Arun Jain, founding chairman of Polaris Consulting & Services (formerly Polaris Financial Technology), has relinquished the post of managing director even as the company reported a 17.8% drop in net profit at Rs 49.15 crore for the second quarter against the Rs 59.81 crore it logged in the corresponding quarter last fiscal. However, Jain will now feature in a new role as mentor and continue as chairman.
At the board meeting on Friday, Jitin Goyal, CEO, Polaris Consulting & Services, has been inducted on to the board of Polaris and appointed as executive director. In a statement issued here, Arun Jain said: “At this juncture, I am happy to handover the leadership responsibility to Jitin Goyal and look forward to mentoring the growth of the company.”
Though the company posted a lower net profit for the second quarter on a sequential basis, it has improved the bottomline from the net profit of
Rs 41.77 crore it registered in the June quarter. However, the total income of the company fell to Rs 476.74 crore from Rs 643.37 crore reported in the same quarter last fiscal.
In a statement, the company clarified that the previous year’s financials were not comparable with the current year financials consequent to demerger of the product business during the current year.
Jitin Goyal, CEO and executive director, Polaris Consulting & Services, said, “As a standalone company, our PAT and EPS have improved, but we need to continue to improve our topline. Our strategy, as outlined last quarter, is to focus on digitisation, data analytics, risk and compliance and payments transformation. This strategy is beginning to yield results with the new wins for the quarter all being in these areas.”
Polaris’ second quarter revenues were distributed across all geographies with the Americas contributing 55%, Europe 20%, India 7% and rest of the world 18%. Polaris Financial Technology was rechristened as Polaris Consulting & Services, following the demerger of the company’s products business into an independent company called Intellect Design Arena.