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 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.

Business Highlights

Quarter ending 31 March 2010 

1. Profit after tax (PAT) grew by 42% to Rs. 45.74 crore from Rs. 32.11 crore
2. Operating profit (EBITDA) grew by 6% to Rs. 58.14 crore from Rs. 54.78 crore on a sequential quarter on quarter basis
3. Revenues grew by 4% to Rs. 351.04 crore from Rs. 337.25 crore

• PAT rose by 17% to Rs. 152.84 crore from Rs. 130.71 crore
• Revenues were at Rs. 1353.76 crore
• EBITDA at Rs. 222.02 crore

Financial and Operating Highlights

· Profit after tax (PAT) margins moved to 13.03% from 9.52%, an increase of 351 bps over the same quarter last year

· Cash and cash equivalents totaled Rs. 504 crore, as against Rs. 340 crore in the previous year

·  During the quarter, the company incurred a foreign exchange loss of Rs. 33 lakh and recorded other income of Rs. 5.78 crore

·  For the fiscal 2010, the company recorded an EPS of Rs. 15.48 as against Rs. 13.25 in FY09

·  The company continued to record a balanced distribution of revenues from the major geographies with Americas contributing 44.5%, Europe contributing 24.5%, Asia Pacific & Japan contributing 21% and India 10% of the quarter revenues

Business Outlook

The Company is providing the following guidance in FY2010-11:

• EPS likely to grow between 31% – 33%