BackPolaris Q3 net profit falls 20.7% to Rs39 crore
Revenue during the period was flat at `476 crore, compared with `476.7 crore in the September quarter
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Mumbai: Chennai-based software services provider Polaris Consulting and Services Ltd on Thursday reported a sequential drop of 20.7% in the December quarter as revenue slumped.
The company posted a net profit of ₹ 39 crore, against ₹ 49.2 crore in the September quarter. Revenue during the period was flat at ₹ 476 crore, compared with ₹ 476.7 crore in the September quarter.
The company, earlier known as Polaris Financial Technology Ltd, said in a statement that “the current year financials are not comparable with the previous year financials, consequent to the demerger of the product business during the current year."
On 25 September, Polaris Financial Technology Ltd received approval from the Madras high court to spin off its products business into a separate entity called Intellect Design Arena Ltd. On 18 December, Intellect Design Arena Ltd listed on the NSE and BSE. The company assumed its current name on 21 October.
During the December quarter, Polaris added five new clients, and its active client count stood at 152, as of 31 December 2014. Total headcount as of 31 December stood at 8,640, including 1,277 BPO executives. Attrition for the quarter was 18.1%.
The results were announced after market hours.
On Thursday, Polaris shares rose 2.19% to ₹ 170.05 on BSE, while the exchange’s benchmark Sensex gained 0.41% to 29,006.02 points.
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