Polaris Financial Technology, which is in the midst of a company-wide restructuring, on Tuesday, reported a 29.3 per cent decline in net profit (consolidated) at Rs. 43.2 crore for the first quarter ending June 30, 2013. The company had reported a net profit of Rs. 61.6 crore in the corresponding period in the previous year.

Net income from operations stood at Rs. 567.96 crore against Rs 569.31 crore in the period under reference.

“It has been a challenge to manage the changing paradigm, along with our growth , investment and profitability agenda. The team has still been able to drive some growth in top line and EBITDA, while managing the structural changes that we are going through,” Chairman and CEO Arun Jain said, in a statement.

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