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Polaris turnover up 121% on back of US operations merger - Views on News from Equitymaster
 
 
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  • Jan 12, 2000

    Polaris turnover up 121% on back of US operations merger

    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 focuses on the banking, financial and insurance sectors, which yield around 60% of the company’s revenues. The company has a strong association with the Citibank group which accounts for 35% of the its revenues in FY99.

    (Rs m) 3QFY2000 3QFY1999 Change
    Income from operations 392.9 162.9 141.2%
    Other Income 18.1 -  
    Expenditure 313.5 120.8 159.5%
    Interest - 0.4 -100.0%
    Depreciation 6.8 2.2 209.1%
    Profit before Tax 90.7 39.7 128.5%
    Tax 3.0 -  
    Profit after Tax 87.7 39.7 120.9%
    Net profit margin 22.3% 24.4%  

    The operating margins (excluding other incomes) however, seem to be under pressure if one were to compare with the performance of the corresponding quarter of the last year from over 25% to 20% in the latest quarter.

    However the company has managed to more than double its bottomline primarily on the back of other income of Rs.18.1 million.

     

     

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