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Polaris Software Lab: Providing different Banking solutions through the Intellect Suite
In 2004, Polaris launched 'Intellect Court' for servicing the global BFSI
market. Its Intellect Global Universal Banking is a comprehensive
product suite comprising 9 key platforms - Intellect Universal
Banking, Intellect Retail Banking, Intellect Wealth, Intellect Cards,
Intellect Portals, Intellect Cash and Liquidity, Intellect Risk and
Treasury, Intellect Trade Finance, Intellect Brokerage. It has provided
Polaris the opportunity to tap market potential in 60 countries around
the world to enable banks and financial services deliver services
efficiently.
During 2010 Intellect added more than 54 new customers cumulatively
powering more than 200 customers globally. In the current quarter the
product recorded 17 wins while the total revenue contribution from the
same moved over 22% as against around 18% in Q2, 10.
Healthy financial performance in the September quarter
While the company reported modest drop in Total Income in FY 10, its
revenue is witnessing steady improvement in the current year. During
the September quarter, its Consolidated Operating income (Excl. Other
Oper. income) was up around 15% at Rs 3883 Mln when compared on a
YoY basis whereas on a sequential basis it rose by nearly 8%. The
growth was mainly led by over 17% growth in Software development
services (YoY) and around 8% rise on (QoQ).
The Operating profit of the company jumped nearly 33% (YoY) to Rs
656 Mln while on a QoQ scenario its growth stood at 5%. The OPM's
improved by around 200 bps (YoY) while remained around the same
level on a QoQ basis at 16.7%. The Net profit stood at Rs 482 Mln
surging by around 37% (YoY) and rose by modest 3% (QoQ).
Polaris Software Lab Limited or “Polaris” founded in 1993 is one of
the most sophisticated Banking, Financial services and Insurance
(BFSI) Software Company around the globe. Polaris is the chosen
outsourcing partner for 10 of the top 15 global banks and 6 of the 10 top
global insurance companies. The company offers state of art,
comprehensive solutions for core banking, corporate banking, wealth
& asset management and insurance.
Over the past two decades, Polaris has implemented its solutions and
services among 200 of the world's largest financial institutions. It is
also recognized by the world’s top analysts (Forrester and Gartner) as
global leaders in banking and insurance software.
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