Polaris Consulting Q2 net at Rs 49.15 crore

IT firm Polaris Consulting and Services today said its net profit stood at Rs 49.15 crore for the quarter ended September 30, 2014.

The company, formerly called Polaris Financial Technology Ltd, had reported a net profit of Rs 59.81 crore for the July-September 2013 quarter, it said in a statement.

The financials are not comparable with the previous year, consequent to the demerger of the product business during the ongoing fiscal.

The company's revenue stood at Rs 476.74 crore in the said quarter, while the same was at Rs 643.37 crore in the second quarter of 2013-14.

"With the demerger behind us and with a new identity, I'm confident of the company restarting its growth journey," Polaris Consulting and Services founder and Chairman Arun Jain said.

Polaris' second quarter revenues were distributed across all geographies with the Americas contributing 55%, Europe 20%, India 7% and Rest of the World 18%. The company added nine clients during the quarter.

"As a stand-alone company, our PAT and EPS have improved, but we need to continue to improve our top line. Our strategy, as outlined last quarter, is to focus on digitization, data analytics, risk and compliance and payments transformation," Polaris Consulting and Services CEO and Executive Director Jitin Goyal said.

This strategy is beginning to yield results with the new wins for the quarter all being in these areas, he added.

Jain has relinquished his position as MD and will focus on mentoring its growth as Chairman.

Besides, Theodore Roosevelt Malloch, Chairman and CEO at The Global Fiduciary Governance was inducted as a Director on the Board of Polaris and elected Vice Chairman.