Polaris Fin Tech Q3 net up 25 % at Rs 51 cr

The total income rose 13% to Rs 644 cr

Polaris Financial Technology Limited reported a 25% growth in net profit during the quarter ended December 31, 2013 at Rs 51 crore as compared to Rs 41 crore, a year ago. Despite a Rs 29 crore hedging loss this quarter, the company has achieved 25% growth in PAT margins.

Total income rose to Rs 643.39 crore from Rs 572.88 crore, an increase of around 13%.

Cash and cash equivalents of the company stood at Rs 569 crore at the end of the quarter, moving up from Rs 480 crore in the same quarter last year.

Arun Jain, Founder, chairman & Group CEO, Polaris Financial Technology Limited said that after the restructuring exercise last quarter, the company 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 was 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 added during this phase of executing the new structure, the company focused on managing costs, generating cash flows and reserves.

"Our Products business is showing consistent growth, with EBITDA growing 3 times over the last four quarters," said Swaminathan.

With hedging losses behind us in 2014-15, the EPS will likely grow substantially during the next financial year.

The company's stocks on BSE were trading 2% lower at Rs 139 apiece at 1440 hours on Wednesday.