MEDIA RELEASE PR36674
Q2 Revenues up by 4% and Profits by 11% Sequentially
GURGAON, Oct 20 /PRNewswire-AsiaNet/ --
Polaris Software Lab Limited (POLS.BO), a leading Financial
Technology company, today announced the second quarter results for FY
2009-10.
For the quarter ended 30 September 2009, Profit after tax grew
(PAT) by 11% to Rs. 35.20 crore from Rs. 31.84 crore in the previous quarter.
Income grew by 4% to Rs. 338.31 crore from Rs. 325.53 crore.
In dollar terms, Profit grew by 12% to 7.27 million from 6.52
million and income grew by 5% to 69.93 million from 66.61 million
sequentially.
Financial Highlights
1. Polaris acquired Laser Soft Infosystems, a banking software
product company in an all-cash deal for about Rs. 52 crore.
The acquisition will be EPS accretive for Polaris. With this
acquisition Polaris acquired 40 accounts in India and emerging
countries
2. Cash and cash equivalents grew by Rs. 44.80 crore to Rs.
446.34 crore (USD 92.8 million), post dividend payout of
Rs 14.33 crore
3. EBITDA margins stood at 17% before onetime visa costs of
Rs. 3.7 crore
4. Utilization was 81%, 100 bps improvement over previous
quarter
5. Americas contributed to 43%, EMEA (Europe, Middle East and
Africa) contributed to 28% and Asia Pacific contributed to 29%
of the quarter revenues
6. The Days Sales Outstanding (DSO) maintained at record 47
days, reflecting impeccable delivery standards
Business Highlights
1. During the quarter, the company recorded 16 wins, of which
12 were Intellect-led (product deals)
2. The company won a multimillion dollar deal of Intellect GUB
for a large Vietnamese bank
3. The company won a large outsourcing deal from a global bank
in Europe.
4. Intellect GUB Credit Decisioning system was implemented at
HDFC Bank
5. A leading bank in Thailand went live on Intellect GUB
Collect and Lending platform
6. Continuing with its focused Go-to-market plan, Polaris
showcased Intellect GUB 10.0(*) and Customer Business eXchange
(CBX)(**) to the leading corporate bankers from around the world
participating in Sibos 2009, the world's premier financial services
event hosted in Hong Kong
7. The company signed a Memorandum of Understanding with PCCW
Solutions, to jointly market and deliver Intellect Global
Universal Banking (GUB) 10.0(*) in China
8. During the quarter Intellect GUB received extensive
recognition from leading analysts.
- Polaris featured amongst the top vendors in the Payment
Services Hub by Gartner
- Polaris featured amongst the top vendors building
industry-specific knowledge and solutions by harnessing business
process and domain capability by Forrester
- Polaris featured amongst the top vendors having extensive
breadth of Securities and Investment coverage by AITE Group
Arun Jain, Chairman & CEO, Polaris Software Lab Ltd., said, "5
years ago, we embarked on a journey to become a full spectrum Financial
Technology player in the global arena with our integrated products and
services portfolio. 200 customers and over 100 Intellect installations stand
as testimony to the success of our integrated services and products play".
R Srikanth, Executive Vice President & CFO, Polaris Software
Lab Ltd., said, "The Laser Soft acquisition has brought in a treasure trove
of 40 accounts in India and emerging markets supplementing our country and
account expansion strategy. We are well in track to achieve our EPS guidance
of Rs. 15 for FY10."
(*)Intellect Global Universal Banking (GUB) 10.0 is a unique
banking platform that can co-exist with legacy systems as well as support the
road-map for future modernization. Intellect GUB spans business processes
across Retail, Private and Corporate Banking, Capital Markets and Asset
Management. For the first time, such a comprehensive solution has been built
using SOA technology. The solution harnesses the power of SOA to modernize
bank's technology platform and enables bank to rapidly launch new products
for its emerging lines of business.
(**)Intellect GUB 10.0 offers functionality and technology
architecture to create Customer Business eXchange (CBX) that can
significantly enhance banking experience of corporate customers. Customer
Business eXchange enables transaction services and information exchange for
all or a 'mix and match' combination of Intellect GUB 10.0 functionality that
is uniquely required by corporate banks. Corporate banks can utilize CBX for
corporate customers and provide them with a single entry into the complete
suite or mix of corporate products and services such as Liquidity management,
Treasury, Trade, Custody and Payments.
Financial Results for the Second Quarter ended September 30, 2009
POLARIS SOFTWARE LAB - GROUP
UNAUDITED CONSOLIDATED FINANCIAL RESULT FOR THE QUARTER ENDED
SEPTEMBER 30, 2009 PREPARED AS PER INDIAN GAAP (Rs. Lakhs)
QUARTER ENDED
Particulars Sept 30,2009 Sept 30,2008
Income from software services,
products and Business Process Management 33,830.55 35,114.14
Software development expenses 22,065.44 22,916.99
Gross Profit 11,765.11 12,197.15
Selling and marketing expenses 3,551.65 3,435.30
General and Administrative expenses 2,826.01 3,011.40
Operating Profit before interest,
depreciation & amortization 5,387.45 5,750.45
Depreciation / Amortization 873.67 1,079.45
Finance Charges 17.27 16.50
Operating Profit after interest,
depreciation & amortization 4,496.51 4,654.50
Exchange Gain/ ( Loss ) (858.16) (770.02)
Other Income 404.94 97.31
Share of profit/(loss) of Associate
Companies (41.61) (68.44)
Profit/(loss ) on sale of Investments - 1,301.37
Intangible Assets - Amortized fully - (1,173.27)
Profit before tax 4,001.68 4,041.45
Provision for taxation 482.06 598.72
Profit after tax 3,519.62 3,442.73
Earnings per share of Rs.5 each (Rs.)
Basic 3.57 3.49
Diluted 3.55 3.48
HALF YEAR ENDED
Particulars Sept 30,2009 Sept 30,2008
Income from software services,
products and Business Process Management 66,383.38 66,812.13
Software development expenses 42,851.12 44,384.16
Gross Profit 23,532.26 22,427.97
Selling and marketing expenses 7,026.04 6,615.62
General and Administrative expenses 5,595.73 6,179.73
Operating Profit before interest,
depreciation & amortization 10,910.49 9,632.62
Depreciation / Amortization 1,717.80 2,142.90
Finance Charges 34.50 37.22
Operating Profit after interest,
depreciation & amortization 9,158.19 7,452.50
Exchange Gain/ ( Loss ) (2,188.60) (825.43)
Other Income 834.00 280.09
Share of profit/(loss) of Associate
Companies (41.61) 77.48
Profit/(loss ) on sale of Investments - 1,301.37
Intangible Assets - Amortized fully - (1,173.27)
Profit before tax 7,761.98 7,112.74
Provision for taxation 1,058.84 968.86
Profit after tax 6,703.14 6,143.88
Earnings per share of Rs.5 each (Rs.)
Basic 6.79 6.22
Diluted 6.76 6.21
About Polaris Software Lab
Polaris Software Lab (POLS.BO) is a leading Financial
Technology company, with its comprehensive portfolio of products, services
and consulting. Polaris has a talent strength of over 9,000 solution
architects, domain and technology experts. The company owns the largest set
of Intellectual Properties in the form of a comprehensive product suite,
Intellect Global Universal Banking (GUB) 10.0. IntellectTM is the first pure
play SOA based application suite for Retail, Corporate, Investment banking
and Insurance.
Polaris is headquartered in Chennai and has offices in all
global financial hubs including Tokyo, Sydney, Hong Kong, Singapore, India,
Dubai, Bahrain, Riyadh, London, Belfast, Zurich, Frankfurt, Toronto, New
York, Chicago, Fremont, Pittsburgh and Chile. For more information, please
Investor Conference Call
Polaris Software Lab Ltd. will host an Investors Conference
Call, where the Senior Management of Polaris will comment on the company's
performance during the second quarter ended September 30, 2009 and respond to
questions from participants. The conference call will take place at 16:00 Hrs
IST on Tuesday, October 20, 2009
To participate in the conference call, please dial the numbers
given below five minutes ahead of schedule. The transcript of this conference
call will be available within 72 working hours at website,
The dial numbers to join the conference call
Conference Name : Q2 FY 09-10 Polaris Investor Earnings call
Date : Tuesday, 20th October 2009
Time : 16:00 HRS IST
Conference ID : 35471670
Access Numbers for the call
MUMBAI : Primary Access Toll Number : 02230360400
BANGALORE : Primary Access Toll Number : 08030360400
DELHI : Primary Access Toll Number : 01130360400
CHENNAI : Primary Access Toll Number : 04430360400
HONK KONG : Primary Access Toll free Number : 800901420
SINGAPORE : Primary Access Toll free Number : 8001011906
REPLAY : [20th October 2009 to 22nd October 2009]
Replay ID/Conference # : 35471670
Primary Access Number : 02230360400
For further information, please contact:
Shailesh Dhawla
Polaris Software
+91-9962023124
shailesh.d@polaris.co.in
SOURCE: Polaris Software Lab Ltd.
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