BackPolaris Financial Tech profit falls 15.6%; shares dive
The software company posted net profit of Rs38.3 crore for the June quarter compared with Rs45.4 crore a year ago
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Chennai: Polaris Financial Technology Ltd reported a 15.6% fall in consolidated net profit for the quarter ended 30 June as it earned less revenue and paid higher tax. Polaris shares fell as much as 8% after the results that missed estimates.
The Chennai-based software company posted a net profit of ₹ 38.3 crore for the June quarter compared with ₹ 45.4 crore in the year-ago period. Analysts polled by Bloomberg had estimated a net profit of ₹ 50.9 crore.
Consolidated net sales earned ₹ 601.8 crore, down from ₹ 619.4 crore a year ago. Analysts polled by Bloomberg had expected sales to grow to ₹ 638.9 crore
“The challenge during the last quarter has been to strike a balance between investing for growth and managing costs. We have ensured that we continued to generate cash, while ensuring investments to build the base required for each line of business to grow, particularly in the areas of sales and marketing," said chief financial officer S. Swaminathan.
At 2:21pm, Polaris shares were trading at ₹ 215.80, down 6.84%, while the benchmark Sensex was trading marginally higher at 26,066.79 points, up 0.16%.
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