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Last Updated : Aug 06, 2015 03:24 PM IST | Source: Moneycontrol.com

Polaris Q1 profit rises 2.7% to Rs 38 cr, EBITDA grows 27%

“With Q1 revenue and profit growth, we are on track in terms of growth path, " said NM Vaidyanathan, chief financial officer, Polaris. The company has initiated cost optimisation efforts, the benefits of which will be fully realised in Q4 of FY16, he added.

 
 
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Polaris Consulting and Services' first quarter consolidated profit grew by 2.7 percent sequentially to Rs 38.1 crore, driven by strong operational performance.


Revenue increased by 6.2 percent to Rs 496 crore and dollar revenue rose by 0.5 percent to USD 76 million compared to March quarter.


“With Q1 revenue and profit growth, we are on track in terms of growth path, " said NM Vaidyanathan, chief financial officer, Polaris. The company has initiated cost optimisation efforts, the benefits of which will be fully realised in Q4 of FY16, he added.

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Consolidated operating profit (earnings before interest, tax, depreciation and amortisation) in Q1 jumped 27 percent to Rs 64 crore and margin expanded by 200 basis points to 12.9 percent on sequential basis.


Polaris has reported a foreign exchange loss of Rs 4.45 crore in June quarter against loss of Rs 1.6 crore in March quarter. Selling & marketing and general & administrative expenses during the same period spiked 15.3 percent to Rs 80.5 crore from Rs 69.8 crore.


It added 4 new clients in Q1FY16, reflecting client confidence in digital offerings, said Polaris which is looking at growth led by digital transformation capabilities in FY16.


Active clients were 159 during the quarter, increased from 157 in the last quarter.

At 15:21 hours IST, the scrip of Polaris Consulting & Services was quoting at Rs 203, down Rs 8.20, or 3.88 percent on the BSE.

Posted by Sunil Shankar Matkar



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First Published on Aug 6, 2015 03:24 pm
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