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Follow UsCHENNAI, INDIA: Polaris Software, a Financial Technology company, today said that its profit after tax (PAT) for the fourth quarter ended 31 March 2010 grew 42 per cent to Rs. 45.74 crore from Rs. 32.11 crore in the same quarter last year.
For the year ended 31 March 2010, PAT rose by 17 per cent to Rs. 152.84 crore from Rs.130.71 crore during the previous fiscal, said a press release.
On a sequential quarter on quarter basis, PAT grew by 14 per cent to Rs. 45.74 crore from Rs. 40.07 crore.
Revenues for the quarter grew by 4 per cent to Rs. 351.04 crore from Rs. 337.25 crore during the corresponding quarter of the previous year. For the fiscal 2009-10, revenues was at Rs. 1353.76 crore.
For the fiscal under review, the company recorded an EPS of Rs. 15.48 as against Rs. 13.25 in the previous fiscal.
During the year, Polaris made two acquisitions: One is Laser Soft Infosystems to gain market leadership in Indian banking space and the second is IndigoTX Software to complete its solution portfolio in investment banking area and lead in on-demand banking space.
Arun Jain, chairman and CEO, Polaris Software Lab Ltd., said, “Intellect GUB, our comprehensive suite of well accepted products like Payment Hub, Liquidity, Cash Management and Portals supported by 15 powerful complementary product platforms, continues to build ever increasing momentum in the marketplace.”
Jain added that the company was positive on the business outlook and will accelerate our vision of being among the top 3 Financial Technology providers globally.
R Srikanth, President and CFO, Polaris Software Lab Ltd., said, “We have exceeded our stated guidance to deliver an EPS of Rs. 15.48. We are pleased that we have been able to deliver despite tough market conditions. We also managed foreign exchange fluctuations effectively in the volatile market.”
Polaris delivered positive results led by the highest number of product wins, multiple large outsourcing engagements and penetration into new markets, the release further said.