Polaris Financial Technology has reported a 29% drop in profit after tax for the quarter ended June to R43.20 crore, against R61.16 crore reported in the same quarter last fiscal.
The net income more or less remained at the same level during the quarter at R568 crore (R569 crore). The company reported a R16 crore forex impact on hedges during the quarter against R12 crore in the same quarter last year.
Polaris Financial Technology founder, chairman & CEO Arun Jain said, ?As announced, we are in the midst of a company-wide restructuring to a new organisation design. It has been a challenge to manage the changing paradigm, along with our growth agenda, investment agenda and profitability agenda. The team has still been able to drive some growth in topline and Ebitda margins, while managing structural change smoothly. This reflects the management?s professionalism and the strong execution engine.?
According to a release, cash and cash equivalents stood at R571 crore at the end of the quarter, moving up from R329 crore in the same quarter last year.
