Chennai, Tamil Nadu, India, Tuesday, January 22, 2013 -- (Business Wire India)
Polaris Financial Technology Ltd (POLS.BO), a leader in products, solutions and
services that enable unprecedented operational productivity for the global
Financial Services industry, today announced its third quarter results for FY
-- For the quarter ended December 31, 2012, Revenues stood at Rs. 573 Cr,
Operating Profit (EBITDA) stood at Rs. 94 Cr* and Profit after Tax (PAT) stood
at Rs. 41 Cr.
-- IdenTrust incurred a loss of Rs. 11.89 Cr this quarter. Excluding this, the
Profit after Tax would have been Rs. 52.55 Cr.
-- On a YTD basis, Revenues grew 14.43% to Rs. 1753.60 Cr, compared to Rs.
1532.45 Cr for the same period in the last fiscal.
-- FT Sourcing (Services) revenues stood at Rs. 445 Cr, contributing 78% of
overall revenues. Seven new FT Sourcing wins were recorded in this quarter.
Gross margin for FT Sourcing (Services) stood at 34%.
-- FT Intellect (Products) revenues stood at Rs. 128 Cr, contributing 22% of the
overall revenues. Nine new Intellect wins were recorded in this quarter. Gross
margin for FT Intellect (Products) stood at 43%.
-- Cash and cash equivalents stood at Rs. 480 Cr at the end of the quarter
(December 31, 2012), moving up significantly by Rs. 90 Cr on a YTD basis.
-- DSO days has come down further by 5 days to 64 days, from 69 days in the last
*AS30 adjustments are done to neutralise the Forex impact of hedging on the top
line. Polaris has an impact of the hedge of $25 Million in Q3, amounting to Rs.
Arun Jain, Founder, Chairman & CEO, Polaris Financial Technology Limited said,
“This has been a challenging quarter. However, we continue to build momentum
with 16 new business wins. These wins will lead to revenue accruals in the
Govind Singhal, President & COO, Polaris Financial Technology Limited said,
"Service business has been steady barring a $800,000 negative impact due to
Hurricane Sandy. As regards our Product Business, though we won nine deals, the
slow down in Europe has impacted three deal closures and revenue recognition
this quarter. Our overall Operational Improvement agenda is on track and costs
were contained at the levels of the previous quarter."
The Board of Directors of Polaris Financial Technology Limited at its meeting
held today, decided to authorise its management team to explore options
including appropriate restructuring, that would provide an impetus to the
company for the next stage of its growth, in order to maximise shareholder
Financial Results for the Third Quarter Ended December 31, 2012
FT Sourcing (Services)
Polaris' FT Sourcing revenues touched Rs. 445 Cr, contributing 78% of overall
revenues. Quarter revenues of Polaris FT Sourcing were well distributed across
all key business geographies with the Americas contributing 51.9%, Europe 23.2%,
India 6.6% and Rest of the World 18.3%. However, some revenue erosion from New
York based clients was experienced due to their technology operations being
affected by Hurricane Sandy during the quarter. The quarter saw seven
significant deals in the FT Sourcing space:
-- A leader in financial services with one of the most comprehensive global
product platforms offering solutions to clients in more than 100 countries chose
Polaris' Testing services for Treasury.
-- A global leader delivering innovative investment management, asset and fund
administration, fiduciary and banking solutions to corporations, institutions
and affluent individuals for more than 120 years chose Polaris' Data
Certification services for the bank's global data warehouse implementation.
-- One of the world's leading and most diverse derivatives Exchange offering the
widest range of futures and options products for risk management chose Polaris
for its Testing Process Enhancement and Automation services.
-- The world's leading source of intelligent information for businesses and
professionals chose Polaris for its ADM services.
-- A Saudi joint stock company representing a new era of quality banking service
in which Shariah-compliance is coupled with world-class service and
professionalism and providing a comprehensive range of retail, corporate banking
and investment services chose Polaris' Test Automation service.
FT Intellect (Products)
Polaris' Intellect quarterly revenues stood at Rs. 128 Cr for the quarter,
contributing 22% of overall revenues. Revenues were well distributed across all
key geographies with the Americas contributing 19.9%, Europe 19.8%, India 15.6%
and Rest of the World 44.7%. The quarter saw nine wins for Polaris FT Intellect
products. Some of the significant deals include:
-- One of the largest banks from America chose Polaris' Intellect GTB suite for
modernising their Global Transaction Banking Platform.
-- A highly diversified financial service provider serving more than 12 million
personal, commercial, corporate and institutional customers in North America and
internationally picked Polaris for its Loan Origination Solution.
-- Kenya's premier commercial bank with 20 years of experience in the market,
chose Polaris' comprehensive core-banking product IntellectTM Core Banking
Solution to transform their banking technology platform.
-- The trade association of mutual funds and an apex body of all Asset
Management Companies (AMC) registered with SEBI, selected Polaris to support its
next generation portal development.
Awards and Recognition
Polaris continues to be recognized and awarded by analysts and other industry
influencers for its competence and capability. Listed below are the some of the
recognitions received in the last quarter:
-- Polaris' Intellect was recognized as a ‘Strong Performer' by Forrester in
their report titled ‘The Forrester Wave: Global Banking Platforms, Q4 2012'.
-- Polaris was recognised as a ‘Major Contender' on the Everest Group Peak
Matrix among Capital Markets Application Outsourcing (AO) Service Providers by
Everest Group, a consulting and research firm on global services.
-- Polaris' Intellect Wealth featured among ‘Best Wealth Management Technology
Products' in Aite's report titled 'European and Asia-Pacific Wealth Management
Technology Players: Positioning to Capture Regulatory Bounty'.
-- Polaris' Intellect Wealth featured among 8 leading US Cash Management Vendors
in Aite's report titled 'Leading US Cash Management Vendors: Winning Strategies
for a New Environment'.
About Polaris Financial Technology Ltd
Polaris Financial Technology Ltd (formerly known as Polaris Software Lab Ltd)
(POLS.BO) is a leader in Products, Solutions and Services that enable
unprecedented operational productivity for the global Financial Services
industry with its comprehensive portfolio of products and services. Polaris has
a talent strength of over 13,114 solution architects, domain and technology
experts. The company owns the largest set of Intellectual Properties for a
comprehensive product suite, Intellect Global Universal Banking (GUB) M180.
Intellect is the first pure play Service Oriented Architecture (SOA) based
application suite for Retail, Corporate, Investment banking and Insurance.
Polaris is headquartered in Chennai and has offices in all global financial
hubs, including Bangalore, Belfast, Chennai, Chicago, Dhaka, Dublin, Dubai,
Frankfurt, Hong Kong, Ho Chi Minh City, Hyderabad, Kuala Lumpur, Lisle, London,
Madrid, Manila, Melbourne, Mississauga, Mumbai, Nairobi , Neuchatel, New Delhi,
New York (New Jersey), Paris, Pittsburgh, Pune, Riyadh, Santiago, San Francisco,
Seoul, Shanghai, Singapore, St. Germain En Laye, Sydney, Thane, Tokyo, Toronto,
Victoria and Wicklow. For more information, please visit
Investor Conference Call
Polaris Financial Technology Ltd will host an Investor Conference Call, where
the Senior Management of Polaris will comment on the company's performance
during the third quarter ended December 31, 2012 and respond to questions from
participants. To participate in the conference call, please dial the numbers
given below five minutes ahead of schedule. The transcript of this conference
call will be available within 72 working hours at website,
http://www.polarisFT.com/ in the investor section.
The conference call will take place at 17:00 Hrs IST on Tuesday , 22nd January,
The dial-in numbers to join the conference call:
Conference Name : Q3 FY13 Investor Call for Polaris Financial Technology
Date :22nd January 2012
Time : 17:00 HRS IST
Conference ID : 87166631
MUMBAI :Primary Access Toll Number : 02230360400
BANGALORE :Primary Access Toll Number : 08030360400
DELHI :Primary Access Toll Number : 01130360400
CHENNAI :Primary Access Toll Number : 04430360400
INDIA :Primary Access Toll free Number : 180030131313
HONK KONG :Primary Access Toll free Number : 800901420
SINGAPORE :Primary Access Toll free Number : 8001011906
US and Canada : Primary Access Toll free Number : 18663944523
UK :Primary Access Toll free Number : 08081681758
International Dial in Number:+91 2230360400
REPLAY :[22nd January 2013 to 24th January 2013]
Replay ID/Conference # :87166631
Primary Access Number : 02230360411
Media contact details
Minal Sahani, Media,
Polaris Financial Technology Ltd,
+91 91766 26468,
G. Sunanthy Devi, Investor,
Polaris Financial Technology Ltd,
+91 89399 33564,
Contributed via: Bloomberg Publisher WEB Service
Provider ID: c1dccc63c307444984a67767d9984be2
-0- Jan/22/2013 12:17 GMT
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