Key Performance metrics

Revenue grew by 33 % Y-o-Y to USD 111.34 million from USD 83.59 million and 11 % Q-o-Q to USD 111.34 million from USD 100.65 million. Operating Profit (EBITDA) grew by 27 % Y-o-Y to USD 16.50 million from USD 12.97 million and 16 % Q-o-Q to USD 16.50 million from USD 14.20 million. Profit after Tax (PAT) grew by 14 % Y-o-Y to USD 11.78 million from USD 10.36 million and 18 % Q-o-Q to USD 11.78 million from USD 9.97 million.

Highlights for the quarter ended September 30, 2011

* IntellectTM revenues grew 70 % Y-o-Y to USD 30 million, up from USD 18 million during the same quarter last year; 12 new Intellect wins across Banking and Insurance were recorded and Intellect sales contributed to 27% of the quarterly revenue
* Services revenue grew 23 % to USD 81 million from USD 66 million during the same quarter last year
* Quarter revenues were well distributed with Americas contributing 45.43 %, Europe 22.40 %, IMEA 15.25 % and Asia Pacific 16.92%

Corporate Update

Mr. R. Srikanth, who served as President & Group CFO, Polaris Software, has decided to move on after a stint of over 5 years at Polaris. Mr. S.R. Ramaswami (SRR) will take over as the new Group CFO of Polaris Software.

Arun Jain, Founder, Chairman & CEO, said, "Our deal sizes have consistently grown both in size and in the complexity showing steady progress from 'referencable wins' to 'distinctive deals' over the last few quarters. With increasing number of successes among high street banks globally, our sales funnel is looking very attractive and we are bullish about exploring those opportunities."

R. Srikanth, President & Group CFO, Polaris Software, said, "Receiving good traction from our integrated Products and Services model, I am happy to revise our Revenue Guidance to USD 440 million - USD 450 million from USD 430 million - USD 440 million. The EPS guidance is also being revised to USD 0.49 - USD 0.51 from USD 0.48 - USD 0.49."