Polaris Financial Technology has reported 25% growth in net profit for the quarter ended December at R51 crore compared with R41 crore in the same quarter last fiscal. In the second quarter, net profit was higher at R60 crore due to lower provisioning for taxes.
Revenues during the quarter grew 12% to R643 crore as against R573 crore in the same quarter of last fiscal. During Q2, revenues were about R643 crore. Ebitda during the quarter grew 29% to R121 crore from R94 crore. Cash and cash equivalents stood at R569 crore at the end of the quarter, moving up from R480 crore in the same quarter last year.
Services revenue grew 12% to R497 crore, or 77% of consolidated revenues. The gross margin for the services business stood at 31% and profit stood at R80 crore, registering a 16% profit margin, the company said in a statement on Wednesday.