Polaris Financial Q3 Net up 24.8 per cent to Rs 50.75 cr

Written by PTI | Chennai | Updated: Jan 30 2014, 01:21am hrs
PPolaris Financial had reported a net profit of Rs 40.66 cr during the corresponding period of 2013. Reuter
Polaris Financial Technology today reported 24.8 per cent increase in net profit at Rs 50.75 crore for the third quarter ended December 31.

The city-headquartered company had reported a net profit of Rs 40.66 crore during the corresponding period of previous year, Polaris Financial Technology said in a statement.

The income from operations for the October-December 2013 quarter rose to Rs 643.39 crore from Rs 572.88 crore during the same period of previous year.

For the year ending March 31, 2013, the income from operations stood at Rs 2,308.33 crore, it said.

"After the restructuring exercise last quarter, we spent time in expanding the customer facing organisation to realise the opportunities that exist in the market place," Polaris Financial Technology Chairman and Group CEO, Arun Jain said.

"Our products business is showing consistent growth, with EBITDA growing three times over the last four quarters. Despite a Rs 29 crore hedging loss this quarter, the company achieved 25 per cent growth in PAT margins," Polaris Financial Technology CFO S Swaminathan said.

"With hedging losses behind us in FY 14-15, the EPS (earnings per Share) is likely to grow substantially during the next financial year...," he said.

The EPS for the quarter ended December 31, 2013 stood at Rs 5.10. On year to date basis, the annualised EPS stood at Rs 21, the statement said.

Shares of the company today closed at Rs 139.95 apiece, down by 1.3 per cent over previous close on the BSE Sensex