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Polaris Financial Technology has reported a marginal increase in net profit at Rs 59.81 crore for the second quarter ending September 30, 2013.
The city-based company, in a statement, said the profit after tax grew by 8.48% to Rs 59.81 crore for the second quarter ending September 30, 2013 from Rs 55.13 crore registered during the same period of previous year.
For the year ending March 31, 2013, the profit after tax stood at Rs 200.80 crore.
The income from operations for the second quarter stood at Rs 643.37 crore as against Rs 599.07 crore registered during the same period of previous year.
For the year ending March 31, 2013 the income from operations was Rs 2,308.33 crore, it said.
"This was the first complete quarter after we announced our restructuring in June 2013. I am also happy to see that, despite so many changes, this quarter has shown green shoots of growth after a few flat quarters," Polaris Financial Technology Chairman and Group CEO Arun Jain said.
"We are in the right direction and poised to deliver greater value to the financial services industry with products and services designed for unprecedented operational productivity," he added.
"We continue to keep our cash focus and have maintained a cash position of over Rs 500 crore," Polaris Financial Technology Group CFO Nat Narayanasamy said.
Cash and cash equivalents stood at Rs 518 crore at the end of the quarter, the statement said.
