Chennai, April 27 (IANS) City based Polaris Financial Technology Ltd closed last fiscal with lower after tax profit on higher revenue as compared to the 2011-12 figures.
In a statement issued here Saturday, the company said it had posted a net profit of Rs.201 crore down from Rs.220 crore earned the previous fiscal.
The company's revenue for the year 2012-13 stood at Rs.2,308 crore up from Rs.2,049 crore.
The company's board which met here has recommended 100 percent dividend
"The year has been quite a challenging one as we have had to face vendor consolidation in engagements that are purely focused on cost rationalisation. On the other hand, we have had some exciting wins in the 'Value-build' engagements. Given that these two situations offset each other to some extent, we have not been able to grow as aggressively as we had planned," founder-chairman and CEO Arun Jain was quoted as saying in the statement.
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