Polaris Consulting & Services Ltd has reported a 10 per cent decline in net profit to ₹38 crore for the first quarter ended June 30, mainly due to increased sales and marketing expenses going up to ₹80 crore (₹64 crore). Revenue increased by 4 per cent to ₹496 crore (₹475 crore).
In dollar terms, revenue was $76 million for the quarter. Revenue was distributed across all geographies with the Americas contributing 53 per cent, Europe 20 per cent, India 8 per cent and rest of the world 19 per cent, said a company press release.
“With first quarter revenue up by 6 per cent sequentially and net profit of ₹38 crore, we are on track in terms of our growth path. We are looking at growth led by our digital transformation capabilities in financial year 2016,” said, NM Vaidyanathan, Chief Financial Officer, Polaris Consulting.
In the first quarter, four new clients were added taking the total active clients to 159, the release said.
Polaris stock price on the BSE declined by 3.55 per cent to close at ₹203.70.