Involved in the global financial services marketplace, it is a provider of technology for banking, financial and insurance sectors.
At a time when all information technology (IT) companies are facing hardships, Polaris, in the latest quarter, has been able to increase its profits almost 50 per cent y-o-y taking them above Rs 32 crore. For FY09 period the company reported a profit of Rs 103 crore i.e. over 79 per cent increase in profits y-o-y. The company also crossed the milestone of $300 million revenues in the 2008-09.
Though its global banking platform is relatively new and it does not have a presence in many countries, the company is able to find takers for its services in South-East Asian countries like Vietnam and Latin America. Most recently, the company got an order from Saigon Hanoi Bank to implement the platform throughout the organization. Moreover, with key collaborators like IBM and HP in certain specific areas, Polaris has been coming up as a strong contender especially in niche segments.
Though its stock bounced back quite a bit in the recent market rally, still it is trading below its own historic PE as well as that of the peer group. Currently, it is trading around the Rs 90 level.
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This article was originally published on June 22, 2009.
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