CHENNAI: Polaris Consulting & Services Ltd (Polaris) posted 9% year-on-year growth for the quarter ending December 2015 with revenues of Rs 517.59 crore, compared to Rs 474.76 crore in the same quarter last year. In dollar terms, quarter revenues stood at $ 76.51 million.
EBITDA (earnings before interest, taxes, depreciation and amortization) was at Rs 71.58 crore registering 33 % YoY growth. Operating margin improved to 13.83 % compared to 11.3% in the same quarter last year.
Out of the total estimated one time transaction costs of Rs 21.2 crore related to the SPA with Virtusa Corporation, the company provisioned Rs 10.6 crore in this quarter, consequent to which PAT came in at Rs 36.54 crore. Cash and cash equivalents increased significantly to Rs 408 crore from Rs 294 crore at the end of the last quarter.
Jitin Goyal, CEO and executive director, Polaris said, “The management team has been focused on securing long-term engagement with our strategic clients to ensure continuity and future revenues.
The definitive agreement with Virtusa announced in November was a key step in that direction and we expect closure in Q4. From a strategic perspective, we continue to remain focused on Digital Transformation in financial services, a strategy which is already yielding positive results.”
