POLARIS SOFTWARE - s.p. tulsian

For the year ended 31 March 2008, the total income was Rs 1,117.41 crore. Revenues from the sale of the Intellect range of banking products comprised 19.6% of total revenues, with 12 installations in areas like wealth management, credit cards and core banking solutions.


Operating profit (EBITDA) was Rs 136.30 crore and profit after tax (PAT) was Rs 73.21 crore. The company recorded 22% growth in total income in dollar terms. This is quite good considering that the rupee had appreciated during this period. The company posted a net profit of Rs.73.21 crore, and EPS for the year was at Rs.7.42 per share.

For the quarter ended 31 March 2008, total income was Rs 290.06 crore. Operating profit (EBITDA) was Rs 36.21 crore and profit after tax (PAT) was Rs 21.45 crore. The company billed the orders in Q4FY08 at Rs 39.83 a dollar, Rs 4.92 less than that the billing rate in the same quarter in the previous year. It has hedged the revenues for the FY09 at an average rate of Rs 40.07 against the dollar. The dollar is currently hovering in the range of Rs.42.60/42.80. The company has given a guidance of 20% CAGR for the current year.

Polaris bagged 14 new deals in the quarter including a master services agreement with a Fortune 10 bank in North America. It also increased its utilisation rate by 200 basis points to 76.55% on a q-o-q basis.

The board considered a proposal of buy-back of its equity shares and had discussions on this subject. In the course of the discussions, members drew attention to the real estate investments made by the company and suggested that best options to maximise shareholder value from these investments be explored. Accordingly the board decided to defer its decision on the buy-back of equity shares and appointed a committee to give recommendations to enable the board to take a decision at its next meeting.

Currently quoted at Rs.78, best to stay invested, what with the dollar improving against the rupee.
source s.p. tulsian

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