Polaris Q3 PAT up 22% Rs 61 cr

Polaris 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," Polaris 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.

Polaris 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.