Polaris CEO quits after net profit dips by 28%

By Raaghav G R

Posted on November 11, 2016

The IT Company, Polaris Consulting & Services, today reported a decline of 28% in its net profit. Its net profit now stands at Rs. 41 crores. Co – incidentally its CEO, Jitin Goyal, has also put down his papers. The company’s net profit during the same quarter, last financial year was Rs. 57 crores. Polaris Consulting & Services Chairman, Kris Canekeratne expressed satisfaction on the net profit shown by the company, this quarter. When asked whether the drop in net profit from the previous year’s second quarter was the reason for the CEO’s quitting, Kris Canekeratne replied, “I would also like to inform the shareholders that Jitin Goyal, CEO of the company, has resigned to pursue other interest, outside Polaris”. Read more on CEO resignations

The gross revenue of the company has dropped by 7 percent to ₹506 crores when compared to the gross revenue of Rs. 542 crores posted in the same quarter, last financial year. Up until this quarter, revenues of the company had been growing by 2.3% every quarter. “The growth was driven largely by growth in our principal business segment, Banking and Financial services, which grew by 8.1 per cent”, Canekeratne said. “We will stay focused on driving the business forward, and we expect higher one-time integration related costs to impact us in the second half of the year,” Polaris Chief Financial Officer, N M Vaidyanathan said. Polaris Consulting & Services Limited was formerly known as Polaris FT. It is a provider of financial technology products, legacy modernization services and consulting for core banking, corporate banking, wealth & asset management and insurance.  Adrenalin e Systems Limited (AeSys) is a subsidiary of Polaris Financial Technology Limited. Polaris Consulting & Services Limited was founded in 1993 by Mr. Ravi Dehariya. It was one of the first vendors that Citi Group chose to partner with, when it had entered India. Read more on Startup News

Polaris CEO quits after net profit dips by 28%