Polaris Consulting reports 6.9 pc decline in Q3 net profit

Digital transformation solutions provider Polaris Consulting and Services has recorded a 6.9 per cent decline in net profit at Rs 36.5 crore for the third quarter to December.
Profit stood at Rs 39.3 crore in the same quarter of the previous year, the Chennai-based company said in a statement.
Total income from software development, support and BPO services grew to Rs 517.6 crore, from Rs 474.7 crore a year earlier.
While Ebitda grew 33 per cent in the current quarter compared with the previous year, PAT has been impacted due to part provisioning of one-time transaction costs in relation to the share purchase agreement (SPA) with Virtusa Corporation, Polaris Consulting and Services Chief Financial Officer N M Vaidyanathan said.

"Our ongoing effort to optimise working capital has improved our cash position significantly to Rs 408 crore (for the third quarter ended December 2015) from Rs 294 crore during the same period a year ago," he said.
Noting that the management is focused on "securing long-term engagement" with strategic clients to ensure continuity and future revenues, Polaris Consulting and Services, CEO and ED, Jitin Goyal said the definitive agreement with Virtusa was a key step in that direction.