Polaris Consulting & Services reports Rs 39 crore profit in Q3

Former MD, Institutional Clients Group and Citi join company's Board

Polaris Consulting & Services Ltd, formerly known as Polaris Financial Technology Limited, has reported a Profit After Tax (PAT) of Rs 39 crore during the third quarter ended December 31, 2014. Quarter revenues stood at Rs 476 crore.

The company stated that the current year financial are not comparable with the previous year financial, consequent to the demerger of the Product business during the current year.

Revenues were distributed across all geographies with the Americas contributing 55%, Europe 20%, India seven% and Rest of the World 18%.

Jonathan Beyman, former Managing Director and Global Head of Operations and Technology, Institutional Clients Group, Citi, has joined the Board of Directors of Polaris Consulting & Services Ltd, a Chennai-based company which offer solutions and services for the global Financial Services

As Managing Director, Global Head of Operations and Technology, Institutional Clients Group for Citi in New York between 2008 and 2014, Beyman was responsible for all operations and technology activities of the Citi Institutional Bank and its three main global businesses - Investment Bank, Private Bank and Global Transaction business. He also chaired the Chief Information Officer's Council in Citi, a consolidated governance and decision making body that sets unified policies and standards worldwide across the bank.

"With his experience in driving technology as an enabler at Citi, Beyman is an evangelist for digital transformation. The Board of Directors unanimously felt that he would add immense value as Polaris enables the digital transformation of its clients," said the company in a statement.

Beyman's career includes experience with Lehman Brothers as its Managing Director, Global Head of Operations and Chief Information Officer. He was also Managing Director, Credit Suisse, in charge of Global Investment Banking Operations. Beyman has also served on the Boards of organisations such as the Depository Trust Corporation, and NPower, and presently serves on the Boards of Riverkeeper, New York's clean water advocate, and on the Open Door Shelter, a homeless shelter in his community.