Polaris posts net profit of Rs 39.25 cr in Q3

Polaris Consulting and Services (formerly Polaris Financial Technology) today reported a net profit of Rs 39.25 crore for the quarter ended December 31, 2014.
The company had posted a net profit of Rs 50.75 crore in the corresponding period of the last year, Polaris said in a statement.
The earning figures are not comparable as its product business was demerged during the current year.
On sequential basis, the net profit was lower by 20.14 per cent from Rs 49.15 crore in the July-September 2014 quarter.
The Chennai-based firm reported income of Rs 475.56 crore in the reported quarter compared to Rs 643.39 crore (n the October-December 2013.

"We continue our focus on becoming a digital transformation partner of choice for our clients. Bulk of our new engagements in the quarter have come from the four big bets -- digital, payments, risk and analytics," Polaris Consulting and Services CEO and Executive Director Jitin Goyal said.

Polaris is successfully executing the strategy of acquiring new logos with a focus on tier II banks and corporates, he added.
In USD terms, the quarter's revenue stood at USD 77 million.
The revenues were distributed across all geographies with the Americas contributing 55 per cent, Europe 20 per cent, India seven per cent and Rest of the World 18 per cent.

Polaris added five new clients, taking its active client base to 152 as of December 31, 2014.
Its total headcount stood at 8,640, including 1,277 associates in BPO. The attrition rate stood at 18.1 per cent.