Polaris Financial Technology Group has reported a 5 per cent increase in net profit to Rs 61 crore during the quarter ended March 2012 against Rs 57 crore in the corresponding quarter last year.
Revenue increased by 19 per cent to Rs 520 crore (Rs 437 crore).
When compared to the December quarter, net profit remained unchanged at Rs 61 crore but revenue declined to Rs 520 crore against Rs 572 crore.
This was mainly due to drop in revenue from the banking and financial services sector to Rs 403 crore from Rs 470 crore in the previous quarter.
Mr Arun Jain, Founder, Chairman & CEO, Polaris, in a statement said that in in the last four years, revenue in both product business as well as services doubled and PBDT grew from Rs 135 crore to Rs 330 crore.
“As the company embarks on the Polaris 4.0 phase of our growth journey with the two well-defined business value pyramids — products and services — Polaris is well positioned to double its revenue in the next four years,’’ he said.
Polaris scrip dropped by Rs 9.50 or 6.30 per cent to end at 141.20 on the BSE today.