Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2019 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Research And Views Archives | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Archives... Don't Miss Anything, Ever!

Here you will find all the research and views that we post on Equitymaster. Use the tools to customize the results to suit your preference!


Polaris: Sticky issues

Dec 18, 2002

The domestic software services major, Polaris has been in the news again though for controversial reasons. The recent news has been that Polaris’ chairman and managing director (CMD) has been arrested in Indonesia. Mr. Arun Jain was arrested as a bank in Indonesia (Bank Artha Graha) filed fraud charges against him. Polaris had undertaken a contract worth US$ 1.3 m (Rs 637 m) from the Bank Artha Graha to implement a software solution covering central processing, disaster recovery and branch serve

Polaris: Holding ground

Oct 28, 2002

While Polaris’ numbers for 2QFY03 look very disappointing at the first glance, a deeper analysis reveals some positives. The steep 35% decline in bottomline has largely stemmed from a steep drop in other income. The revenues are up 8% QoQ.

Polaris: Unimpressive performance

Jul 31, 2002

The Polaris Group has posted a 5% sequential growth (QoQ) in revenues for 1QFY03. The numbers of Orbitech Solutions have not been merged with that of Polaris. A sharp decline in operating margins has caused the growth in net profits to be much lower at 2%. A YoY comparison indicates that there was hardly any growth in the group’s topline and bottomline. The revenues were down by 0.1%, while net profits moved up by 0.4%.

Polaris: Summer wedding

May 23, 2002

The long wait seems to be over. Polaris’ move to merge with OrbiTech Solutions is perhaps the first sizable merger in the IT space post the technology meltdown. The reason for the merger is very simple, the combined entity will have sales of around Rs 6 bn (US$ 125 m). This makes it the sixth largest software company in the country.

Polaris: Feeble growth

May 6, 2002

Polaris’ performance for the fiscal FY02 has been disappointing. For the full year, the company’s topline grew by a marginal 3%. Declining operating margins, increased depreciation costs and higher taxes caused bottomline to decline marginally during the year.

Polaris: Flat topline

Jan 24, 2002

Polaris Software’s performance for 3QFY02 is quite unimpressive. The company has posted a QoQ topline growth of 0.3%, while the net profits have dipped by 1%. On a YoY basis, the company’s revenues have declined by 3%. The fall in net profits has been steeper (9%) due to increase in depreciation and taxes.

Polaris: Can it deliver?

Dec 4, 2001

For FY02, Polaris has given the topline guidance in the range of Rs 3 to 3.2 bn. However, it seems very unlikely that the company will manage to achieve this, considering the fact that the third and the fourth quarters of FY02 are expected to be tougher for the software industry compared to the first half.

Polaris: Second rung performance

Oct 18, 2001

Polaris has posted a 0.7% sequential rise in revenues and a marginal dip of 0.9% in bottomline for 2QFY02. On a YoY basis, the company’s topline has grown by 12% and the bottomline has risen by 10%. There is a significant other income component, which fueled the net profit figure for the quarter. Excluding this, the company would have reported a 3% dip in net profits on a YoY basis

Polaris: Topline dips

Jul 23, 2001

In 1QFY02 Polaris has posted a sequential drop in topline of 9.7%. The net profits have declined by 15%. On a YoY basis the topline has grown by 35% and the rise in net profits is 41%. The extra-ordinary item is a prior period adjustment. Excluding this the fall in net profits would have been 18.5% sequentially.

Polaris: Recasting itself

Jun 6, 2001

Polaris clocked a topline growth of 81% for FY01 and is looking to grow to a size of Rs 10 bn by FY04. For FY01 the company had grossed revenues of Rs 2.6 bn. Therefore, the CAGR (compounded annual growth rate) required for the company to meet its objective is 56%. Looks quite achievable considering the fact that Polaris, traditionally, has grown at rates far higher than this. The lowest growth rate the company has clocked was for FY01. Also, the company derives almost 70% percent of its revenue

Polaris: Out of gas

Apr 23, 2001

Polaris has clocked a meek sequential (QoQ) growth of 6.3% in revenues and a rise of 9% in net profits. On a YoY basis the growth in topline is 68% for the 4QFY01 and the bottomline growth for the period is 60%. Considering the comparatively smaller revenue base of Polaris, the company's performance is lacklusture.

Polaris: Uninspiring performance

Jan 10, 2001

Polaris software has reported a quarter on quarter 20% jump in net profits with improvement in profit margins. The company's profits in the current quarter jumped by 90% compared to 3QFY00. The higher growth in profits was despite a drop of 32% in other income.However, niether the topline growth nor the operating margins where anywhere near the industry standards.

Polaris: A case of corrupt DATA?

Dec 15, 2000

Early this year, Polaris Software initiated a move to acquire a New Jersey based firm, DATA Inc., for a consideration of Rs 975 m. DATA Inc. provides software solutions for banking and financial sectors just like Polaris. The benefits of the acquisition for Polaris were global reach, better delivery facilities, ensuring shorter customer acquisition time and most of all a readymade global development center. However, the marriage was not meant to be.

Polaris: E= MC^3

Nov 30, 2000

Nothing wrong with the formula, only it is not by Einstein but by Arun Jain. No he is not a physicist, but the Chairman and Managing director of Polaris. According to the company

Polaris remarkable performance

Oct 19, 2000

Polaris software has reported a quarter on quarter 27% jump in net profits with improvement in profit margins.

Power packed performance by Polaris, But…

Jul 14, 2000

Most of you must be wondering why the But! Well, Polaris Software has indeed reported a YoY 125% growth in its net profits to Rs 110 m in 1QFY01 on a revenues of Rs 519 m. But compared to previous quarter (4QFY00), the company's profits declined by 3%. If one were to exclude the other income from the profits, the company has actually grown its profits by 17% to Rs 102 m.

Polaris net up by 150%.

Apr 20, 2000

The company went public during the current financial year and has utilised a sum of Rs 198 m towards setting uo software development centres near Navalur,Chennai and Gurgaon.

Polaris turnover up 121% on back of US operations merger

Jan 12, 2000

Polaris Software has registered an impressive turnover growth of 121% for the third quarter ended December 1999. However, this includes the turnover of the USA operations that have been included in the current quarter as branch operations. On a comparable basis the turnover has jumped 93%.

Polaris in alliance talks for banking software products

Jan 8, 2000

Polaris Software is in talks with an international software group for a strategic alliance. The proposed alliance would jointly work on developing new products in the banking domain. It would be Polaris, which would hold the intellectual property rights for the international version of the products.

Infotech push to the IPO market

Jan 5, 2000

The primary markets mobilised Rs.22.37 bn in 1999 almost five times of the amount raised in 1998. Almost 62% of the amount i.e. Rs.13.77 bn was contributed by the infotech sector with another 22% by the banking sector.

Get the Indian Stock Market's
Most Profitable Ideas

How To Beat Sensex Guide 2019
Get our special report, How to Beat Sensex Nearly 3X Now!
We will never sell or rent your email id.
Please read our Terms