Polaris Q2 net profit dips by 28% at Rs 41.14 cr, CEO quits

NEW DELHI: IT company Polaris Consulting & Services today posted a decline of 27.88 per cent in consolidated net profit at Rs 41.14 crore for the three-month period ended on September 30, 2016, and announced that its CEO Jitin Goyal has quit.

The company had reported a net profit of Rs 57 crore for the quarter ended on September 30, 2015.

Polaris Consulting & Services Chairman Kris Canekeratne expressed satisfaction on quarterly growth registered by the company.

"I would also like to inform the shareholders that Jitin Goyal, CEO of the company, has resigned to pursue other interest," Canekeratne said in a statement.

Total income of the company decreased by 7 per cent to Rs 506.72 crore during the reported quarter from Rs 542.49 crore in the same period a year ago, the company said in a filing to BSE.

Revenues grew by 2.3 per cent on quarterly basis.

"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.