Subscribe to AfterDawn's weekly newsletter.
Polaris Records 18% Growth in Profits
CHENNAI, India, July 16 /PRNewswire/ -- Polaris Software Lab Limited (POLS.BO), a leading Financial
Technology company, today announced the first quarter results for FY 2009-10.
For the quarter ended 30 June 2009, Profit after tax grew by
18% to Rs. 31.84 crore from Rs. 27.01 crore compared to the same quarter last
year. Income grew by 3% to Rs. 325.53 crore from Rs. 316.98 crore. Operating
profit margins (EBITDA) grew by 42% to Rs. 55.23 crore from Rs. 38.82 crore.
Financial Highlights
1. EBITDA for the quarter stood at Rs. 55.23 crore, a 472 bps
improvement in the margins over the same quarter last year
2. Cash and cash equivalents grew by Rs. 61 Cr to 401 crore,
as against Rs. 340 crore at the end of previous quarter
3. The Days Sales Outstanding (DSO) has come down to a record
47 days from 52 days in the previous quarter, reflecting impeccable
delivery standards
4. Americas contributed to 43%, EMEA (Europe, Middle East and
Africa) contributed to 28% and Asia Pacific contributed to 29% of the
Quarter revenues
Business Highlights
1. During the quarter, the company recorded 21 wins, the
largest number of wins in a quarter, of which 6 were Intellect-led
(including Intellect Global Universal Banking at Saigon Hanoi Bank,
one of Vietnam's largest banks)
2. The company launched Global Universal Banking (GUB),
Intellect 10.0, the world's most comprehensive pure-play SOA platform,
spanning across retail banking, corporate banking, capital markets and
asset management. As part of its focused Go-to-market plan, Intellect
10.0 was launched in Latin America, Africa, Middle East and Asia
Pacific
3. The company won two multi-million dollar deals of Intellect
GUB in Europe and Africa
4. A Top 5 Global Bank went 'live' on Intellect liquidity
platform in China and India
5. Intellect Collect was successfully implemented at Al Hilal
Bank, a leading Financial institution in UAE
6. Intellect Lending went 'live' at Tamweel, a leading name in
the Real estate financing in Egypt
7. The company won 2 large outsourcing deals in the UK and
Middle East
8. Intellect was positioned as Challenger in the Magic
Quadrant for "International Retail Core Banking suites" by Gartner,
the world's leading information technology research and advisory
company. Gartner has highlighted Intellect's component architecture,
Progressive modernization approach and high ratings from the customers
for implementation and support as the key strengths of the suite.
Mr. Arun Jain, Chairman & CEO, Polaris Software Lab Ltd.,
said, "With a very strong operations engine in place, we are now able to
devote significant amount of management time for the Go-to-market with our
Integrated Financial Technology offerings. Despite the slowdown, we have
generated new opportunities of over 100 million dollars in this quarter."
Mr. R Srikanth, Executive Vice President & CFO, Polaris
Software Lab Ltd., said, "We continue to focus on our margins. Accelerated
collection process primarily due to 'On Time-In Full' delivery has further
improved our cash and cash equivalent positions. We have been able to convert
EBITDA margins into free cash consistently. We expect to meet our EPS
guidance of Rs. 15.0 for FY10."
Financial Results for the First Quarter ended June 30, 2009
POLARIS SOFTWARE LAB - GROUP
UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED
JUNE 30, 2009 PREPARED AS PER INDIAN GAAP
Rs.Lakhs
QUARTER ENDED YEAR ENDED
Particulars June 30, 2009 June 30, 2008 March 31, 2009
Audited
Income from software
services, products
and Business
Process Management 32,552.82 31,697.99 137,794.54
Software development
expenses 20,785.67 21,467.17 88,540.10
Gross Profit 11,767.15 10,230.82 49,254.44
Selling and
marketing expenses 3,474.40 3,180.32 13,676.09
General and
Administrative
expenses 2,769.71 3,168.33 12,225.91
Operating Profit
before interest,
depreciation &
amortization 5,523.04 3,882.17 23,352.44
Depreciation/Amortisation 844.13 1,063.44 3,878.16
Finance Charges 17.23 20.71 73.54
Operating Profit after
interest, depreciation
& amortisation 4,661.68 2,798.02 19,400.74
Exchange Gain/ ( Loss ) (1,330.44) (55.31) (5,638.40)
Other Income 429.06 182.67 1,170.53
Share of profit/(loss )
of Associate Companies - 145.92 91.09
Profit on sale of
Investments - - 1,306.15
Intangible Assets -
Amortised fully - - (1,173.27)
Profit before tax 3,760.30 3,071.30 15,156.84
Provision for taxation 576.78 370.15 2,085.58
Profit after tax 3,183.52 2,701.15 13,071.26
Earnings per share
of Rs.5 each (Rs.)
Basic 3.23 2.74 13.25
Diluted 3.22 2.73 13.24
About Polaris Software Lab
Polaris Software Lab (POLS.BO) is a leading Financial
Technology Company, with its comprehensive portfolio of products, smart
legacy modernization services and consulting. Polaris has talent strength of
over 9000 solution architects, domain specialists and technology experts. The
company owns the largest set of Intellectual Properties in the form of a
comprehensive product suite namely IntellectTM.
Intellect is the first pure play SOA based application suite
for Retail, Corporate and Investment banking. Polaris is headquartered in
Chennai and has offices in all global financial hubs including Tokyo, Sydney,
Hong Kong, Singapore, India, Dubai, Bahrain, Riyadh, London, Belfast, Zurich,
Frankfurt, Toronto, New York, Chicago, Fremont, Pittsburgh and Chile. For
more information, please visit http://www.polaris.co.in/.
Investor Conference Call
Polaris Software Lab Ltd. will host an Investors Conference
Call, where the Senior Management of Polaris will comment on the company's
performance during the first quarter ended June 30, 2009 and respond to
questions from participants. The conference call will take place at 18:00 Hrs
IST on Thursday, July 16, 2009
To participate in the conference call, please dial the numbers
given below five minutes ahead of schedule. The transcript of this conference
call will be available within 72 working hours at website,
http://www.polaris.co.in in the investor section.
The dial numbers to join the conference call
Conference Name : Q1 FY 09-10 Polaris Investor Earnings call
Date : Thursday, 16th July 2009
Time : 18:00 hrs IST
Conference ID : 18798516
Access Numbers for the call
MUMBAI : Primary Access Toll Number : 02230360400
BANGALORE : Primary Access Toll Number : 08030360400
DELHI : Primary Access Toll Number : 01130360400
CHENNAI : Primary Access Toll Number : 04430360400
HONK KONG : Primary Access Toll free Number : 800901420
SINGAPORE : Primary Access Toll free Number : 8001011906
REPLAY : [16th July 2009 to 18th July 2009]
Replay ID/Conference # : 18798516
Primary Access Number : 02230360400
