 "Polaris Q1 profit up by 8.2 %")
Polaris Consulting & Services Ltd reported 8.2 per cent growth in first quarter profit after tax to Rs 39.72 crore, from Rs 36.70 crore.
First quarter revenue stood at Rs 495.50 crore, registering 0.5 per cent year-on-year growth as compared to Rs 492.81 crore in the same quarter last year. In dollar terms, revenues stood at $74 million.
Polaris Consulting & Services Limited CEO and Executive Director Jitin Goyal said, “As Virtusa and Polaris continue to integrate operations and marketing strategies, we have started to experience early signs of synergic benefits. Going forward, we anticipate that the combined capabilities of both organisations will support Polaris’endeavour to increase market share in the BFS vertical. Furthermore, during the fiscal year 2017, our focus would be on digital banking transformation and helping our clients reimagine the future of banking in a digital era.”
N M Vaidyanathan, chief financial officer, Polaris Consulting & Services Limited, said, "Our revenue for the quarter remained relatively flat at Rs 495.5 crore, compared to Rs 492.8 crore during the same period last year in-spite of drop in revenue from our largest customer on account of the productivity savings program which was partially offset by restatement of revenue recognised to comply with IND-AS. Annual performance driven pay, bonus payments and tax payments made during the quarter impacted our cash position. We anticipate our liquidity to improve in the coming months, driven by internal cash accruals with no significant capital expenditure planned in the near future."
Meanwhile, the company said that the Board of Directors have approved the sale of property of the company situated at Anna Salai, Chennai, which is the registered office of the company and decided to shift its office to Rajiv Gandhi Salai, Chennai.