Polaris Q2 PAT jumps 104 p.c.

CHENNAI: Polaris Software Lab, a Chennai-based company with focus on specialty application development in banking and financial services, announced second quarter results for FY 2006-2007.

For the second consecutive quarter, the company has shown a double-digit quarter-on-quarter revenue growth of 10.14 per cent from Rs 232.05 crores to Rs 255.57 crores, operating profit (EBITDA) growth of 27.15 per cent from Rs 35.98 crores to Rs 45.75 crores and Profit After Tax (PAT) has grown by 33.68 per cent from Rs 20.27 crores to Rs 27.10 crores.

Compared to the same quarter last year (Q2 2005-`06), the revenues have grown by 19.67 per cent from Rs 213.56 crores to Rs 255.57 crores, the EBITDA increased 67.40 per cent from Rs 27.33 crores to Rs 45.75 crores and the PAT has grown by 104.37 per cent from Rs 13.26 crores to Rs 27.10 crores.

Talking about the Q2 2006 performance, Arun Jain, CEO and chairman, Polaris, said, “We continue to provide a sharper focus to our core-competency of banking and launched the world’s first Super-specialty center for technology solutions for Global Investment banks. We have increased our investment into sales and marketing by Rs 4.5 crores and will continue to invest more into branding and marketing initiatives in a calibrated manner, to exploit the $85 billion BFSI technology market”.

The run rate of cash EPS annualized is Rs 15.84 (Rs 3.96 for this quarter) and run rate for EPS annualized is Rs 11.04 (Rs 2.76 for this quarter).

Polaris said it continues to focus on delivering complex solutions through the use of its Intellectual Property (Intellect Business). This business has grown by 23.07 per cent on a sequential quarter-on-quarter basis, and contributes 16.65 per cent of overall revenues this quarter.

© CyberMedia News