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Polaris Financial Q4 Stand-alone Profit Dips By 16%

Polaris Financial Technology Ltd. reported a lower stand-alone net profit for the fourth-quarter, despite increase in income. However, on a consolidated basis, the company reported higher net profit for the quarter under review.

Stand-alone Results

The Chennai-based company's fourth-quarter stand-alone net profit amounted to Rs.42.78 crore or Rs.4.29 per share, lower by 16 percent than the Rs.51.05 crore or Rs.5.11 per share in the fourth-quarter of 2011.

Its quarterly income from software services and products totaled Rs.426.92 crore, compared with Rs.378.73 crore in the prior-year quarter, reflecting a 13 percent growth, while other operating income stood at Rs.0.32 crore, compared with Rs.7.70 crore in Q4FY11.

Geographically, Americas contributed 47.77 percent to the total income, while Europe, IMEA and Asia Pacific contributed 23.68 percent, 12.10 percent and 16.45 percent, respectively.

For the twelve months, the company's stand-alone net profit stood at Rs.183.41 crore, lower by two percent than the Rs.187.03 crore for the comparable period last year. Total income, including other operating income, totaled Rs.1,749.91 crore, up by 24 percent from the Rs.1,407.88 crore last year.

FT sourcing income crossed Rs.1,500 crore and grew by 25 percent for the year ended March 31, 2012. the last quarter saw a number of significant deals in the FT sourcing space, it said.

Consolidated Results

The company posted fourth-quarter consolidated net profit of Rs.61.14 crore, up by six percent from the Rs.57.58 crore in Q4FY11. Total income, including other operating income, rose by 17 percent to Rs.518.13 crore from the Rs.443.00 crore last year.

For the full year, its consolidated net profit stood at Rs.220.71 crore, up by nine percent from the Rs.202.46 crore for the comparable period last year. Total income, including other operating income, totaled Rs.2,049.36 crore, compared with Rs.1,611.71 crore last year, an increase of 27 percent.

At the BSE, Polaris Financial Technology closed Tuesday's trading at Rs.114.20, down 6.30 percent from the previous close.

by RTTNews Staff Writer

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