Consolidated net sales declined 2.8 percent to Rs 601.8 crore in first quarter of current financial year 2014-15 from Rs 619.4 crore in last quarter of previous financial year.
Midcap IT company Polaris Financial Technology disappointed the street by reporting a consolidated net profit at Rs 38.3 crore in April-June quarter, down 15.6 percent compared to Rs 45.4 crore in previous quarter due to fall in revenues and higher tax cost.
Consolidated net sales declined 2.8 percent to Rs 601.8 crore in first quarter of current financial year 2014-15 from Rs 619.4 crore in last quarter of previous financial year.
"The challenge during the last quarter has been to strike a balance between investing for growth and managing costs. We have ensured that we continued to generate cash, while ensuring investments to build the base required for each line of business to grow, particularly in the areas of sales and marketing," said S Swaminathan, CFO.
However, operating profit increased marginally to Rs 49 crore from Rs 48 crore and margin expanded by 30 basis points to 8.1 percent on sequential basis.
At 12:14 hours IST, the stock was quoting at Rs 218.80, down Rs 12.85, or 5.55 percent on the BSE.
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Polaris Q1 profit slips 15.6% to Rs 38.3 cr, OPM up 30 bps
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Polaris Q1 profit slips 15.6% to Rs 38.3 cr, OPM up 30 bps
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