Polaris Financial Technology on Wednesday said its consolidated net profit has increased 3.6 per cent to Rs. 45.41 crore in the quarter ended March 31, 2014.
This is against a net profit of Rs. 43.83 crore in the January-March 2013 quarter, Polaris said in a statement.
The company’s revenues grew 16.3 per cent to Rs. 645.49 crore for the said quarter from Rs. 554.73 crore in the corresponding quarter last year.
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For the fiscal ended March 31, 2014, Polaris saw net profit dipping marginally to Rs. 199.19 crore, while revenues grew 8.2 per cent to Rs. 2,499.06 crore compared to the previous fiscal.
“Profit after tax was at Rs. 199 crore after absorbing hedging losses of Rs. 104 crore. We expect to see an upside to EPS in the coming year as hedging losses move out,” Polaris Chief Financial Officer S. Swaminathan said.