Polaris reported 8.2% Growth in Q1

August 10, 2016 12:36 pm | Updated 5 years ago.

For the first quarter ended June 30, Polaris Consulting and Services posted Rs. 39.72 crore profit from Rs. 36.70 crore which is 8.2% growth in profit after tax. Their total revenues at the end of first quarter last year was Rs. 492.81 crore which has increased by 0.5% and stood at Rs. 495.50 crores or $74 million.

Jitin Goyal, CEO and Executive Director of Polaris Consulting & Services Limited said, “As Virtusa and Polaris continue to integrate operations and marketing strategies, we have started to experience early signs of synergic benefits.” He also added, “Going forward, we anticipate that the combined capabilities of both organisations will support Polaris endeavor to increase market share in the BFS vertical. Furthermore, during the fiscal year 2017, our focus would be on digital banking transformation and helping our clients reimagine the future of banking in a digital era.”

On the other hand, Chief Financial Officer of Polaris Consulting & Services Limited, Mr. N M Vaidyanathan has said, “Our revenue for the quarter remained relatively flat at Rs 495.5 crore, compared to Rs 492.8 crore during the same period last year in-spite of drop in revenue from our largest customer on account of the productivity savings program which was partially offset by restatement of revenue recognised to comply with IND-AS. Annual performance-driven pay, bonus payments and tax payments made during the quarter impacted our cash position. We anticipate our liquidity to improve in the coming months, driven by internal cash accruals with no significant capital expenditure planned in the near future.”

Date of Publication: 09 / 08 / 2016

Source: http://www.business-standard.com/article/companies/polaris-q1-profit-up-by-8-2-116080900373_1.html