Polaris 3rd Quarter Revenues of Rs. 282.14 Cr with Profits of Rs. 19.12 Cr

Polaris Software Lab Limited, the provider of Specialty Application Development in Banking, Financial & Insurance sector, announced the third quarter results for FY 2007-08.

 

Financial Information Overview for the quarter ended December 2007

Indian GAAP Consolidated

Revenues                        Rs. 282.14 crore , Up 6% QoQ in $ terms, 3% in Rupee terms                                   

Operating Profit              Rs. 35.31 crore, Up 6% QoQ in $ terms, 3 % in Rupee terms

Profit After Tax              Rs. 19.12 crore, Up 8% QoQ in $ terms, 5% in Rupee terms

Intellect Business grows 30% YoY

The company’s Product business has grown over 30% year on year.

  1. Intellect Core Banking went live in one of the largest banks in Middle East
  2. Intellect Custody Platform went live in one of the largest Private Sector banks in India
  3. Intellect Cash Management Platform was chosen by SEB, a leading North European Financial group
  4. Mekong Housing Bank, the 5th largest State-owned bank in Vietnam, chose Intellect Universal Banking Platform

 

Specialized Outsourcing Services

Polaris has carved a niche for itself in specialized outsourcing services with unique domain expertise and micro vertical specialization and has won two Global Outsourcing deals in Q3.

 

BPO Business grows 81% YoY

Optimus Global Services, Polaris’ BPO subsidiary focusing on the high-growth Indian market for complete banking process outsourcing, recorded a growth of 81% (in rupee terms) on a YoY basis and 29% on a sequential QoQ basis.

 

Consulting

On the strength of a huge asset base of Intellectual Property (IP), Polaris has been providing specialized services and consulting for non-disruptive modernization of legacy technology platforms. Two high end consulting assignments were completed in the quarter for the Markets and Banking

  


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