Polaris Financial dips on disappointing numbers
Stock slipped a little over 5% to Rs 219 on BSE
Polaris Financial Technology dropped a little over 5% to Rs 219 on BSE after the consolidated net profit fell 15.61% to Rs 38.32 crore on 7.04% decline in income from operations to Rs 600.03 crore in Q1 June 2014 over Q4 March 2014.
Arun Jain, Chairman and Managing Director, Polaris Financial Technology said, “During this period of transition, we have kept the momentum as we restructured our businesses for greater efficiency in delivery of services to customers. We did some rationalization of engagements in the Services business, while our Products business focused on building the sales and distribution network. Each shift in technology offers opportunities for leadership change. Digital Banking is the major technology shift taking place currently, and we spent a significant amount of time in building leadership capacities, as well as the Intellect suite of products to lead this shift”.
For more visit: Business Standard
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