are moving from country-specific deals to regional country roll-out deals. The top 20 global banks have started recognizing the large-scale programme management of Polaris with single point accountability and capabilities of the Intellect suite. We have won the fourth large deal of this nature that spans over 20 countries from top global banks."
"On one side, these deals provide sustained revenues over a 10 year period, while simultaneously providing Polaris with excellent referenceable sites which is crucial for penetrating into large transformational deals. Our strategy of leveraging Intellect to expand the services business is working very well. We are geared up for exciting times ahead," added Mr Jain.
Ramaswami SR, CFO, Polaris said, "We are sustaining the growth in operating margins inspite of the uncertain economic environment. Managing the currency volatility will be a challenge, but with a clear business strategy in place we are confident of meeting our earnings guidance."
