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Polaris revenues grow 13 pc Q-o-Q to Rs. 643 cr

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Sharath Kumar
New Update

CHENNAI, INDIA: Polaris Financial Technology Limited, a leader in products,

solutions and services that enable unprecedented operational productivity for the global Financial Services industry, today announced its second quarter results for FY 2013 -14.

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Key Performance Metrics

For the quarter ended 30th September, 2013:

- Quarter revenues grew by 13pc Q-o-Q to Rs. 643 crore, from Rs. 567 Crore and 7pc

Y-o-Y to Rs. 643 crore from Rs. 599 crore

- EBITDA grew by 24% Q-o-Q to Rs. 124 crore from Rs. 100 crore

- Profit After Tax (PAT) grew by 38 pc Q-o-Q to Rs. 60 crore from Rs. 43 crore and 8pc

Y-o-Y to Rs. 60 crore from Rs. 55 crore

- EPS for the Quarter was Rs. 6.01 (Rs. 24.04 on an annualised basis). Excl. Forex

impact the EPS would have stood at Rs. 9.36

- Cash and cash equivalents stood at Rs. 518 crore at the end of the quarter

Arun Jain, founder, chairman and group CEO, Polaris Financial Technology Limited said: "This was the first complete Quarter after we announced our restructuring in June 2013. I must congratulate the Management Teams of our four business units for being able to restructure themselves around the customer quickly and efficiently. I am also happy to see that, despite so

many changes, this Quarter has shown green shoots of growth after a few flat quarters. We are in the right direction and poised to deliver greater value to the Financial Services industry with products and services designed for unprecedented operational productivity."

Nat Narayanasamy, group CFO, Polaris Financial Technology Limited said, "We have successfully completed the divestment of IdenTrust with a positive impact of about Rs. 14 Crore on a consolidated basis. We continue to keep our cash focus and have maintained a cash

position of over Rs. 500 Crore."

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