Polaris Financial dips on disappointing numbers

Stock slipped a little over 5% to Rs 219 on BSE

 

Polaris Financial Technology  dropped a little over 5% to Rs 219 on BSE after the consolidated net profit fell 15.61% to Rs 38.32 crore on 7.04% decline in income from operations to Rs 600.03 crore in Q1 June 2014 over Q4 March 2014.

Arun Jain, Chairman and Managing Director, Polaris Financial Technology said, "During this period of transition, we have kept the momentum as we restructured our businesses for greater efficiency in delivery of services to customers. "

S Swaminathan, CFO, Polaris Financial Technology said, "The challenge during the last quarter has been to strike a balance between investing for growth and managing costs. We have ensured that we continued to generate cash, while ensuring investments to build the base required for each line of business to grow, particularly in the areas of sales and marketing."

The stock had hit a 52-week high of Rs 266.80 on 9 July 2014. Earlier, the stock had hit a 52-week low of Rs 97.35 on 31 July 2013.

Over 32 lakh shares changed hands on BSE and NSE till 1330 hrs.