Polaris Consulting Q1 PAT dips 8.8%

Digital transformation solutions and services provider, Polaris Consulting and Services, has recorded an 8.8 per cent decline in profits after tax for the first quarter ended June 30, 2015 to Rs 38.07 crore.
The Chennai-based company registered profits after tax at Rs 41.77 crore during corresponding period of the previous fiscal.
For the financial year ended March 31, 2015, profits after tax were at Rs 167.20 crore.
Income from software development, support and BPO services for the April-June 2015 quarter marginally went up to Rs 495.83 crore from Rs 474.67 crore registered during year-ago period.
For 2014-15 fiscal, income from software development, support and BPO services were at Rs 1,893.34 crore.

"We remain focused on our three-pronged strategy of investing in digital solutions, deepening our footprints in key accounts and acquiring new clients in Tier-2 space.", Polaris Consulting and Services Ltd., CEO and Executive Director Jitin Goyal said.

"Internally, our focus on cost optimisation and process simplification is beginning to show results", he said.
Noting that the company has initiated cost optimisation efforts, Polaris Consulting and Services, Chief Financial Officer, NM Vaidyanathan said, "the benefits of cost optimisation will be fully realised in fourth quarter of financial year 2015-16. We are looking at growth led by our digital transformation capabilities in FY 2015-16".

Shares of the company ended at Rs 203.70 apiece, down 3.55 per cent over previous close in BSE.