To maintain 10% growth rate For the quarter ended 30th June 2008, consolidated revenue for the current quarter was at Rs.316.98 crore as against Rs 286.16 crore in Q4FY08, showing an increase of 10.77% on Q-on-Q basis, and 23% on Y-on-Y basis. EBITDA stood at Rs 40.1crore in the current quarter, compared to Rs.36.21 crore in the immediately preceding quarter.
PAT for Q1 was at Rs 27.01 crore as against Rs 21.45 crore for the immediate preceding quarter showing an increase of 26 % on a Q-on-Q basis and 87% on a Y-on-Y basis.
The revenues contribution from Americas grew to 37% of total revenues, up by 300 basis points. Its revenues from Optimus, a wholly owned BPO subsidiary of Polaris, grew by 80% on a YoY basis. During the quarter, the company expanded its customer base, by winning 15 new customers, including 5 that were Intellect-led. Its headcount at the end of this period was at 10,397, consisting of Polaris headcount at 7606, Optimus headcount at 2698 and Polaris Retail Infotech Ltd. (PRIL) headcount at 93. Attrition for Q1 was placed at 16.67%.
Dollar appreciated by 4.73% on a Q-on-Q basis in Q1 and Polaris average rate in Q1 was at Rs.41.71 as against Rs 39.83 in the preceding quarter.
The company hopes to maintain a growth rate of 10% over the remaining three quarters in the current fiscal. It is not that things have become hunky dory, there slowdown persists and this is bound to affect business. But the company hopes to counteract this problem by generating maximum offshore revenues.
The company plans to get into realty business and it has investments in Gurgaon and Chennai and it is these existing assets, which the company is looking at monetizing.
Its total cumulative hedging right now stands at about $90 million and this is primarily for catering to the three quarters forex inflows and at the average rate of Rs.40.08. It has covered only about 50% of this inflow and the balance is on paper. The company is not into any exotic deals, neither into speculative deals nor into the derivative segments in the billing rates. So to that extent, the company seems well protected.
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