Chennai (India), April 30, 2015:
Polaris Consulting & Services Ltd (NSE and BSE: POLARIS), a leader in digital transformation solutions and services, announced its fourth quarter and annual results for FY 2014-15 today.
"We have been able to maintain our revenues and sustain margin levels despite FY 15 being the year of restructuring and demerger. We realigned our organisation around a core digital strategy in order to drive transformation programs for our clients. 24 new clients during a challenging year has energized the organization and validated our strategy. The green shoots of digital led growth are now visible and we are confident that FY 16 would be a growth year” said Jitin Goyal, CEO and Executive Director, Polaris Consulting & Services Limited
Highlights for Year ended 31 March, 2015
- Revenues stood at Rs. 1894 crore. In dollar terms, annual revenues were $ 310 Mn.
- EBITDA stood at Rs. 225 crore
- Profit After Tax (PAT) stood at Rs. 167 crore
- Encouraging new client acquisitions with 24 logos in the year, compared to 11 in FY 14.
- The company has a talent strength of 7220 (excluding BPO division)
Highlights for Quarter ended 31 March, 2015
- Revenues stood at Rs. 468 crore. In dollar terms, revenues stood at $ 75 Mn.
- EBITDA sustained at Rs. 51 crore despite adverse cross-currency movements & increased contribution towards CSR initiatives
- Profit After Tax (PAT) stood at Rs. 37 crore
- 5 New clients were added reflecting client confidence in our digital strategy
- DSO days improved to 44 days, indicating delivery efficiencies.
- Polaris Consulting and Saïd Business School, University of Oxford, launched an executive education program, Oxford Polaris Digital Academy aimed to educate executives across industries on how to thrive in today’s complex world of digital transformation
The Board of Directors have recommended a dividend of Rs. 10 per equity share, in addition to the interim dividend of Rs. 5 per equity share for the financial year ended 31st March 2015.
“We were able to sustain EBITDA levels despite adverse cross-currency movements, as well as increased contribution to CSR. Reduction in DSO by 5 days during the quarter helped us generate and grow cash reserves from Rs. 273 crore to Rs. 314 crore. The Board’s recommendation of a dividend of Rs 10 per share, over and above the interim of Rs. 5 per share, is a reflection of confidence in the company’s financial position and future outlook.” said, NM Vaidyanathan, Chief Financial Officer, Polaris Consulting & Services Limited
Awards and Recognitions
- Polaris Consulting featured amongst Top IT Services Vendors in Celent report on Banking in North America for 2014
- Everest Group rated Polaris as a “Major Contender” in IT Outsourcing Banking - Service Provider Landscape with PEAK Matrix Assessment 2014 report
- Polaris Consulting featured amongst Top Global IT Services Vendors in Celent’s IT Services Report - EMEA & LATAM
- Everest Report featured Polaris among leading providers of regulatory compliance services in its report "Regulatory Compliance in Banking and Capital Markets - All About Good Data Governance"
- Forrester featured two case studies from Polaris on Risk Management & Regulatory Compliance for Functional Solutions in its report titled ‘Big Data in Banking: It's time to Act’. The feature highlighted that the improved access to global data enables global managers of business lines to make faster and better decisions.
- Polaris Consulting & Services' Capital Markets COE rated as "Major Contenders" by Everest Group
Financial Results for the Fourth Quarter Ended March 31, 2015
POLARIS CONSULTING & SERVICES LIMITED (Formerly known as Polaris Financial Technology Ltd) Audited consolidated financial results for the fourth quarter ended March 31, 2015 prepared as per Indian GAAP
**Previous year financials are not comparable with the current year financials consequent to demerger of Product business during the current year.
Investor Conference Call
The Board of Directors of Polaris Consulting & Services Limited met on 30th April 2015, to take on record the financial results of the company for the Fourth quarter and year ended March 31, 2015.
Polaris Consulting & Services Ltd. will host an Investors Conference Call on 30th April 2015, where the Senior Management of Polaris will comment on the company’s performance during the Fourth quarter and year ended March 31, 2015 and respond to questions from participants. The conference call will take place at 16:00 Hrs IST on Thursday, 30th April 2015.
||:||Q4 FY15 Investors earnings call|
||:||30 April 2015|
|Time||:||16:00 HRS IST|
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About Polaris Consulting & Services Ltd
Polaris Consulting & Services Ltd is an innovator in digital transformation, offering solutions that result in performance breakthroughs where incremental improvements are not sufficient. The goal of our Digital 360 approach is to simplify, digitize, and automate internal processes; while enabling seamless omni-channel access for our client’s external ecosystem of customers, suppliers and partners. Polaris has specialized practice areas in: mobile, user experience, data & analytics, systems integration, testing, infrastructure management and business process outsourcing; along with specialized vertical practices in consumer and corporate banking, capital markets, and insurance. For more details, please visit www.polarisft.com
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