Polaris Revenues Up by 28%
CHENNAI, India, July 20 / PRNewswire-AsiaNet/ –
– Quarterly Revenues Touch $100mn
Polaris Software Lab Limited (POLS.BO), a leading global FinancialTechnology company, today announced the first quarter results for FY2011-12.
Key Performance metrics
In dollar terms, Revenue grew by 28 % Y-o-Y to USD 100.65 million fromUSD 78.90 million and 4 % Q-o-Q to USD 100.65 million from USD 96.67million. Operating Profit (EBITDA) grew by 14 % Y-o-Y to USD 14.20 millionfrom USD 12.47 million and 10 % Q-o-Q to USD 14.20 million from USD 12.85million. Profit after Tax (PAT) declined by 2 % Y-o-Y to USD 9.97 millionfrom USD 10.20 million and 22 % Q-o-Q to USD 9.97 million from USD 12.72million.
Highlights for the quarter ended June 30, 2011
– Polaris product revenues crossed USD 23 million; 11 new Intellect wins were recorded in the quarter
– Americas contributed 46.78 %, Europe 24.95 %, IMEA 11.73 % and Asia Pacific 16.53% of the quarter revenues
– Polaris signed its largest Intellect deal during the quarter with Reserve Bank of India to implement a centralized Core Banking Solution for a deal valued at USD 55mn
– Polaris signed a MoU to form a Joint Venture Company – Sonali Polaris Financial Technology Ltd (SPFTL) – with Sonali Bank and BCBL in Bangladesh to offer FT services for the country
– Polaris launched two new products; 1) The first ever Cloud-Ready Platform for the Insurance Sector at Acord Loma in the US; and 2) Intellect Liquidity Risk Management (LRM) solution with BASEL III compliance at the Middle East Financial Technology Exhibition and Conference (MEFTEC 2011)
Arun Jain, Founder, Chairman & CEO, said, “After the success ofIntellect in Europe and the Americas, our focused efforts in Asia resultedin the ‘lighthouse’ RBI win and the Joint Venture with the largest bank inBangladesh. These are defining wins for Intellect in the region and with thehealthy trend of the deal sizes increasing consistently; we can predictbetter margins in product deals which will accelerate our vision of being aglobal Financial Technology leader.”
R. Srikanth, President & CFO, Polaris Software, said, “Inspite of ourhigh investment in R&D, we delivered sustained EBIDTA margins. We arerevising our revenue guidance to US$ 430 million – US$ 440 million from US$425 million – US$ 435 million.”
Read more at: http://www.polarisft.com/media/media-release/2011-july-press-release-Q1-FY-2011-12.pdf
SOURCE: Polaris Software Lab Ltd.