Polaris Revenues Up by 28%

CHENNAI, India, July 20, 2011 /PRNewswire/ --

- Quarterly Revenues Touch $100mn

Polaris Software Lab Limited (POLS.BO), a leading global Financial Technology company, today announced the first quarter results for FY 2011-12.

Key Performance metrics

In dollar terms, Revenue grew by 28 % Y-o-Y to USD 100.65 million from USD 78.90 million and 4 % Q-o-Q to USD 100.65 million from USD 96.67 million. Operating Profit (EBITDA) grew by 14 % Y-o-Y to USD 14.20 million from USD 12.47 million and 10 % Q-o-Q to USD 14.20 million from USD 12.85 million. Profit after Tax (PAT) declined by 2 % Y-o-Y to USD 9.97 million from USD 10.20 million and 22 % Q-o-Q to USD 9.97 million from USD 12.72 million.

Highlights for the quarter ended June 30, 2011

• Polaris product revenues crossed USD 23 million; 11 new Intellect wins were recorded in the quarter
• Americas contributed 46.78 %, Europe 24.95 %, IMEA 11.73 % and Asia Pacific 16.53% of the quarter revenues
• Polaris signed its largest Intellect deal during the quarter with Reserve Bank of India to implement a centralized Core Banking Solution for a deal valued at USD 55mn
• Polaris signed a MoU to form a Joint Venture Company - Sonali Polaris Financial Technology Ltd (SPFTL) - with Sonali Bank and BCBL in Bangladesh to offer FT services for the country
• Polaris launched two new products; 1) The first ever Cloud-Ready Platform for the Insurance Sector at Acord Loma in the US; and 2) Intellect Liquidity Risk Management (LRM) solution with BASEL III compliance at the Middle East Financial Technology Exhibition and Conference (MEFTEC 2011)

Arun Jain, Founder, Chairman & CEO, said, "After the success of Intellect in Europe and the Americas, our focused efforts in Asia resulted in the 'lighthouse' RBI win and the Joint Venture with the largest bank in Bangladesh. These are defining wins for Intellect in the region and with the healthy trend of the deal sizes increasing consistently; we can predict better margins in product deals which will accelerate our vision of being a global Financial Technology leader."

R. Srikanth, President & CFO, Polaris Software, said, "Inspite of our high investment in R&D, we delivered sustained EBIDTA margins. We are revising our revenue guidance to US$ 430 million - US$ 440 million from US$ 425 million - US$ 435 million."

Read more at: http://www.polarisft.com/media/media-release/2011-july-press-release-Q1-FY-2011-12.pdf

Dwaipayan Deb
Tel: +91-9962536442
Email: [email protected]

SOURCE Polaris Software Lab Ltd.