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Polaris Q3 PAT up 22% Rs 61 cr

Press Trust of India  |  New Delhi 

Financial Technologies today reported a 22% jump in profit after tax (PAT) to Rs 61.07 crore in the quarter ended December 31, 2011, from Rs 50.13 crore in the year-ago period.

The company's revenues stood at Rs 572.53 crore during the quarter under review, up 43% from Rs 399.90 crore in the same period last year, the company said in a statement.

"We are sustaining the growth in operating margins inspite of the uncertain economic environment. Managing the currency volatility will be a challenge, but with a clear business strategy in place and at the [exchange] rate of Rs 52, we are confident of meeting our earnings guidance," Financial Technology Limited CFO Ramaswami SR said.

Polaris' board of directors has recommended an interim dividend of Rs 2 per share (40%) for the 2011-12 fiscal, it added.

Product revenues grew by 69% to Rs 157.66 crore during the quarter under review, while services revenue grew by 35% to Rs 414.87 crore, the company said.

said revenues were well-distributed during the quarter, with the Americas contributing 44.87%, Europe 22.97%, IMEA (India, the Middle East and Africa) 11.22% and the Asia-Pacific 20.94%.

The company's cash and cash-equivalents stood at Rs 419 crore at the end of the quarter.

First Published: Fri, January 20 2012. 19:01 IST