Polaris Q1 profit slips to Rs 43.20 cr

Financial technology company Polaris today reported 29.3% decline in consolidated net profit at Rs 43.20 crore for the first quarter ending June 30, 2013.

The city-based company had registered Rs 61.16 crore net profit during the corresponding period of previous year, Polaris Financial Technology said in a statement.

For the financial year ending March 31, 2013 the net profits of the company stood at Rs 200.80 crore, it said.

The net income from operations, for the first quarter ending June 30, 2013 stood at Rs 567.96 crore as against Rs 569.31 crore registered during the same period of previous year.

"As announced, we are in the midst of a company wide restructuring to a new organisation design. It has been a challenge to manage the changing paradigm, along with our growth agenda, investment agenda and profitability.", Polaris Financial Technology, Chairman and CEO, Arun Jain said.

"The team has still been able to drive some growth in topline and EBITDA margins, while managing structural change smoothly.", he added.

Shares of the company ended at Rs 105.05 apiece down by 4.06% over previous close in BSE.