Wednesday, April 30, 2014

BWI: LANXESS Director Featured in ‘India’s Top 40, Under 40’ Business Leaders by ET-Spencer Stuart

Source : LANXESS India Private Ltd.
Wednesday, April 30, 2014 8:00PM IST (2:30PM GMT)
LANXESS Director Featured in 'India's Top 40, Under 40' Business Leaders by ET-Spencer Stuart
Mumbai, Maharashtra, India

Mr. Neelanjan Banerjee, Senior Executive Director, LANXESS India Private Limited has a new feather in his cap this year. A joint study by The Economic Times and Spencer Stuart, has come up with a list of top 40 business leaders in India who are under the age of 40. This award was handed over to Banerjee at a grand ceremony in Mumbai, on April 29, 2014 by Mr. Deepak Parekh, Chairman, HDFC, who chaired the jury. The ceremony had an august audience comprising of select business leaders and board members.

With the goal of recognizing the next generation of leaders, Spencer Stuart collaborated with the Economic Times, to identify 40 leaders under 40 who are the crème-de-la-crème of India Inc’s young upcoming leadership and are potential contenders for the CEO’s office. The selection of the 40 was undertaken by a distinguished jury of eminent leaders, through an extremely rigorous process.

As part of the process, Spencer Stuart drew up a rather long-list of 2000 leaders, each of whom were assessed on predetermined criteria to identify 80 candidates that were presented before the jury, who then decided on the final list of 40 candidates. To arrive upon the short-list, each candidate was assessed against quantitative and qualitative parameters. The quantitative parameters comprised of outcomes that are measurable, whereas qualitative parameters were focused around impact created on their respective business via softer aspects of leadership like managing people, ethics and transparency, governance, contribution to the ecosystem, any exceptional achievements to their credit among others.

The panel of jury members included eminent personalities like Anjali Bansal, Managing Director, Spencer Stuart India; Subodh Bhargava, Chairman, Tata Communications; Sanjeev Bikhchandani, Chief Executive Officer and Co-Founder, Info Edge India; Harish Manwani, Global Chief Operating Officer, Unilever, Non-Executive Chairman, Hindustan Unilever Ltd.; D Shivakumar, Chairman and Chief Executive Officer, PepsiCo India and Janmejaya Sinha, Chairman, Boston Consulting Group, Asia Pacific. 

On this occasion, Banerjee expressed, “I consider myself fortunate to have received this award. I am thankful to LANXESS to have given me a platform to lead from the front, make my own decisions, realize my vision for my business and empower teams to achieve greater heights every day. I have enjoyed my journey of over seven years so far at LANXESS and am thankful to The Economic Times, Spencer Stuart and all my colleagues at LANXESS across functions who have made this possible.”

Banerjee has been the Senior Executive Director of LANXESS India Private Limited and Senior Vice President of the business unit Advanced Industrial Intermediates (AII) since January 2011. In the year 2013, BU AII accounted for approximately forty percent of LANXESS sales in India which was made possible under his leadership. He has spearheaded the growth of the BU AII in India by an impressive ten times in the past seven years.

He has also attended management development programmes organized by LANXESS in USA in 2008 and in Germany in 2009.

Backed by a Bachelor’s degree in engineering, he has an overall experience of around sixteen years in the area of sales, marketing, business development and operations.

Other awardees included senior management representatives from a wide spectrum of industries. To name a few,  President - Indigo Airlines, Managing Director - Syngenta India, Managing Director – Investment Banking, Morgan Stanley, Head – Consumer Goods AP, Google, Global Head – Accounting Advisory, KPMG, President – Honeywell India and Managing Director - Walt Disney India were some of the other prominent names in the list.

LANXESS is a leading specialty chemicals company with sales of EUR 8.3 billion in 2013 and roughly 17,300 employees in 31 countries. The company is currently represented at 52 production sites worldwide. The core business of LANXESS is the development, manufacturing and marketing of plastics, rubber, intermediates and specialty chemicals. LANXESS is a member of the leading sustainability indices Dow Jones Sustainability Index (DJSI) World and FTSE4Good as well as the Carbon Disclosure Leadership Index (CDLI).

Forward-Looking Statements:

This news release may contain forward-looking statements based on current assumptions and forecasts made by LANXESS AG management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Information for editors:

All LANXESS news releases and their accompanying photos can be found at Recent photos of the Board of Management and other LANXESS image material are available at The latest TV footage, audio files and podcasts can be found at

You can find further information concerning LANXESS chemistry in our WebMagazine at
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Photo Caption: Mr. Neelanjan Banerjee Receiving the Award from Mr. Deepak Parekh

Media Contact Details

Sunder Rajan, General Manager and Head of Corporate Communications LANXESS India Private Ltd., ,+91 (22) 25871540 ,

Rhituparna Mitra, Manager – Public Relations LANXESS India Private Ltd., ,+91-9619171456 ,+91 (22) 25871553 ,

Vaishali Mandlik, Executive – Corporate Communications LANXESS India Private Ltd., ,+91-9619373988 ,+91 (22) 25871559 ,


KEYWORDS: Business/ Finance:Advertising, PR & marketing, Business Services, Chemicals & Plastics, Heavy industries, Major diversified industrial groups, Manufacturing Companies, Media & Entertainment;General:Consumer interest, People


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BWI: Polaris Financial Technology Announces Q4 FY 14 and Annual Results

Source : Polaris Financial Technology Ltd.
Wednesday, April 30, 2014 6:02PM IST (12:32PM GMT)
Polaris Financial Technology Announces Q4 FY 14 and Annual Results
Chennai, Tamil Nadu, India

Polaris Financial Technology Limited, a leader in products, solutions and services that enable unprecedented operational productivity for the global Financial Services industry, today announced its fourth quarter and annual results for FY14.
A defining period
The company announced the next major phase of growth, Polaris 4.0, as the culmination of Lakshya, its annual visioning exercise in January 2012. Since then, the company has taken measured steps in four stages leading to the decision to de-merge the Products (Intellect) business.
The demerger of the Products business is a decisive step to unlock the potential of the company to respond to emerging opportunities in Financial Technologies in the coming decade. It is a win-win for customers, employees and investors alike. From a customer perspective, the new structure aligns investments, competencies, decision making and processes to drive the next level of value creation. Customers will be able to enjoy deeper focus for specific needs, say Services, while being able to accelerate the transformation agenda with next-gen Products.
From the employees perspective, alignment to individual talents and interests will become a lot sharper, opening up clear streams for career advancement. From an investor’s perspective, shareholders will get an additional share of Intellect, a new horizon business. Expanded leadership capacity, greater customer centricity and sharper focus will drive higher value in both businesses.
The company filed the Scheme of Demerger with the Stock Exchanges and SEBI in March 2014. After demerger, and subject to approval from regulatory authorities and shareholders, the Product Company will be known as Intellect Design Arena Ltd (Intellect) and comprise of four distinct businesses: Global Universal Banking, Risk and Treasury Management, Global Transaction Banking and Insurance. Polaris Financial Technology Ltd (Polaris) will continue to run the Services business with a strong vertical and solution focus.
The Services business is a predictable, growing business with revenues of around Rs. 2,000 Crores, and EBIDTA of Rs. 364 Crores ($60 mn) annually, generating over Rs. 200 Crs in cash.
Intellect Design Arena will have over 22 products, generating revenues of over Rs. 500 Crs. annually and with reference sites in 30 countries with more than 200 customers. It is poised for growth and needs investments in Sales and Business leadership teams in the coming year. Intellect suite has industry defining products in the SMAC space to drive growth. All R&D costs for building the 22 products have been fully expensed out. 
As the nature and DNA of the two businesses are fundamentally different, we are presenting their performance and results separately. This will also give Investors better insight and understanding of the respective businesses.  The first part of this release covers the Services business, the second part covers Products, and the third captures the consolidated view.


Services business grows 18% YoY
Polaris' Service business is characterised by deep domain expertise in Financial Technology, a strong solutions mindset and a signature competency in designing, developing and supporting mission critical applications for banks, financial institutions and Insurance majors across the globe. For over two decades the company has delivered  serious value to its clients, helping them unravel the complexities of rampant innovation, global ambitions, disparate legacy technology, dynamically evolving regulations and the often contradictory demands of Run-the-business and Change-the-business requirements. With Design Thinking as a strong differentiator, Polaris drives unprecedented productivity gains through innovation and execution excellence in the areas of Customer Experience, Operations, Performance, Analytics, Risk Management, Integration and Security. The business is poised to leverage a vast canvas of opportunities available for a specialist player broadly in the areas of Digital Banking, Payments and Risk Management.
Services Performance Highlights
For the quarter ended 31st March, 2014:
  • Quarter revenues grew 18% Y-o-Y to Rs. 515 crore from Rs.438 crore
  • EBITDA stood at Rs. 93 crore, registering 13% Y-o-Y growth
  • PBT ( before Other Income/Deductions) stood at Rs. 82 crore registering 24% Y-o-Y growth
  • Two new client wins in Q4 FY14; 150 active clients
For the year ended 31st March, 2014:
  • Revenues grew 10% Y-o-Y to Rs. 1,966 crore, 79% of consolidated revenues
  • Gross margins stood at 32%
  • EBITDA stood at Rs. 364 crore
  • PBT ( before Other Income/Deductions) were at Rs. 313 crore registering 4% Y-o-Y growth
  • 11 new client wins in FY14
Significant Deal Wins
Polaris Services’ fourth quarter revenues were distributed across all geographies with the Americas contributing 56%, Europe 20%, India 6% and Rest of the World 18%.The quarter saw two significant deal wins for the Services business:        
  • A leading US based bank offering a wide range of banking solutions and services from Customer Deposits, Working Capital Loans, Term Loans to Trade Finance and Corporate FX chose Polaris to upgrade its third-party Corporate Banking Platform for its extensive US operations
  • One of the largest full-service universal banks in the APAC region offering products and services to Retail and Corporate markets chose Polaris to upgrade its Mobile Banking applications, given Polaris’ extensive implementation experience and robust frameworks.
                                                                                          Rs. Crore
March 31, 2014 December 31, 2013 March 31,
March 31, 2014
March 31,
514.93 497.03 437.54 1,966.53 1,780.37
Software Dev Exp
352.60 340.74 298.74 1,340.82 1,185.19
Gross Margin
162.32 156.29 138.79 625.72 595.18
Gross Margin  % 31.5% 31.4% 31.7% 31.8% 33.4%
SG&A Costs 69.37 66.94 56.63 261.80 231.74
92.96 89.35 82.16 363.92 363.44
EBITDA % 18.1% 18.0% 18.8% 18.5% 20.4%
R & D Costs 2.84 0.99 6.89 17.22 26.49
Deprn & Finance Charges 8.16 8.34 9.06 34.03 35.12
Profit 81.95 80.03 66.22 312.66 301.83

Services - Awards and Recognitions
Polaris Services business continues to be recognized and awarded by analysts and other industry influencers.
Everest Group rated Polaris Services as Major Contenders in Europe PEAK Matrix for Banking AO (Application Outsourcing) Relationships. The positioning reflects Polaris FT capabilities in terms of scale, scope, technology / domain investments, delivery footprint, buyer satisfaction, and resultant market success in the context of a given outsourcing function. 

Intellect (Products) grows 28% YoY
Annual Revenues grow 14%
Intellect offers advanced and integrated enterprise platforms for Banking and Insurance with a comprehensive portfolio of products around Consumer Banking, Transaction Banking, Risk & Treasury Management and Insurance. With its robust next generation architecture and rich functionality, the products are uniquely designed to reduce complexity and connect the dots between Business, Technology and Operations. Intellect also offers innovative Insurance products through its SOA based component library and dedicated Center of Excellence for Insurance that covers Life, Annuity, Property & Casualty and Specialty lines. Americas & Europe constitute 47% and growth markets contribute 53% of Intellect revenues. The Intellect suite of products has been feted in over 50 Analyst reports in FY 14
Intellect Performance Highlights
For the quarter ended 31st March, 2014:
  • Quarter revenues grew 28% Y-o-Y to Rs. 131 crore
  • EBITDA stood at Rs. 16 crore
  • 20 new client wins in Q4 FY14
For the year ended 31st March, 2014:
  • Revenues grew 14% Y-o-Y to Rs. 533 crore, 21% of consolidated revenues
  • Gross margin for Intellect stood at 53%
  • EBITDA stood at Rs. 90 crore
  • 45 new client wins in FY14
Significant Deal Wins
The quarter saw 20 wins for Intellect. Some of the significant deals include:
  • A leading Central Bank in Europe which formulates monetary policy to maintain price stability chose Intellect® Quantum Collateral Management System (QCMS) to manage their initiatives to provide liquidity against a wide range of cross currency collaterals spread across countries.
  • The Trade division of a UK-based global financial services provider with a rich banking history of over 300 years chose to leverage the Payment product from the iGTB suite to accelerate their growth.
  • One of the leading banks in the UAE with a wide network of branches across the Emirates, upgraded its existing system with Intellect Debt Management Platform.
  • A leading Saudi Arabian bank chose Intellect Corporate Business Exchange (CBX), a leading product in the Digital Banking space, to power its product offerings across Desktop and Mobile applications. 
  • A leading scheduled commercial bank in India that provides a wide range of banking services chose the Intellect Cash Management product from the iGTB suite to launch its cash management operations across the country.
  • A leading Canada-based financial institution that provides a complete range of financial products and services globally revamped its central research portal using the Canvas* Technology framework
  • A leading Payment provider in the US, rated among the top five global payment providers, chose Intellect  to streamline its core business processes for merchant onboarding, credit card acceptance, vouchers and charge back processing. The solution will enable the client to provide world-class services for over one million merchant customers through the HUB** technology framework.
*Canvas - Future Banking Technology from FT 8012***, the company's unique design center, that drives front office efficiency. For more details, please refer
** Hub - Future Banking Technology from FT 8012, the company's unique design center, that drives back office efficiency. For more details, please refer
*** FT 8012 - World's first design center dedicated to Financial Technology. For more details please refer
Intellect’s Fourth Quarter revenues were distributed across all geographies with the Americas contributing 15%, Europe 32%, India 15%, and Rest of the World 38%.
                                                                           Rs. Crore
  Products  (Intellect) QUARTER ENDED YEAR ENDED
March 31, 2014 December 31, 2013 March 31,
March 31,
March 31,
130.57 146.36 102.32 532.53 466.10
Software Dev Exp
65.01 65.28 50.48 250.06 228.53
Gross Margin
65.55 81.09 51.84 282.47 237.57
Gross Margin  % 50.2% 55.4% 50.7% 53.0% 51.0%
SG&A Costs 49.88 49.22 41.78 192.41 161.61
15.67 31.87 10.05 90.06  
EBITDA % 12.0% 21.8% 9.8% 16.91% 16.3%
R & D Costs 22.62 22.06 19.41 87.03 79.05
Deprn & Finance Charges 5.32 5.01 4.25 20.12 17.18
Profit (12.26) 4.80 (13.61) (17.09) (20.26)

*Product Revenue numbers reported does not include revenue from Identrust (divestment executed in Sep’2013

Intellect - Awards and Recognitions
Intellect has consistently been recognized and awarded by analysts and other industry influencers. Some of the recognitions received in the last quarter were:
  • Intellect CBS won XCelent Customer Base Award for Eastern Europe, Middle East, and Africa (EEMEA)
  • Intellect FABX recognized as Leading Vendor & All-Rounder by My Private Banking report : Mobile Apps for Financial Advisors 2014
  • Intellect RISK HUB profiled amongst Global Vendors in Forrester Report
  • iGTB products rated among Global Best in Commercial Banking orchestration layer solutioning in Tower Report
  • Intellect CLAIMS (Life & Disability) featured among Global Best Insurance Claims BPM Solution Providers by Aite Group

Polaris Annual Revenues Cross Rs. 2500 Cr
Board recommends 125% Dividend for FY14
Performance Highlights
For the quarter ended 31st March, 2014:
  • Quarter revenues stood at Rs. 645 crore, registering 16% Y-o-Y growth
  • EBITDA grew by 17% Y-o-Y to Rs. 109 crore from Rs. 93 crore
  • Profit After Tax (PAT) stood at Rs. 45 crore
For the year ended 31st March, 2014:
  • Revenues grew by 10% Y-o-Y to Rs. 2528 crore from Rs. 2308 crore
  • Excluding IdenTrust (divested in Sep 13) Revenues are Rs. 2499 Cr
  • Operating Profit (EBITDA) stood at Rs. 454 crore registering 7% Y-o-Y growth
  • Profit after Tax (PAT) for the year ended 31st March 2014 stood at Rs. 199 crore
  • Cash and cash equivalents stood at Rs. 691 crore as of 31st March 2014 as compared to Rs. 490 crore on 31st March 2013
  • EPS for the year stood at Rs. 20.01
  • The Board of Directors have recommended to the shareholders a Final Dividend of 125% (Rs. 6.25/- per equity share) for the Financial Year ended 31st March, 2014.
Management Statement
Arun Jain, Executive Chairman, Polaris Financial Technology Limited said, “We restructured the company into independent Services and Product businesses, with the clear objective of moving to a customer centric organization, and to propel the next level of growth and value creation. Despite the major restructuring exercise the company has undertaken, we have been able to protect our revenues and sustain margin levels.  Our sweet spot in the Services business will be around Digital Banking, Payments and Risk Management. We have three flagship products in Consumer Banking, three in Global Transaction Banking, two in Risk & Treasury management and two Products in Insurance that will drive the Products business’ growth in the coming year”.        
S Swaminathan, CFO, Polaris Financial Technology Limited said, “We had excellent collections in the last quarter and were able to generate additional cash of over Rs. 170 Cr, bringing the cash position to Rs. 691 Cr after payout of Rs. 54 Cr towards the PCFC loan. Profit after tax was at Rs 199 Cr after absorbing hedging losses of Rs. 104 Cr. We expect to see an upside to EPS in the coming year as hedging losses move out”. 

Financial Results for the Fourth Quarter Ended March 31, 2014

POLARIS FINANCIAL TECHNOLOGY LIMITED (Formerly known as Polaris Software Lab - Group)
Audited consolidated financial results for the Fourth Quarter ended March 31, 2014 prepared as per Indian GAAP                                                                                                                                                     
                                                                                                                                                                      Rs. Lakhs
March 31, 2014 December 31, 2013 March 31,
March 31, 2014
March 31,
Gross Income from software services, products and Business Process Management
                  64,549.22                     64,339.96                 55,473.01                 249,906.65                 230,833.36
Income from Operations                   64,549.22                     64,339.96                 55,473.01                 249,906.65                 230,833.36
Software development expenses
                  41,761.95                  40,602.30                 35,714.13                 159,088.85                 145,672.43
Selling & Marketing and  General & Administrative expenses
11,924.40 11,615.34 10,469.18 45,420.84 42,741.64
Total Expenditure                   53,686.35                     52,217.64                 46,183.31                 204,509.69                 188,414.07
Profit before interest, depreciation & amortisation
                  10,862.87                     12,122.32                   9,289.70                   45,396.96                   42,419.29
Research & development expenses
                    2,545.67                       2,305.11                   2,629.59                   10,423.99                   10,772.77
Depreciation/ Amortisation
                 1,332.81                    1,306.26                   1,390.46                     5,292.18                     5,369.09
 Finance Charges                       15.53                         27.96                     57.94                     123.85                        249.08
Profit after interest, depreciation & amortisation
                    6,968.86                       8,482.99                   5,211.71                   29,556.94                   26,028.35
Forex impact on Hedge accounting (AS30)                   (2,609.80)                     (2,915.84)                  (1,189.05)                 (10,439.89)                   (4,970.26)
Other Income including exceptional items
                    402.63                       955.28                      902.33                  4,759.38                     3,250.86
Minority Interest/ Share of profit/(loss ) of Associate Companies
                    175.38                       (24.83)                      452.01                          11.55                        675.04
Profit before tax                     4,937.07                       6,497.60                   5,377.00                   23,887.98                   24,983.99
Provision for taxation                      395.22                    1,422.09                      993.22                     3,968.78                     4,903.67
Profit after tax                     4,541.85                       5,075.51                   4,383.78                   19,919.20                   20,080.32

*** Instead of line wise consolidation of the financial results of IdenTrust Inc up to the date of divestment, the net impact on the divestment has been considered in ‘Other Income including exceptional items.
As a result, the function wise classification for the year ended 31 March 2014 is not comparable with the previous year and with the audited Consolidated financial results for the year ended March 31, 2014

Investor Conference Call

The Board of Directors of Polaris Financial Technology Limited met on 30th April 2014, to take on record the financial results of the company for the Fourth Quarter & Year ended March' 31, 2014.
Polaris Financial Technology Ltd. will host an Investors Conference Call on 30th April 2014, where the Senior Management of Polaris will comment on the company’s performance during the Fourth Quarter & Year ended March 31, 2014 and respond to questions from participants. The conference call will take place at 17:00 Hrs IST on Wednesday, 30th April, 2014.
The dial-in numbers to join the conference call:

Conference Name                     :           Polaris Investor Earnings call for Q4 & FY2013-14
Date                                         :           30th April, 2014
Time                                        :           17:00 HRS IST
Conference ID                          :           31750390
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
INDIA                                        :           Primary Access Toll free Number           : 180030131313
HONG KONG                            :           Primary Access Toll free Number           : 800901420
SINGAPORE                             :           Primary Access Toll free Number           : 8001011906
US and Canada                         :           Primary Access Toll free Number            : 18663944523
UK                                            :           Primary Access Toll free Number            : 08081681758
About Polaris Financial Technology Ltd

Polaris Financial Technology Limited is a global leader in Financial Technology for Banking, Insurance and other Financial Services. With over 25 years of expertise in building a comprehensive portfolio of products, smart legacy modernization services and consulting, Polaris owns the largest set of Intellectual Properties for a comprehensive product suite, Intellect® Global Universal Banking (GUB) M180. Intellect® is the world's first pure play Service Oriented Architecture (SOA) based application suite for Retail, Corporate, Investment banking and Insurance. Its acclaimed products, solutions and services enable unprecedented operational productivity for the global Financial Services Industry by Building, Maintaining, Expanding and Extending highly complex and Integrated Financial Technology Infrastructure.
This makes Polaris the chosen partner for 9 of the top 10 global banks and 7 of the top 10 global insurance companies. The company has a global presence through its 40 relationship offices across 30 countries, 6 international development centers and 8 fully owned Business Solution centers. Polaris has a talent strength of over 12,000 solution architects, domain and technology experts. For more information, please visit

Media Contact Details

Nachu Nagappan, Polaris Financial Technology Ltd., ,+91-8939619676 ,

Praveen Malik, Polaris Financial Technology Ltd., ,+91-8939782837 ,


KEYWORDS: Business/ Finance:Banking & Financial services, Business Services, Financial Analyst & Investors, Information Technology, Stock Exchanges, Technology;General:People


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