Thursday, April 28, 2011

BWI: Polaris Grows 9% q-o-q; Quarterly Revenues Poised to Cross $100 Million

Press release from Business Wire India
Source: Polaris Software Lab Limited
Thursday, April 28, 2011 04:56 PM IST (11:26 AM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Financial Analyst, Information technology, Media & entertainment; Technology
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Polaris Grows 9% q-o-q; Quarterly Revenues Poised to Cross $100 Million
IntellectTM Revenues Cross Rs 100cr for the Quarter

Chennai, Tamil Nadu, India, Thursday, April 28, 2011 -- (Business Wire India) -- Polaris Software Lab Limited (POLS.BO), a leading global Financial Technology company, today announced the fourth quarter and annual results for FY 2010-11. The company delivered strong and stable results led by impressive product wins, multiple large engagements with leading Tier 1 global banks & financial institutions and further consolidated its market presence in key business geographies.

Key Performance metrics

For the quarter ended 31 March 2011, Revenue grew by 9% Q-o-Q to Rs. 437.53 crore from Rs. 399.9 crore and 25% Y-o-Y to Rs. 437.53 crore from Rs. 351.04 crore. Profit after Tax (PAT) grew by 15% Q-o-Q to Rs. 57.58 crore from Rs. 50.13 crore and 26% Y-o-Y to Rs. 57.58 crore from Rs.45.74 crore.

In dollar terms, Revenue grew by 8% Q-o-Q to 96.67 million from USD 89.12 million and 27% Y-o-Y to USD 96.67 million from USD 76.41 million. Profit after Tax (PAT) grew by 14% Q-o-Q to USD 12.72 million from USD 11.17 million and 28% Y-o-Y to USD 12.72 million from USD 9.96 million.

For the year ended 31 March 2011, Total income grew by 21% to Rs 1612 crore from 1327 and Profit after Tax (PAT) grew by 32% Y-o-Y to Rs. 202 crore from Rs. 153 crore.

In dollar terms, Total income grew by 26% to USD 354 million from USD 280 million and Profit after Tax (PAT) grew by 38% Y-o-Y to USD 44 million from USD 32 million.

The Board of Directors recommended a dividend of Rs 4.50 per share (90%) on the equity share capital of the company for fiscal 2011.

Highlights for the quarter ended March 31, 2011

. IntellectTM revenues crossed Rs 100 crore, and 16 new IntellectTM wins were recorded in the quarter

. Subsequent to the huge traction we saw after Sibos, we incrementally invested Rs 7 crore in Sales & Marketing.

. The Days Sales Outstanding (DSO) stood at 45 days, reflecting high customer satisfaction and extreme execution

. Offshore revenue increased by 148 basis points at 57.71%, showing an increase of 13% sequentially in dollar terms, representing a strong Global Delivery Model

. Cash and cash equivalents stood at Rs. 514 crore at the end of the quarter

. The company is consistently converting EBITDA into free cash

. Americas contributed 44%, Europe 24%, IMEA 14% and Asia Pacific 18% of the quarter revenues.

A strategic investment into a US based company, IdenTrustTM marked the company's entry into the challenging world of cloud computing. IdenTrustTM, a global leader in identity authentication solutions helped complete Polaris' suite by bringing the critical security element into its highly comprehensive Financial Infrastructure solutions.

In a year that stood for 'Promises Delivered' Polaris signed off the year on a high note by meeting all the expectations that were set in the previous quarters.

IntellectTM Business

IntellectTM registered 16 wins during the fourth quarter, and IntellectTM sales contributed to 23% of the quarterly revenue.

Polaris signed 8 transformational deals in the quarter across verticals and geographies. The big ticket wins included a leading global bank which picked Polaris' IntellectTM Liquidity for its Cash and Trade Management solutions for the APAC region. IntellectTM Liquidity was the solution of choice for two other leading banks in Europe. One of the top 10 global banks chose our Funds Control solution, while another picked IntellectTM Receivables Management to enhance their Corporate Banking services.

Insurance business saw 3 marquee deals in the quarter, from the largest players in Europe. IntellectTM Claims went live with one of the most reputed Life Insurance providers in India, and simultaneously, IntellectTM Claims 2.0 went live in both Life and P&C segments at one of Australia's leading Insurance providers.

FT Sourcing (Managed Services)

Polaris signed three large deals with top global banks based out of the US. In order to meet the demands of a large managed service business, we expanded our facilities across the country. The company opened an office in Bengaluru to support key clients and the Pune facility added another 200 seats. Two new facilities opened at Chennai will soon be ready to have a combined seating capacity of around 3000.

Continued investment in R&D

Polaris has launched a Mobile Banking Centre of Excellence, as part of its state-of-the art Technology Delivery and R&D Centre in China. This Mobile CoE will address the needs of the Mobile Customer and will further enhance Polaris' capabilities in the Mobile Banking space. It includes an Application Certification and Testing Centre which allows banks and other financial institutions to automate the testing of Business Applications.

As part its commitment to research and innovation, Polaris filed for 4 patents and 9 trademarks in India.

Awards and Recognition

Polaris has consistently been recognized and awarded by analysts and other influencers, while the product's technical superiority was feted with prestigious awards.

. Polaris received two prestigious 'Technology Implementation Awards' at the 5th Asian Banker Awards. The company won the 'Best Core Banking Implementation for Small-Sized Banks' for its implementation at Saigon Hanoi Bank (SHB) for competently managing the risks during the project implementation stage, enabling the bank to scale up its operations. Polaris also won the 'Best Banking Application' award for developing a multi-country single-instance application that integrated front to back-end operations and provided actionable information for relationship managers at SAMBA Financial Group

. Our inclusive CSR initiative SAMPADA (Special Appreciation & Mentoring Program Acknowledging Differently Abled) was awarded the Best CSR Practice Award, at the 6th BSE Social and Corporate Governance Awards held in Mumbai in the month of February.

. Polaris has been certified by American Society for Training & Development (ASTD), the world's largest association dedicated to workplace learning and performance professionals as a 'Champion of Learning' for its contribution towards imparting learning programs among employees throughout the organization.

Arun Jain, Founder, Chairman & CEO, said, "The clear mission we set for ourselves 3 years ago was Repeatable Predictable Profitable Growth, with single minded focus on taking leadership in the Financial Technology space. I must thank the Polaris Leadership team for demonstrating sustained results over the last 12 quarters, both in terms of higher customer satisfaction and superior product innovation. Our sales funnel has grown from $300 Million to $610 Million this year, reflecting our emphatic positioning as a Global Financial Technology Leader."

Govind Singhal, President & COO, Polaris Software., said, "Our pro-active investments in account management and moving the business to managed services has helped us to grow over 28% in the Top 20 accounts. With our growth engines firing on all cylinders, we kept our focus on impeccable execution."

R. Srikanth, President & CFO, Polaris Software, said, "At the end of this fiscal, I am happy to see that our team has delivered on our EPS guidance at 32% (Rs. 20.43), along with building a huge traction for next year. We are confident of having revenue growth between 22 - 25% in the coming year, ahead of the industry growth average."

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 10,000 solution architects, domain and technology experts. The company owns the largest set of Intellectual Properties in the form of a comprehensive product suite, IntellectTM 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 visit http://www.polarisFT.com/

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 fourth quarter ended March 31, 2010 and respond to questions from participants. The conference call will take place at 17:00 Hrs IST on Thursday, April 28, 2011.

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, http://www.polarisFT.com/ in the investor section.

The dial numbers to join the conference call

Conference Name : Polaris Q4-2010-11 Investor Earnings Call
Date : 28th April 2011
Time : 17:00 HRS IST
Conference ID : 62017259


ACCESS NUMBERS

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
US and Canada : Primary Access Toll free Number : 18663944523


REPLAY : [28th April 2011 to 30th April 2011]
Replay ID/Conference # : 62017259
Primary Access Number : 02230360400

To view the Financial Results table, please click on the link given below:

Financial Results for the Fourth Quarter and Year Ended March 31, 2011
For picture(s)/data to illustrate this release click below:

http://www.BusinessWireIndia.com/attachments/Financial Results for the Fourth Quarter and Year Ended March 31, 2011.pdf
Financial Results for the Fourth Quarter and Year Ended March 31, 2011.pdf


CONTACT DETAILS
Dwaipayan Deb, Polaris Software Lab Limited, +91 9962536442, dwaipayan.d@polaris.co.in

KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, Financial Analyst, IT, MEDIA, TECHNOLOGY

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