Polaris Financial Technology Ltd., on Tuesday, reported an eight per cent increase in its net profit at Rs.59.81 crore in the second quarter ended Sepember 30, 2013, against Rs.55.13 crore in the corresponding period in the previous year. Revenue has risen by 7 per cent to Rs.643.37 crore from Rs.599.08 crore.
Arun Jain, Founder, Chairman and Group CEO, said, “This was the first complete quarter after we announced our restructuring in June 2013. This quarter has shown green shoots of growth after a few flat quarters. We are in the right direction, and poised to deliver greater value to the financial services industry with products and services designed for unprecedented operational productivity.”
Nat Narayanasamy, Group CFO, said, “We have successfully completed the divestment of IdenTrust with a positive impact of about Rs.14 crore on a consolidated basis. We continue to keep our cash focus, and have maintained a cash position of over Rs.500 crore.”