Polaris Financial Technology has posted a 37 per cent growth in net profit for the quarter ended June 2012. This is in the backdrop of increased acceptance by clients for the company’s combination of software services and products, supported by strong Financial Technology Research.
There was a nine per cent increase in revenue for the quarter when compared with Rs 520.28 crore reported in the March 2012 quarter, says a company release.
Polaris’ product Intellect contributed a 23 per cent to the quarterly revenue and stood at Rs 130 crore. Services revenue contributed 77 per cent and stood at Rs 440 crore.
Mr Arun Jain, Founder, Chairman & CEO, Polaris, said that despite the global slowdown across the marketplace, the company’s domain knowledge and financial technology expertise has resulted in the sales funnel growing to $680 million from $600 million.
The company added 14 new clients in the quarter, including nine takers for the Intellect.
IT added 832 associates in April-June, taking the headcount to 13,718.
IdenTrust, a company in which Polaris Financial Technology Ltd has investments, comes under the US Committee for Foreign Investment compliance regime. As a part of this, it is expected that IdentTrust will be independently managed through an appropriate Board Composition.
Mr Doyle L. Arnold has been appointed as a Chairman of the Board of IdentTrust. He is the Vice-Chairman, Chief Financial Officer & Executive Vice-President, Zions Bancorp. The company has over 250 customers, many of whom are market makers.
In terms of contribution to revenues, the company serves three customers who contribute $20-plus million in revenues.
While discussing with investors the quarterly financial numbers, Mr Jain said the market is taking a curious turn. It is saturating instead of slowing down and companies with “differentiated” products and services have an advantage over competitors.
The company’s share price on the Bombay Stock Exchange closed at Rs 114.20, up by Rs 0.50 or 0.44 per cent over last closing price.