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Polaris Financial Technology Ltd. (formerly Polaris Software) has reported a 22 per cent increase in net profit to Rs 61 crore for the third quarter ended December 31, 2011, as against Rs 50 crore for the corresponding quarter previous year.
Revenue increased by 43 per cent to Rs 572 crore (Rs 400 crore).
The company’s board of directors has recommended an interim dividend of Rs 2 per share (40 per cent) on the equity share capital of the company for fiscal 2011-12.
The better performance was mainly driven by a 69 per cent increase in revenue from Intellect suite of products to Rs 158 crore (Rs 93 crore). The Intellect fetched 13 new clients across banking and insurance sectors during in the quarter.
Revenue from services grew by 35 per cent to Rs 415 crore (Rs 307 crore).
One of the highlights in the quarter was Polaris bagging a $20 million deal with a leading global bank with presence in over 25 countries.
On the Bombay Stock Exchange, the company’s stock price closed at Rs 135.35, up by 75 paise or 0.56 per cent.
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