Polaris Posts Revenues of Rs. 584 Cr, EBITDA of Rs. 101 Cr in Q1

Chennai, Tamil Nadu, India, Tuesday, July 30, 2013 -- (Business Wire India) 
Delivers Q-o-Q growth in midst of companywide restructuring 
Polaris Financial Technology Ltd, a leader in products, solutions and services
that enable unprecedented operational productivity for the global Financial
Services industry, today announced its first quarter results for FY 2013-14.  
Key Performance Metrics 
For the quarter ended 30th June, 2013:  
-- Quarter revenues grew by 5% Q-o-Q to Rs. 584 crore, from Rs 555 Cr 
-- EBITDA grew by 9% Q-o-Q to Rs. 101 crore from Rs. 93 Crore 
-- Profit After Tax (PAT) for the quarter stood at Rs. 43 crore  
-- Cash and cash equivalents stood at Rs. 571 Crore at the end of the quarter,
moving up from Rs. 329 Cr in the same quarter last year 
-- DSO days improved significantly and stood at 59 days from 75 days in the same
quarter last year, indicating strong collection efficiencies 
-- FT Sourcing (Services) revenues stood at Rs. 450.32 Cr, contributing 77% of
overall revenues. Three new FT Sourcing wins were recorded in this quarter.
Gross margin for FT Sourcing (Services) stood at 31% 
-- FT Intellect (Products) revenues stood at Rs. 133.49 Cr, contributing 23% of
the overall revenues. Eight new Intellect wins were recorded in this quarter.
Gross margin for FT Intellect (Products) stood at 52%. 
*AS30 adjustments are done to neutralise the Forex impact of hedging on the top
line. Polaris had an adverse impact of Rs. 15.85 Cr in Q1 
Management Statement 
Arun Jain, Founder, Chairman & CEO, Polaris Financial Technology Limited said,
“As announced, we are in the midst of a company wide restructuring to a new
organisation design. It has been a challenge to manage the changing paradigm,
along with our growth agenda, investment agenda and profitability agenda. The
team has still been able to drive some growth in top line and EBITDA margins,
while managing structural change smoothly. This reflects Polaris Management's
professionalism and the strong execution engine.” 
Nat Narayanasamy, Group CFO, Polaris Financial Technology Limited said, “Our
relentless focus on operational efficiencies has resulted in the DSO days coming
down to 59, compared to 75 days in the same quarter last year. Our cash position
is at Rs. 571 Cr, up from Rs. 329 Cr in the same quarter last year. This
represents an excellent war chest for fueling our inorganic growth strategy.”  
Financial Results for the First Quarter Ended June 30, 2013 
Business Highlights for Quarter ended 30th June, 2013 
1. Polaris announced its new organisation design signalling greater empowerment,
agility and the potential to unlock enterprise value, while transitioning to an
industry imperative of outcome-based solutions. The company's new structure
divides its businesses into separate Services and Products divisions, led by
independent CEO's. The restructuring exercise is across the organisation in
terms of structure, people, processes and systems and represents radical change
to orient the company around the customer. The company is a third of the way
through the process and expects to complete it in the next Quarter. 
2. The company had launched FT 8012, the world's first Design Center, dedicated
to Financial Technology in March 2013. In the last quarter, delegations from 12
customer organisations have visited the center to explore possibilities of
collaborative research towards driving high operational productivity. The center
is receiving recognition as the ideal place to conduct workshops for the design
of custom made solutions that are transformational for the Financial Services
3. Polaris expanded its presence to Columbus by launching its new office in
Ohio. The new office on Columbus' Polaris Parkway will strengthen existing
client relationships and will help demonstrate Polaris' expertise and leadership
in the BFSI sector.  
FT Sourcing (Services) 
Polaris' FT Sourcing Quarter revenues were distributed across all key business
geographies with the Americas contributing 53%, Europe 21%, India 6% and Rest of
the World 20%. The quarter saw three significant deals in the FT Sourcing space.
They are: 
-- One of the world's leading Financial & Trading Institution based out of North
America has awarded Polaris the conceptualisation, design and development of one
of their strategic IT initiatives around Data Warehousing and Global Portals 
-- One of America's oldest commercial banks signed up Polaris' services to
define the next generation architecture and roadmap for its multi-channel
account opening platform. The new platform would support it's retail and
business banking clients and enable seamless account opening and on-boarding
across online banking, mobile, contact centres and tablets. 
-- A leading boutique testing company in UK with clients across the Banking,
Financial Services and Manufacturing sector chose Polaris' services to implement
its test strategy 
FT Intellect (Products) 
Polaris' Intellect Quarter revenues were distributed across all key geographies
with the Americas contributing 17%, Europe 30%, India 13% and Rest of the World
40%. The quarter saw eight wins for Polaris' Intellect products and very
successful implementations, testimony to Intellect's superior architecture and
rich functionality. 
-- Nationwide Financial, one of the leading providers of Life Insurance in the
US, chose Polaris' Intellect Claims solution, for its flexibility in configuring
claims processes and setting up role based work stations, thereby providing
superior customer experience 
-- Intellect Funds Control was implemented in a major global financial services
provider, headquartered in the UK and engaged in corporate, investment, wealth,
personal banking and credit cards, driving high degree of operational
-- National Bank of Abu Dhabi (NBAD), one of the largest financial institutions
in the Middle-East with a rich international network stretching across five
continents, chose Polaris to implement a separate instance of its Intellect CBX
for the management of its pre-paid card system in order to better manage the
bank's payroll processing accounts.The bank also upgraded the existing Intellect
CBX to the latest version 3.0 with multi-country enablement, to serve as a
single platform for all its transactions. 
-- UCO Bank, one of the oldest and leading commercial banks in India, with over
$30 Billion in Assets and over 2500 Branches, chose Polaris' Intellect Treasury
Solution. Polaris' solution will cater to the bank's treasury operations
covering Domestic and Forex treasury functions across front, middle and back
office with a single database & balance sheet. 
-- Ahli Bank, a leading Qatar based global financial institution, chose Polaris'
Intellect CBX as a single platform for their retail, corporate and mobile
banking systems.The bank provides a range of tailored products and services to
its customers and corporates in the Qatari market. 
-- Sonali Bank Limited, the largest state owned commercial bank in Bangladesh
went live with Polaris' state-of-the-art Intellect Core Banking Solution (CBS),
which offered the bank superior core banking functionality and rich user
experience. This implementation will amplify the footprint of Polaris in the
Bangladesh market as the only local Financial Technology leader. 
-- The Andhra Pradesh State Co-operative Bank Limited (APCOB), a scheduled state
Co-operative Bank, committed to agricultural and rural development through the
Co-operatives, went live with Polaris' Intellect Core Banking Solution (CBS) in
all its 22 affiliated District Central Cooperative Banks (DCCBs) and 616
branches spread across the state. The bank chose Polaris to improve its
operational efficiency in rural credit dispensation and also provide the
competitive edge essential for future business growth. 
Awards and Recognitions 
Polaris has consistently been recognized and awarded by analysts and other
industry influencers. Some of the recognitions received in the last quarter are: 
-- Polaris won three prestigious Technology Implementation Awards at the Asian
Banker Summit 2013 held in Jakarta, Indonesia. They were: 
- The ‘Best Central Bank Technology Project' award for its implementation at
the Reserve Bank of India (RBI) for providing the bank superior functional
coverage and future ready architecture with the capability of handling 100
million transactions per day 
- The ‘Best Cross Border Core Banking Project' award for its implementation at
Saigon Hanoi Bank (SHB), for expanding the bank's operations cross border into
the two neighboring countries of Cambodia and Laos 
- The ‘Best Lending Platform Project' award for its implementation at Abu
Dhabi Commercial Bank (ADCB), that enabled the bank to enhance product offerings
and customer servicing levels, and simplify operations of the retail lending
-- Forrester's Report featured Polaris' Intellect as one among the 'Successful
Vendors of Choice' in UK, US, India & Philippines and one of the top five Global
Vendors in the most active countries of the World 
-- Polaris' Intellect SEEC was featured among Global Insurance vendors and
recognised as a Global Portal provider with a broader set of insurance specific
capabilities and robust functionality in TowerGroup/CEB's report 
-- TowerGroup/CEB's report featured Polaris FT among leading Global Retail
Banking Outsourcing Technology Providers who will play a key role in deploying
technology initiatives to its banking clients partners 
-- Polaris' Intellect Treasury was rated among the global best in TiMS -Treasury
Information Management Systems in an Aite Group Report. Aite in its report
stated: “Polaris Intellect Treasury primarily targets banks' treasuries and
presents different strategies for different segments and is focused on pushing
the system across all segments.”  
-- Polaris' Intellect FABX was rated among Best Global Four and classified in
the elite category of providers with 'Extraordinary Capabilities' providing
mobile applications by MyPrivateBanking's report. The report stated: "Overall
FABX for iPad is one of the best and most user-friendly solutions in our vendor
Investor Conference Call  
The Board of Directors of Polaris Financial Technology Limited met on 30th July
2013, to take on record the financial results of the company for the First
quarter ended June 30, 2013. 
Polaris Financial Technology Ltd will host an Investors Conference Call on 30th
July 2013, where the Senior Management of Polaris will comment on the company's
performance during the First Quarter ended June 30, 2013 and respond to the
questions from participants. The conference call will take place at 17:00 Hrs
IST on Tuesday, 30th July, 2013. 
The dial-in numbers to join the conference call:  
Conference Name: Polaris Investor Earnings call for Q1 FY2013-14
Date: 30th July, 2013
Time: 17:00 HRS IST 
Conference ID: 21499414 
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: 186030131313 
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: [30th July 2013 to 1st August 2013]
Replay ID/Conference #: 21499414
Primary Access Number: 02230360400 
About Polaris Financial Technology Ltd 
Polaris Financial Technology Limited is a global leader in Financial Technology
for Banking, Insurance and other Financial Services. With over 25 years of
expertise in building a comprehensive portfolio of products, smart legacy
modernization services and consulting, Polaris owns the largest set of
Intellectual Properties for a comprehensive product suite, Intellect® Global
Universal Banking (GUB) M180. Intellect® is the world's first pure play Service
Oriented Architecture (SOA) based application suite for Retail, Corporate,
Investment banking and Insurance. Its acclaimed products, solutions and services
enable unprecedented operational productivity for the global Financial Services
Industry by Building, Maintaining, Expanding and Extending highly complex and
Integrated Financial Technology Infrastructure. This makes Polaris the chosen
partner for 9 of the top 10 global banks and 7 of the top 10 global insurance
companies. The company has a global presence through its 40 relationship offices
across 30 countries, 6 international development centers and 8 fully owned
Business Solution centers. Polaris has a talent strength of over 13,000 solution
architects, domain and technology experts. For more information, please visit
To view the result, please click on the link given below: 
Financial Results for the First Quarter Ended June 30, 2013 
Media contact details 
Nachu Nagappan, Media Relations,
Polaris Financial Technology Ltd.,
+91 8939619676,
G. Sunanthy Devi, Investor Relations,
Polaris Financial Technology Ltd,
+91 8939933564, 
Contributed via: Bloomberg Publisher WEB Service 
Provider ID: 1aa4e44df2554b5da3bbba412368a5cd 
-0- Jul/31/2013 05:10 GMT
Press spacebar to pause and continue. Press esc to stop.