Email Contact Phone Company Visit Website

Corporate Global HQ, Chennai, India Head Office

'Foundation', 34, IT Highway
Chennai
IN

ANZ HQ, Sydney, Australia Office

ABN 12 095 031 897 Level 9, 31, Market Street,
Sydney
AU

Riyadh, Saudi Arabia Office

P.O. Box 59205
Riyadh
SA

Dubai, UAE Office

DUBAI GTS, ENOC House, PO Box 6442
Dubai
AE

Manama, Bahrain Office

DIPLOMATIC TOWER, SUITE 302, BUILDING 315, ROAD 1705, BLOCK 317,
Manama
BH

Tokyo, Japan Office

K.K. Nishi Shinbashi JK Building 4F, 3-15-12 Nishi Shinbashi, Minato-ku,
Tokyo
JP

APAC HQ, Singapore Office

No.10, Ubi Crescent, #04-48 Lobby C Ubi Techpark
Singapore
SG

EMEA HQ, London, UK Office

VAT Number:722 4353 59 Regn.No: 3574904 6th Floor, 1, Harbour Exchange Square
London
GB

Vincennes, France Office

ABC LIV 112 AVE de Paris
Vincennes
FR

Wicklow, Ireland Office

Unit 2A Watson & Johnson Centre Mill Road Greystones Co.
Wicklow
IE

Neuchatel, Switzerland Office

Beaux-Arts 8, Case Postal 2649, CH Neuchatel
Neuchatel
CH

Frankfurt, Germany Office

Lyoner Str. 15 60528 Frankfurt am Main
Frankfurt
DE

Americas HQ, Iselin, NJ, USA Office

Woodbridge Place, 517, Route 1 South, Suite 2103, Iselin
Iselin
NJ
US

Jersey City, NJ, USA Office

111, Town Square Place., Suite 340, Jersey City
Jersey City
NJ
US

Fremont, CA, USA Office

38750, Paseo Padre Parkway Suite 7A
Fremont
CA
US

Chicago, IL, USA Office

1601 North Bond Street Suite 304
Naperville
IL
US

Toronto, Canada Office

Suite 1800, The Exchange Tower 130, King Street W
Toronto
CA

Virtusa Corporation Head Office

132, Turnpike Road, Suite 300,
Southborough
MA
US

Hyderabad, India Office

Survey No.203/Part, Manikinda IT Park, Rajendra Nagar Mandal, Off: Gachibowli Road
Hyderabad
IN

Mumbai, India Office

Unit No. 133, SDF V, SEEPZ, Andheri (East)
Mumbai
IN

New Delhi, India Office

Plot No. 249, Udyog Vihar Phase IV
Gurgaon
IN

San Tiago, Chile Office

Alcantara 200, Piso 6, Las Condes Santiago de Chile
Santiago
IN

Utrecht, Netherlands Office

Newtonlaan 115 3584 BH Utrecht, The Netherlands
Utrecht
NL

Hongkong Office

GTS, ENOC House, 39/F, One Exchange Square, Central
Hongkong
HK

Laser Soft Infosystems Ltd., Chennai, India Office

147 & 148, Tirupathy Nagar, Sridevi garden road, Valasaravakkam
Chennai
IN

Telephone

direct + 91-44-28525367; mobile 98840 72642

Contact

Ranganathan NS
[email protected]
Back to all Virtusa announcements

Polaris revenues grow 12% Y-o-Y to Rs. 643 Cr

Profit After Tax grows 25% Y-o-Y to Rs 51 Cr
 
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 third quarter results for FY 2013 -14.
 
Performance Highlights
For the quarter ended 31st December, 2013:
 
  • Third Quarter revenues stood at Rs. 643 crore, registering 12% Y-o-Y growth
  • EBITDA grew by 29% Y-o-Y to Rs. 121 crore from Rs. 94 crore
  • Profit After Tax (PAT) grew by 25 % Y-o-Y to Rs. 51 crore from Rs. 41 crore
  • Cash and cash equivalents stood at Rs. 569 crore at the end of the quarter, moving up from Rs. 480 crore in the same quarter last year
  • EPS for the quarter stood at Rs.5.10. On YTD basis, the annualised EPS stood at Rs. 21 Management Statement
 
Arun Jain, Founder, Chairman & Group CEO, Polaris Financial Technology Limited said, “After the restructuring exercise last quarter, we spent time in expanding the customer facing organisation to realise the opportunities that exist in the market place. FT 8012, the world’s first Design Center for financial technology which we launched last year has received more than 80 customers. The Design Center is able to drive significant operational cost reductions by simplifying complexity due to various generations of technologies." 
 
S Swaminathan, CFO, Polaris Financial Technology Limited said, “During this phase of executing the new structure, we remain focused on managing costs, generating cash flows and reserves. Our Products business is showing consistent growth, with EBITDA growing 3 times over the last 4 quarters. Despite a Rs. 29 crore hedging loss this quarter, the company has achieved 25% growth in PAT margins. With hedging losses behind us in FY 14-15, the EPS will likely grow substantially during the next financial year.”
 
Financial Results for the Third Quarter Ended December 31, 2013
 
POLARIS FINANCIAL TECHNOLOGY LIMITED (Formerly known as Polaris Software Lab - Group) Unaudited consolidated financial results for the third quarter ended December 31, 2013 prepared as per Indian GAAP
 
Services
Polaris’ Financial Technology Services is powered by high performance technology platforms and robust practices. Its techno-functional capabilities lead industry standards on several parameters. The organization’s specialist capability, from solutioning through delivery, is offered across Testing, Infrastructure Management, Business Efficiency, Business Transformation, Data & Analytics, Mobility & Channels, and Risk & Compliance.
 
Performance Highlights:
  • Services revenues grew 12% Y-o-Y to Rs. 497 crore, 77% of consolidated revenues
  • Gross margin for Services business stood at 31%
  • Profit stood at Rs. 80 crore registering 16% Profit margin
 
Polaris Services’ third quarter revenues were distributed across all business geographies with the Americas contributing 56%, Europe 20%, India 6% and the Rest of the World 18%.
 
The quarter saw 2 new wins for Services:
  • Australia's largest water utility organisation, a statutory state owned corporation chose Polaris to perform vulnerability assessment and security testing of their ERP system. Polaris was chosen for its expertise in security and penetration testing
  • A leading retail banking franchise and a major player in the Middle East in Corporate and Retail banking chose Polaris to enhance their Logical Security Online application. This included development of additional dashboards and reports to make it a more robust and user friendly system.
 
Products
Polaris Products suite offers advanced integrated enterprise solutions for Banking and 
Insurance. With over 25 years of expertise in building a comprehensive portfolio of banking and financial technology solutions, Polaris owns the Intellectual Property for advanced solutions for Consumer Banking, Transaction Banking and Treasury & Capital Markets. It also offers innovative solutions through its SOA based component library and dedicated Center of Excellence for Insurance that covers Life, Annuity, Property & Casualty and Specialty lines.
 
Performance Highlights:
  • Product revenues grew 30% Y-o-Y to Rs.146 crore, 23% of consolidated revenues
  • Gross margin for Products business stood at 55%
  • EBITDA grows over three times to Rs. 32 crore as compared to the same quarter last year
  • Profit stood at Rs. 4.80 Crore moving up from a loss of Rs. 15.75 Crore in the same quarter last year
 
Polaris’ Product Third Quarter revenues were distributed across all geographies with the Americas contributing 16%, Europe 28%, India 15% and Rest of the World 41%.
 
The quarter saw 8 wins for products business. Some of the significant deals include:
  • A leading European multinational financial services holding company from Switzerland chose Polaris' Intellect Liquidity Risk Management solution for Risk Visualization 
  • A leading French multinational banking and financial services company with services in Retail Banking and Specialized Financial Services, chose Polaris' Intellect Payments for payables functionality
  • A leading bank headquartered in the Middle East with an asset base of over USD 50 billion chose Polaris' Corporate CBX solution for their Salary upload requirements. The Bank also chose Polaris' Intellect Collections to replace their existing legacy solution
  • A leading financial institution in the Middle East providing financial services to around 500,000 employees in the UAE chose Polaris’ Corporate CBX for back and front-end applications to provide secure web access for enquiries, services and modifications
  • One of the largest private sector lenders in Egypt chose Polaris’ Intellect Custody Management Solutions for their Domestic and International Operations. The solution will enable the bank to manage and operate their Custody & Settlement operations
  • One of the leading European banks providing wholesale banking products and services in China chose Polaris’ Intellect Liquidity Management solution to reduce the amount of client movements, facilitate transparent and simpler processes for their liquidity management needs
  • A Hong Kong-based leading securities firm focusing on Securities, IPOs and Brokerage chose Polaris to implement the Intellect Universal Banking solution, including Core Banking, Lending, Trade Finance and Treasury for their Banking operations in Cambodia
  • India's leading private sector bank chose Polaris’ Intellect Wealth, FABX and iFABX to expand its footprint in international private banking
 
Awards and Recognitions 
Polaris continues to be recognized and awarded by analysts and other industry influencers for its high performance products and services. Some of these in the last quarter are:
  • Fintech ranked Polaris 3rd among 100 Indian companies focused on Financial Services. Polaris ranked 34th in the Global Fintech 100, moving up 4 ranks in 2013 
  • Polaris and FT 8012 Design Center were profiled amongst the Top Global Outsourcing Vendors along with the RBI case study in Tower Group’s Outsourcing Report. CEB Tower Group stated that "The Intellect approach to bank systems modernization provides a common sense and practical set of options”
  • Polaris Services has been featured as a "Major Contender" for the second year in a row in Everest Group's Outsourcing Report. Everest Group states that “Polaris reported the highest average deals duration for active capital market AO contracts."
  • Intellect Core rated as Leader for the 4th Straight year in Gartner's Magic Quadrant for International Retail Core Banking
  • Tower Group in its report features Polaris' Intellect Loan Origination System amongst 11 Leading Global Vendors for Commercial Loan Origination. This was illustrated with the implementation at HDFC
  • Intellect CBX has been featured amongst the top of the line Internet & Cross-Channel Banking Solution Providers in Forrester's report. Polaris - Intellect CBX is the only global player with Omnichannel Apps as a part of its Banking Solution