Polaris Q1 FY16 revenues up by 6%

Source: Polaris

Polaris Consulting & Services Ltd (NSE and BSE: POLARIS), a leader in digital transformation solutions and services, announced its results for the first quarter of FY16 today.

“With Q1 revenue up by 6% QoQ, and PAT of Rs 38 Cr, we are on track in terms of our growth path. We have initiated cost optimisation efforts, the benefits of which will be fully realised in Q4 of FY16. We are looking at growth led by our digital transformation capabilities in FY16,” said, NM Vaidyanathan, Chief Financial Officer, Polaris Consulting & Services Limited.

Key Financial Highlights
For the quarter ended 30 June, 2015:

  • Revenues at Rs. 496 crore registering 6% QoQ growth; 4% YoY growth
  • In dollar terms, revenues stood at $76 Mn
  • EBITDA at Rs. 64 crore registering 27% QoQ growth; 6% YoY growth
  • Profit After Tax (PAT) stood at Rs. 38 crore registering 3% QoQ growth
  • Cash and Cash equivalent stood at Rs. 318 crore
  • Revenues were distributed across all geographies with the Americas contributing 53%, Europe 20%, India 8% and Rest of the World 19%

Business Highlights

  • 4 New clients were added in Q1FY16 reflecting client confidence in our digital offerings
  • Active clients were 159 against 157 in the last quarter.
  • Polaris rated as a "Major Contender" By Everest Group in their report titled "IT Outsourcing in Banking with PEAK Matrix Assessment"
  • Talent strength of 7305 ( Excl. BPO division)

“We remain focused on our three-pronged strategy of investing in Digital solutions, deepening our footprints in key accounts and acquiring new clients in the Tier-2 space. Internally our focus on cost optimization and process simplification is beginning to show results.” said Jitin Goyal, CEO and Executive Director, Polaris Consulting & Services Limited.

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