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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
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.
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