polaris investor presentation - polaris software is the world's
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INVESTOR PRESENTATION
How did we get here?POLARIS Software Lab Incorporated
Orbitech MergerCAGR of over 22.3% for the last 6 years1993200220061999
Listed on major stock exchangesMajor transformation1999 Key statisticsRevenues $14mnHeadcount 8852006 Key statisticsRevenues $187mnHeadcount 6092
Polaris TodayBusinessGlobal presenceCustomer profileGlobal Solutions Specialist with a dedicated focus on the Banking, Financial Services and Insurance vertical20 years of experience in BFSI Banking, Financial Services & InsuranceOver 2,500 projects and 28,000 person years of experience Global Delivery Capabilities(10 development centers) 22 relationship offices across 14 countries16 Business Solution CentersEmployeesFinancials6000+ associates
FY 06 Revenues:$187mn EBITDA:$17.4 mnZero debt, Large Cash ReservesFocused on Long-Term Customer Relationships(Repeat business of over 86%)2nd longest single relationship with global customers (20 years)
Organization structureBoard of DirectorsBusiness Leadership CouncilSalesCustomerCorporate functionsMarketingQuality & Process management
Polaris positioning
Proven point solutions leveraging innovative processes and technology that have been delivered cost effectively and provided significant business benefits in terms of risk mitigation, TCO and time to market.Application management services to maintain, reengineer, aggregate and.upgrade portfolios of custom applications cost-effectively, by leveraging Polaris continuously replenished warehouse of intellectual propertyCalibrated modernization of existing legacy platforms in a non-disruptive manner byway of deployment of innovative (SmartBuild) solutions that are SOA compliant and backward compatible.Provider of Smart Legacy Modernization services to the worlds leading banks and financial institutions
Polaris Business model: 100-5-7100 RelationshipsBuild a few (but more than a handful) long-term relationships5 Values to be delivered to the customer
CostQualityReliabilityFlexibilityTime to marketUsing the 7 Levers
Technology KnowledgeDomain KnowledgeCustomer Environment KnowledgeProcessMethods and ToolsReusable componentsEnergy and Passion of People
On our way to a global BFSI playerC O M P E T E N C I E SC A P A B I L I T I E SCOMPREHENSIVE OFFERINGS PORTFOLIOProductsSolutionsFixed Bid ProjectsBusiness ProcessesStrategic OutsourcingBUILDING & GROWING STRATEGIC PARTNERSHIPSProductsSolutionsFixed Bid ProjectsBusiness ProcessesCOMPREHENSIVE OFFERINGS PORTFOLIOR E S O U R C E S
Polaris Business Mix
Banking, Financial Services & Insurance SectorsRun-the-Bank OfferingsChange-the-Bank OfferingsHorizontal PracticesOperate-the-Bank Offerings
Polaris Business Mix
Banking, Financial Services & Insurance SectorsChange-the-Bank OfferingsHorizontal PracticesOperate-the-Bank OfferingsGlobal ATM networksCore BankingCredit Card ProcessorsLendingMortgage ProcessingInsuranceSecuritiesCustodyDerivatives/FixedIncome/EquitiesWealth ManagementCorporate BankingTreasuryCashTrade FinanceSAPOracleBaaNMainframe
Polaris Business Mix
Banking, Financial Services & Insurance SectorsHorizontal PracticesOperate-the-Bank OfferingsGlobal ATM networksCore BankingCredit Card ProcessorsLendingMortgage ProcessingInsuranceSecuritiesCustodyDerivatives/FixedIncome/EquitiesWealth ManagementCorporate BankingTreasuryCashTrade FinanceSAPOracleBaaNMainframeMCISLM for Credit CardsHome Lending OriginationsBranch RenewalInternet bankingSTP LendingFront end Integrationusing workflow and portalClient service Platformsfor Private BanksSLM Custodial solutionsLiquidity Sweeping & PoolingCorporate OnlineTreasury MM/FXGlobal roll OutTechPort GlobalDashboards andAnalyticsImaging and Workflowwith ERP
Polaris Business Mix
Banking, Financial Services & Insurance SectorsHorizontal PracticesGlobal ATM networksCore BankingCredit Card ProcessorsLendingMortgage ProcessingInsuranceSecuritiesCustodyDerivatives/FixedIncome/EquitiesWealth ManagementCorporate BankingTreasuryCashTrade FinanceSAPOracleBaaNMainframeMCISLM for Credit CardsHome Lending OriginationsBranch RenewalInternet bankingSTP LendingFront end Integrationusing workflow and portalClient service Platformsfor Private BanksSLM Custodial solutionsLiquidity Sweeping & PoolingCorporate OnlineTreasury MM/FXGlobal roll OutHosted ServicesTransaction ProcessingVoice Based Services
Polaris Business Mix
Banking, Financial Services & Insurance SectorsGlobal ATM networksCore BankingCredit Card ProcessorsLendingMortgage ProcessingInsuranceSecuritiesCustodyDerivatives/FixedIncome/EquitiesWealth ManagementCorporate BankingTreasuryCashTrade FinanceSAPOracleBaaNMainframeMCISLM for Credit CardsHome Lending OriginationsBranch RenewalInternet bankingSTP LendingFront end Integrationusing workflow and portalClient service Platformsfor Private BanksSLM Custodial solutionsLiquidity Sweeping & PoolingCorporate OnlineTreasury MM/FXGlobal roll OutHosted ServicesTransaction ProcessingVoice Based ServicesSiebel, BI/DW, Linux, Rational, PACE, Portals, dotNET, Imaging & Workflow, Infrastructural Management, Professional Services
Why customers choose Polaris?Solution ExpertiseReliableSolutionsSpeed ToMarketHigherSavingsThoughtLeadership& InnovationProcess CapabilitiesPolaris has been able to deliver reliable solutions in more than 150 countries over the past 20 years because of its strong domain expertise, proven delivery capabilities, tools and processes72 country Risk Management solution60 country Trade Finance solution23 country Treasury solution32 country Cash Management Solution3 continent ATM solutionsMulti-currency, multi-lingual, multi-entity
Why customers choose Polaris?Solution ExpertiseReliableSolutionsSpeed ToMarketHigherSavingsThoughtLeadership& InnovationProcess CapabilitiesSpeed to Market through knowledge reuse of 750+ domain experts involved in developing BFSI solutions over the last 19 yearsReuse of use cases and test scripts for multiple banking business processesSpeed to Market using SMARTBUILD; through Component reuse of 56 Modular GeneS designed for Universal Banking needsDelivered a Working Capital Management solution for a large Asian bank in 6 months reusing Polaris Payments, Optimization and reconciliation GeneSImplementation of Fund transfer, Relationship, ATM, Funds Loans and Swift modules in the core banking infrastructure of large Japanese Bank resulted in 4 calendar years savings
Why customers choose Polaris?Solution ExpertiseReliableSolutionsSpeed ToMarketHigherSavingsThoughtLeadership& InnovationProcess CapabilitiesPolaris ENTITY model and Domain Expertise have resulted in reduced total cost of ownership Multi-vendor and Virtual delivery model in the development of end to end retail banking solutions resulted in savings of $50 MM over a period of 5 years for a large Japanese BankGlobal Support of ATM solutions through the onsite and offshore model have resulted in savings of $50 MM for a large MNC BankOffshore Development and Support of Custody Solution have resulted in savings of $40 MM for a Global MNC
Why customers choose Polaris?Solution ExpertiseReliableSolutionsSpeed ToMarketHigherSavingsThoughtLeadership& InnovationProcess CapabilitiesPolaris has delivered market differentiating solutions to large global MNCs in the past 2 decades: First global Credit Cards solution in open architecture dramatically reduced processing costs (Smithsonian Award)Delivered market differentiating Automated Cash Management System in early 90s which was later implemented in 30 countriesImproved transaction throughput & customer service for the highly competitive and low margin Trade Finance business through global consolidation of platform and transaction processing Reduced technology cost per transaction by delivering the first global Core Banking solution in a distributed architectureFirst global Corporate Banking portal empowering users to transact rather than merely query
Why customers choose Polaris?Solution ExpertiseReliableSolutionsSpeed ToMarketHigherSavingsThoughtLeadership& InnovationProcess CapabilitiesLaser beam focus on various sub-verticals within the BFSI domain through internal alignment. This ensures an in-depth understanding of Industry practices, an awareness of Industry trends & an appreciation of Industry specific nuances:Consumer BankingCorporate BankingWealth ManagementBrokerage & SecuritiesInsurance
Why customers choose Polaris?Solution ExpertiseReliableSolutionsSpeed ToMarketHigherSavingsThoughtLeadership& InnovationProcess CapabilitiesStringent adherence to Quality standards such as ISO, CMM and Six Sigma Continuous process improvement and process streamlining to ensure resource optimizationEffective use of Tools to monitor and control processes providing transparencyInternal metrics and performance measures reviewed by top management on a monthly basisEscalation procedures and Change Control Board in place to effectively manage change and resolve issues
How did we acquire this capability?Single CustomerTurnaround time & Quality of delivery asKey Success Factors (KSF)
Single CustomerCo-author customer growth thru technology led innovation as KSF
Single CustomerCustomer relevant Competency additions,Domain Grasp asKSF
Multiple RelationshipsDomain Focus, Large Soln Delivery Precision,Customer need Sensitivity as KSFs
Multiple RelationshipsDomain expertiseCompetency Map WidthDelivery precisionas KSFs
Multiple RelationshipsDomain expertiseSolution SupermarketBuy, Build & Rapid Deploy as KSFs
1990199519841999200220 year history with CitibankCitigroup relationship stands at USD 105MM for FY05(single largest offshore solutions partner)Started as supplier to Citibank India retail business and today support solutions and services in more than 70 countries, 120 locations across all lines of business in the Citigroup world.Citigroup accumulated relationship of solutions worth over USD 1 Billion over the last decade
Quality process in PolarisFirst company in the world to be assessed at CMMi Level 5ISO 9001:2000 certified Independent Software Engineering Process GroupOver 700 Person years of Quality Engineering experience Largest pool of IFPUG Certified FP specialists (CFPS) amongst Indian CompaniesMature and uniform FP counting methodology across the organization ensuring uniform implementation 1991199519992001TQM PracticeSEI CMM Level 3 ISO 9001SEI CMMi Level 5 & ISO 9001 : 2000Polaris Quality Journey
Service offeringsApplication DevelopmentRe-engineeringMaintenanceSolution IntegrationGlobal DeploymentApplication CertificationBusiness ConsultingFront end TechnologyInternet TechnologyCustomer Relationship ManagementEnterprise Knowledge ManagementNetwork ManagementMainframeMiddleware TechnologyMobile TechnologyEnterprise Resource PlanningEnterprise Application IntegrationApplication CertificationData WarehousingBrokerage&Securities
Corporate
Banking
Insurance
Consumer
Banking
Wealth
Management
VerticalsHorizontals
Service Oriented ArchitectureService-Oriented Architecture is an IT and Business strategy that organizes the discrete functions contained in an enterprise applications into interoperable, standards-based services that can be combined and reused quickly to meet business needs.What is SOA?Business agility depends on the free flow of information, services and business processes across the organization. However this flow is stymied by the heterogeneous nature of the typical large enterprise. Multiple platforms (IBM, BEA, Microsoft, SAP, Oracle etc) and technologies (J2EE, .NET, Legacy, etc.) require IT to hard code the point to point connections, hampering the swift flow of information and slowing the delivery of new business services.
Service Oriented Architecture (SOA) has emerged as the leading IT strategy for streamlining service delivery. SOA takes the discrete business functions contained in enterprise applications and organizes them into interoperable, standards-based services that can be quickly be combined and reused in composite applications and processes.
The desire for Organizations to be service driven is creating a significant pull for IT to adopt SOA.Why SOA?
SOA gaining priority in the marketplace
SOA wave and Componentisation has been endorsed and adopted by many leading vendors and analystsSOA wave and componentization has been endorsed and adopted by many leading technology vendors . . . Software product companiesSoftware Services companies70% of CIOs plan to invest in SOA45% of banks have some SOA plans over the next year. 27% of banks are already adopting SOA, nearly 1/3 of them enterprise-wide. Companies are beginning to realize and articulate significant benefits from SOAYankee surveyIDFCsurveyInfoworld survey
SOA oppurtunityWhile most large banks have existing offshore relationships, degree of work offshored varies widely offering Polaris window of opportunityA new vendor like Polaris can enter our banks, if it has some specific business expertise, in new and growing areas such as derivativesVP, IT, Top tier, Wholesale bankThe biggest proof point for us is internal. If you have delivered something well then there is no reason why you cant get more businessVP, Vendor Management, Investment BankPer cent of total workforce relocatedNumber of FTEs relocated*1010,000Market shapersBuilding the platform20Ahead of the pack12,000Customers are open to giving vendor like Polaris a chance *Includes some BPO revenue in cases where it is not separately broken outSource: Press releases; company websites
Product offeringWhat are GeneS?Intellect Suite is designed and built with re-usable components called GeneS (Generalised Services).Several GeneS come together to form a product.Intellect Suite has over 56 GeneS in different combinations to develop a variety of banking solutions.Being functional-centric components, many GeneS are common across solutions.
Intellect SuiteTM is an enterprise platform that meets the needs of retail, private and corporate bankingDesigned using J2EE technologyOver 56 modular components or GeneS for 10 banking business linesSupports over 10 million customersDeveloped on contemporary technology (Open API standards) enabling easy integration with legacy systemsWeb-enabled, multi-currency and multi-lingual
APIs (Application Programming Interfaces)Intellect Suite Built on Component based Architecture
Intellect Suite-Underlying Genes
Smart Build value propositionaLendingCoreCustomerFeeCollateralGeneSSource CodeAccelerated BuildIntegrated best of BreedIntegratorWeb servicesSmartBuild Value proposition
Benefits of Smartbuild approachSmart Build advantageCustomizable solutionReusable solutionTested product processorService Oriented architectureStandard process flowsFaster time to marketReduced costReduced riskCompetitive advantage
Application Certification offering PACE ServicesTest process consultancy Quality Indexing Benchmarking Process Gap Analysis Process AlignmentTest automation Tools Selection Tools Scripting Performance AnalysisEnd to end testing Product testingProject testingIndependent Testing and Certification UnitVast experience in testing mission critical applications20% of the testing team are domain expertsTested and certified over 300 releases with many zero defect deliveries1500+ person years of testing experienceExpertise in Project and Product testingContinuous process improvement through Quantitative Project Management (QPM)Expertise in Test Automation toolsWinRunner, Test Director, Quick Test Professional (QTP), SilkTest, LoadRunner, OptimizeIT, Purify, JverifyPerformance MetricsDefect unearthing efficiency of 95%Test case efficiency of 80% PACE Expertise
Two pronged future strategyUse IP led solutions delivered as Smart Build as arrowheads to open new doorsTransform core ADM services into higher margin business by leveraging IPIntellectual Property Rights factory for Tier 1Products for Tier 2, 3MajorFocus disproportionately on top 100 banks in US and EuropeSmart-Build, SLM for Tier 1 Banks of Europe, NASelected products for Tier 2 Banks of ME, Latam, ASPACCardsLiquidityCollectOriginationLending
Strategy ImplementationEnsure current growth trajectory in IT services businessFocus on IP led solutions, leverage SOA in the marketing message and get internal orgn alignmentRealign organizational structure and key processes to createCustomer-back designEnd to end responsibilityEfficient operational platformRamp up to 10-15 of top 100 banks and deliver distinctive IP led solutions to establish a platform for growth within these accountsBuild partnerships with key players to leverage current componentization/SOA wave and gain market credibilityEnhance front end capabilities and key account management functionInduct IP driven approach in delivery of conventional service lines Enhance full service offerings with new service lines such as Linux migrations and niche package implementationAccelerate growth by firmly establishing IP driven off shoring approachTransform large accounts into AAA relationshipsDeliver enhanced profitability on account of client diversity, sharper expertise positioning and better operating platformStabilize and focusPenetrate top accounts with IP led positioningAccelerate growthTimingQ3-Q4 FY06FY07FY08 onwardsCritical initiativesKey corporate theme
Optimus-BPO offeringAims to fulfill emerging customer requirements for an integrated technology and operations offering using its expertise in the banking and financial services domainApplication,Development,Management & Support
Business Processing Feature customization/design Consultingcomplete spectrum of back office solutions.
Customer Interactions Services
Business Infrastructure Services
Complete Card SolutionsTransaction processingAsset ManagementCustodial servicesMortgage
A holistic offeringTechnologyProcess ExpertiseInfrastructurePolaris LineageIntegrated Technology and Operations
Leveraging Economics of Expertise
Some of our differentiatorsIncreased process efficienciesMinimized capital outlayAccess to latest technologyDecreased time to marketEnchanced customer satisfactionOptimus Integrated Outsourcing seeks to deliver much more than just cost savings
Optimus-The perfect partner for outsourcingComplete spectrum of back office solutions.
People Practices @ Polaris
Associate Statistics
Flat Hierarchy 6 levels to CEO6000 + Associates25% Female Associates: diversity critical20% onsite employees- US, UK, Singapore90% Qualified Professionals (Engineers, MBAs, MS etc)
Chart1
1384
2463
1438
475
285
Age Group Distribution
Sheet1
1389247314444772866069
0.22886801780.40748063930.23793046630.07859614430.0471247322
1383.50716757292463.22046465651438.2896688087475.1136925358284.8690064261
1384246314384752856045
Count of Category
CategoryTotal
20-251384
25-302463
30-351438
35-40475
40 Plus285
Grand Total6045
Sheet1
0
0
0
0
0
Age Group Distribution
Sheet2
Sheet3
Chart1
0.59
0.31
0.01
0.09
Education Profile
Sheet1
Graduates59%
Masters/ Post Graduates31%
Doctorates1%
Others9%
Sheet1
0
0
0
0
Education Profile
Sheet2
Sheet3
Talent Acquisition- Recruiting the bestFuel Campaign - Future Leaders Nationwide campaign to recruit the best domain experts in the country150 Domain Experts (BFSI) recruited over the last 2 years Tie-Up with Tier-1 B SchoolsTie Up with 6 out of Top Ten B Schools in India Day 0/Day 1 Slot at all Campuses we visit Tie- Up with top T Schools for fresh engineers All India Aptitude Test(Polaris Aptitude Test) followed by structured Assessment CentreRecruited 500 fresh engineers out of 1.5 lakh applications across the countryCross-national hiring to move towards a global organizationLocal hires in US, Japan, Germany & UK
Attrition Statistics
Voluntary Attrition %age of 16%-17% for FY 05-06Attrition at middle management level is much lower
Chart2
0.21768
0.30024
0.15464
0.09272
0.03472
Attrition Analysis (General)
Sheet1
0 to 1 yrs21.77%
1 to 2 yrs30.02%
2 to 4 yrs15.46%
4 to 6 yrs9.27%
More than 6yrs3.47%
Sheet1
0
0
0
0
0
Attrition Analysis (General)- YTD
Sheet2
Sheet3
Training & DevelopmentAll associate go through person-days of training every year Key focus on Project Management Certification & Leadership DevelopmentCertified Project Management is extended to a large part of the organizationAll Project Directors (PD) and Project Managers (PM) will have to spend 6 hrs of conducting training every month Onsite programs executed through Technology Mediated LearningTMAll Chief Executive Council members will have to spend total of at least 40 hours in a year in conducting training
Career Development
Sheet1
Role
Project Director
Responsibilities
Customer Satisfaction, Manage Multiple Project, People Management,
Role
Project Manager/ Sr. Project Manager
Responsibilities
Customer Interaction, Project Management, Resource Utilization,
Role
Project Lead/ Junior PM
Responsibilities
Module Development, Technical Lead and Micro Planning
Role
Developer
Responsibilities
Development and Coding
Career Progression
Assessment/ Coaching1). Quality ProcessProject Lead EssentialsProject ManagementProgram Management
2). Coding & ReviewLeading @ PolarisRequirements ManagementCustomer Relationship Management
3). Basic Domain TrainingRequirements Management
Leading @ Polaris
Sheet2
Sheet3
FINANCIALS
FinancialsBackgroundRevenue ProfileProfitability ProfileBalance SheetConclusions
Context Setting : Key Events impacting Financials Merger with Orbitech
Products Investments
Quest towards Differentiated Positioning
IP Led Growth Strategy
Transformation Agenda
The Market and Our Hybrid StrategyTwo Trends in the marketBanks under pressure to bring innovative products to market more quickly, to improve operational efficiency through continued process optimisation and to implement comprehensive regulatory compliance programsGrowing recognition of Service Oriented Architectures (SOA) as a viable approach to gradual and non-disruptive replacement of legacy systems Polaris transforming the application development and maintenance (ADM) business lines from a cost-arbitrage based resource augmentation model to a solution based value proposition through the use of a hybrid model of services combined with Intellectual Property (IP)
Early Adoption of our solutions by the MarketStrong references for our Lending suite covering the full spectrum of origination, loan processing and collections - in diverse markets of Japan, Germany, the US, India and the Middle EastInitial success with Cards in the local market in India has resulted in opening up of new markets for consumer finance in Latin AmericaAchieved a position of leadership with our Cash and Liquidity management offerings with leading banks in the UK market
Through:-Investments in IPsTotal Costs incurred for developing the products $ 36.90 Mn (3.5 years)
Part of the Product development costs were capitalized till Dec 04 $ 11.48 Mn
Total Costs charged to P&L till Dec 05 is $ 25.41 Mn
Had the accounting treatment not changed, the EBITDA would have been higher by $ 1.2 Mn per quarter 2% increase in EBITDA margins.
All these investments have helped Polaris inExpanding domain expertise & improving implementation capacity Hiring and training career bankers Aligning investment and roadmap plans with the market needsEngaging with Strategy consultants to validate market needs and product investment priorities Enhancing our Smart Build Solution capability SOAization of select GeneS Development of new GeneS such as BRE Improving product options, quality, capability, performance & user experience Benchmarking Adding new Product features Implementing Common Look and Feel and other architectural / design guidelines Testing and fine-tuning of products in different hardware and operating platform combinations Development of industry standard documentation (User manuals, implementation manuals, etc.)
All these investments have helped Polaris inImproving engineering quality and productivity Investing in third-party tools and development of in-house tools Developing product development disciplines such as customisation strategy, engineering golden rules and estimation methodology Instituting Quality processes such as defect free programming handbook and SOA handbook Helping us to expand user base Developing product collateral Setting up product demonstration infrastructure Marketing and Sales Investment Developing product branding
Revenue profileRevenue for FY06 was Rs 825 croreFY06 revenue break-upCAGR : 19.5%
Chart2
283
294
431
646
787
825
Revenue
Financial Year
Rs in Crores
Sheet1
FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006
Revenue* 283* 294* 431* 646* 787* 82519.5%
Sheet1
0
0
0
0
0
0
Revenue
Financial Year
Rs in Crores
Sheet2
Sheet3
Chart11
0.5820.418
0.60110.3989
Citi
Non Citi
Financial Year
%
Revenue Split
Chart1
0.5820.418
0.60110.3989
Citi
Non Citi
% of revenue
Financial Year
Revenue Split
Sheet1
Revenue Split - Citi Vs Non Citi
2005-062004-05
Citi58.2%60.1%
Non Citi41.8%39.9%
Debtors outstanding
2005-062004-05
Billed* 63* 70
Unbilled* 40* 40
Headcount at the end of the quarter
Q1Q2Q3Q4
Total Associate strength* 5,850* 5,89059546092
Manpower Utilisation
Q1Q2Q3Q4
Utilisation %76.0%77.1%72.8%70.0%
Sheet1
Billed
Unbilled
Financial Year
No. of days
DSO
Sheet2
Total Associate strength
2005-06 - Q1 to Q4
No. of associates
Sheet3
Utilisation %
2005-06 - Q1 to Q4
Utilisation %
Citi
Non Citi
Financial Year
%
Revenue Split
Chart1
0.213
0.2789
0.1106
0.3973
Europe27.89%
India11.06%
ASPAC21.32%
USA39.73%
Sheet1
Sheet1
55.87
59.51
88.32
140.47
174.96
186.75
Sheet2
0.213
0.2789
0.1106
0.3973
USA39.73%
ASPAC21.32%
India11.06%
Europe27.89%
Sheet3
Revenue Geo Mix 2005-06
Chart7
0.4290.2760.1050.19
0.4070.28450.1010.2075
0.37540.29720.1180.2094
0.38420.28530.11290.2176
US/North America
Europe
India
Asia Pacific & Japan
Sheet1
FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006
Revenue* 283* 294* 431* 646* 787* 82519.5%
Q1Q2Q3Q4
SDE* 139* 141* 142* 140
SG&A* 44* 45* 44* 45
31-Mar-0331-Mar-0431-Mar-0531-Mar-06
Working Capital$127.42$202.44$172.15$169.79
Cash & Cash equivalents$117.09$80.41$136.71$121.70
Net Block$182.91$201.13$216.26$237.63
Total$427.42$483.98$525.12$529.12
31-Mar-0331-Mar-0431-Mar-0531-Mar-06
Technology Assets78.1797.81113.7191.79
Other Physical Assets104.74103.31102.55145.84
Colelction
Q1Q2Q3Q4
Collection* 182* 189* 240* 210
Realisation Rates
Q1Q2Q3Q4
Onsite$57.25$57.40$57.60$57.50
Offshore$19.65$19.70$19.00$19.00
Q1Q2Q3Q4
US/North America42.90%40.70%37.54%38.42%
Europe27.60%28.45%29.72%28.53%
India10.50%10.10%11.80%11.29%
Asia Pacific & Japan19.00%20.75%20.94%21.76%
Sheet1
Revenue
Financial Year
Rs in Crores
Sheet2
SDE
SG&A
Quarter - FY 2005-06
Rs in Crores
Sheet3
111
#REF!
#REF!
#REF!
Financial Year
Rs in Crores
127.42117.09182.91
202.4480.41201.13
172.15136.71216.26
169.79121.7237.63
Working Capital
Cash & Cash equivalents
Net Block
127.42117.09182.91
202.4480.41201.13
172.15136.71216.26
169.79121.7237.63
Working Capital
Cash & Cash equivalents
Net Block
Technology Assets
Other Physical Assets
Year
Rs Crores
Technology Assets
Other Physical Assets
Year
Rs Crores
Collection
2005-06
Rs Crores
Onsite
Offshore
2005-06
USD per hour
US/North America
Europe
India
Asia Pacific & Japan
100
Rs Lacs$ Mn
Conv rate$48.49$45.89$45.00$44.64
31-Mar-0331-Mar-0431-Mar-0531-Mar-0631-Mar-0331-Mar-0431-Mar-0531-Mar-06
Technology Assets781797811137110735Working Capital$127.42$202.44$172.15$169.79
Cash & Cash equivalents$117.09$80.41$136.71$121.70
Other Physical Assets10474103311025513027Net Block$182.91$201.13$216.26$237.63
Total18291201122162623762Total$427.42$483.98$525.12$529.12
9786.76
1584.24
1837
0.8624060969
127.42117.09182.91
202.4480.41201.13
172.15136.71216.26
169.79121.7237.63
Working Capital
Cash & Cash equivalents
Net Block
As on 31.3.06
Total CostDepreciation / AmortisationNet Value
Land$1,303.18$1.60$1,301.58
Building$7,800.29$885.21$6,915.08
P&M( Incl Comp )$17,109.87$11,575.53$5,534.34
Electrical fittings$1,306.67$587.01$719.66
Furniture , Fittings and Office equipment$4,775.34$1,574.53$3,200.81
Vehicles (Refer Note 3)$605.07$401.61$203.46
$32,900.42$15,025.49$17,874.93
Software Products$5,508.78$1,863.93$3,644.85
Intellectual property rights$599.90$599.900.0
$6,108.68$2,463.83$3,644.85
Total Assets$39,009.10$17,489.32$21,519.78
In Rs Crores
As on 31.3.06
Total CostDepreciation / AmortisationNet Value
Tangible Assets
Land$13.03$0.02$13.02
Building$78.00$8.85$69.15
P&M( Incl Comp )$171.10$115.76$55.34
Electrical fittings$13.07$5.87$7.20
Furniture , Fittings and Office equipment$47.75$15.75$32.01
Vehicles (Refer Note 3)$6.05$4.02$2.03
Total Tangible Assets$329.00$150.25$178.75
Intangible Assets
Software Products$55.09$18.64$36.45
Intellectual property rights$6.00$6.000.0
Total Intangible Assets$61.09$24.64$36.45
Capital WIP22.4322.43
Total Assets$412.52$174.89$237.63
In $ Mn
As on 31.3.06
Total CostDepreciation / AmortisationNet Value
Tangible Assets
Land$0.29$0.00$0.29
Building$1.75$0.20$1.55
P&M( Incl Comp )$3.83$2.59$1.24
Electrical fittings$0.29$0.13$0.16
Furniture , Fittings and Office equipment$1.07$0.35$0.72
Vehicles (Refer Note 3)$0.14$0.09$0.05
Total Tangible Assets$7.37$3.37$4.00
Intangible Assets
Software Products$1.23$0.42$0.82
Intellectual property rights$0.13$0.130.0
Total Intagible Assets$1.37$0.55$0.82
Capital WIP5.025.02
Total Assets$13.76$3.92$9.84
Sheet1
FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006
Revenue* 283* 294* 431* 646* 787* 82519.5%
Q1Q2Q3Q4
SDE* 139* 141* 142* 140
SG&A* 44* 45* 44* 45
31-Mar-0331-Mar-0431-Mar-0531-Mar-06
Working Capital$127.42$202.44$172.15$169.79
Cash & Cash equivalents$117.09$80.41$136.71$121.70
Net Block$182.91$201.13$216.26$237.63
Total$427.42$483.98$525.12$529.12
31-Mar-0331-Mar-0431-Mar-0531-Mar-06
Technology Assets78.1797.81113.7191.79
Other Physical Assets104.74103.31102.55145.84
Colelction
Q1Q2Q3Q4
Collection* 182* 189* 240* 210
Realisation Rates
Q1Q2Q3Q4
Onsite$57.25$57.40$57.60$57.50
Offshore$19.65$19.70$19.00$19.00
GeographyQ1 06Q2 06Q3 06Q4 06
US/North America42.90%40.70%37.54%38.42%
Europe27.60%28.45%29.72%28.53%
India10.50%10.10%11.80%11.29%
Asia Pacific & Japan19.00%20.75%20.94%21.76%
Sheet1
0
0
0
0
0
0
Revenue
Financial Year
Rs in Crores
Sheet2
00
00
00
00
SDE
SG&A
Quarter - FY 2005-06
Rs in Crores
Sheet3
111
#REF!
#REF!
#REF!
Financial Year
Rs in Crores
127.42117.09182.91
202.4480.41201.13
172.15136.71216.26
169.79121.7237.63
Working Capital
Cash & Cash equivalents
Net Block
127.42117.09182.91
202.4480.41201.13
172.15136.71216.26
169.79121.7237.63
Working Capital
Cash & Cash equivalents
Net Block
000
000
000
000
Technology Assets
Other Physical Assets
Year
Rs Crores
00
00
00
00
Technology Assets
Other Physical Assets
Year
Rs Crores
0
0
0
0
Collection
2005-06
Rs Crores
00
00
00
00
Onsite
Offshore
2005-06
USD per hour
0000
0000
0000
0000
US/North America
Europe
India
Asia Pacific & Japan
100
Rs Lacs$ Mn
Conv rate$48.49$45.89$45.00$44.64
31-Mar-0331-Mar-0431-Mar-0531-Mar-0631-Mar-0331-Mar-0431-Mar-0531-Mar-06
Technology Assets781797811137110735Working Capital$127.42$202.44$172.15$169.79
Cash & Cash equivalents$117.09$80.41$136.71$121.70
Other Physical Assets10474103311025513027Net Block$182.91$201.13$216.26$237.63
Total18291201122162623762Total$427.42$483.98$525.12$529.12
9786.76
1584.24
1837
0.8624060969
127.42117.09182.91
202.4480.41201.13
172.15136.71216.26
169.79121.7237.63
Working Capital
Cash & Cash equivalents
Net Block
As on 31.3.06
Total CostDepreciation / AmortisationNet Value
Land$1,303.18$1.60$1,301.58
Building$7,800.29$885.21$6,915.08
P&M( Incl Comp )$17,109.87$11,575.53$5,534.34
Electrical fittings$1,306.67$587.01$719.66
Furniture , Fittings and Office equipment$4,775.34$1,574.53$3,200.81
Vehicles (Refer Note 3)$605.07$401.61$203.46
$32,900.42$15,025.49$17,874.93
Software Products$5,508.78$1,863.93$3,644.85
Intellectual property rights$599.90$599.900.0
$6,108.68$2,463.83$3,644.85
Total Assets$39,009.10$17,489.32$21,519.78
In Rs Crores
As on 31.3.06
Total CostDepreciation / AmortisationNet Value
Tangible Assets
Land$13.03$0.02$13.02
Building$78.00$8.85$69.15
P&M( Incl Comp )$171.10$115.76$55.34
Electrical fittings$13.07$5.87$7.20
Furniture , Fittings and Office equipment$47.75$15.75$32.01
Vehicles (Refer Note 3)$6.05$4.02$2.03
Total Tangible Assets$329.00$150.25$178.75
Intangible Assets
Software Products$55.09$18.64$36.45
Intellectual property rights$6.00$6.000.0
Total Intangible Assets$61.09$24.64$36.45
Capital WIP22.4322.43
Total Assets$412.52$174.89$237.63
In $ Mn
As on 31.3.06
Total CostDepreciation / AmortisationNet Value
Tangible Assets
Land$0.29$0.00$0.29
Building$1.75$0.20$1.55
P&M( Incl Comp )$3.83$2.59$1.24
Electrical fittings$0.29$0.13$0.16
Furniture , Fittings and Office equipment$1.07$0.35$0.72
Vehicles (Refer Note 3)$0.14$0.09$0.05
Total Tangible Assets$7.37$3.37$4.00
Intangible Assets
Software Products$1.23$0.42$0.82
Intellectual property rights$0.13$0.130.0
Total Intagible Assets$1.37$0.55$0.82
Capital WIP5.025.02
Total Assets$13.76$3.92$9.84
Revenue Customer mix
Chart1
0.59630.4037
0.5770.423
0.57240.4276
0.58210.4179
Citibank
Non Citi Bank
2005-06
% of revenue
Sheet1
FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006
Revenue* 283* 294* 431* 646* 787* 82519.5%
Q1Q2Q3Q4
SDE* 139* 141* 142* 140
SG&A* 44* 45* 44* 45
31-Mar-0331-Mar-0431-Mar-0531-Mar-06
Net Block182.91201.13216.26237.63
Cash & Cash Equivalents117.0980.41136.71121.7
Working Capital127.42202.44172.15169.79
Sheet1
283
294
431
646
787
825
Revenue
Financial Year
Rs in Crores
Sheet2
SDE
SG&A
Quarter - FY 2005-06
Rs in Crores
Sheet3
Net Block
Cash & Cash Equivalents
Working Capital
Financial Year
Rs in Crores
FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006
Revenue* 283* 294* 431* 646* 787* 82519.5%
Q1Q2Q3Q4
SDE* 139* 141* 142* 140
SG&A* 44* 45* 44* 45
31-Mar-0331-Mar-0431-Mar-0531-Mar-06
Working Capital$127.42$202.44$172.15$169.79
Cash & Cash equivalents$117.09$80.41$136.71$121.70
Net Block$182.91$201.13$216.26$237.63
Total$427.42$483.98$525.12$529.12
31-Mar-0331-Mar-0431-Mar-0531-Mar-06
Technology Assets78.1797.81113.7191.79
Other Physical Assets104.74103.31102.55145.84
Colelction
Q1Q2Q3Q4
Collection* 182* 189* 240* 210
Realisation Rates
Q1Q2Q3Q4
Onsite$57.25$57.40$57.60$57.50
Offshore$19.65$19.70$19.00$19.00
Q1Q2Q3Q4
Citibank59.63%57.70%57.24%58.21%
Non Citi Bank40.37%42.30%42.76%41.79%
283
294
431
646
787
825
Revenue
138.6943.62
140.6944.81
142.2344.44
140.4944.92
SDE
SG&A
111
#REF!
#REF!
#REF!
127.42117.09182.91
202.4480.41201.13
172.15136.71216.26
169.79121.7237.63
Working Capital
Cash & Cash equivalents
Net Block
127.42117.09182.91
202.4480.41201.13
172.15136.71216.26
169.79121.7237.63
Working Capital
Cash & Cash equivalents
Net Block
78.17104.7437711
97.81103.3138077
113.71102.5538442
91.79145.8438807
Technology Assets
Other Physical Assets
78.17104.74
97.81103.31
113.71102.55
91.79145.84
Technology Assets
Other Physical Assets
181.71
189.16
239.7
209.54
Collection
57.2519.65
57.419.7
57.619
57.519
Onsite
Offshore
2005-06
USD per hour
Citibank
Non Citi Bank
2005-06
% of revenue
Sheet1
FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006
Revenue* 283* 294* 431* 646* 787* 82519.5%
Q1Q2Q3Q4
SDE* 139* 141* 142* 140
SG&A* 44* 45* 44* 45
31-Mar-0331-Mar-0431-Mar-0531-Mar-06
Net Block182.91201.13216.26237.63
Cash & Cash Equivalents117.0980.41136.71121.7
Working Capital127.42202.44172.15169.79
Sheet1
283
294
431
646
787
825
Revenue
Financial Year
Rs in Crores
Sheet2
00
00
00
00
SDE
SG&A
Quarter - FY 2005-06
Rs in Crores
Sheet3
000
000
000
000
Net Block
Cash & Cash Equivalents
Working Capital
Financial Year
Rs in Crores
FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006
Revenue* 283* 294* 431* 646* 787* 82519.5%
Q1Q2Q3Q4
SDE* 139* 141* 142* 140
SG&A* 44* 45* 44* 45
31-Mar-0331-Mar-0431-Mar-0531-Mar-06
Working Capital$127.42$202.44$172.15$169.79
Cash & Cash equivalents$117.09$80.41$136.71$121.70
Net Block$182.91$201.13$216.26$237.63
Total$427.42$483.98$525.12$529.12
31-Mar-0331-Mar-0431-Mar-0531-Mar-06
Technology Assets78.1797.81113.7191.79
Other Physical Assets104.74103.31102.55145.84
Colelction
Q1Q2Q3Q4
Collection* 182* 189* 240* 210
Realisation Rates
Q1Q2Q3Q4
Onsite$57.25$57.40$57.60$57.50
Offshore$19.65$19.70$19.00$19.00
Q1 06Q2 06Q3 06Q4 06
Citibank59.63%57.70%57.24%58.21%
Non Citi Bank40.37%42.30%42.76%41.79%
283
294
431
646
787
825
Revenue
138.6943.62
140.6944.81
142.2344.44
140.4944.92
SDE
SG&A
111
#REF!
#REF!
#REF!
111
#REF!
#REF!
#REF!
111
#REF!
#REF!
#REF!
78.17104.7437711
97.81103.3138077
113.71102.5538442
91.79145.8438807
Technology Assets
Other Physical Assets
78.17104.74
97.81103.31
113.71102.55
91.79145.84
Technology Assets
Other Physical Assets
181.71
189.16
239.7
209.54
Collection
57.2519.65
57.419.7
57.619
57.519
Onsite
Offshore
2005-06
USD per hour
0.59630.4037
0.5770.423
0.57240.4276
0.58210.4179
Citibank
Non Citi Bank
2005-06
% of revenue
EBITDAEBITDA for FY06 was Rs.77.07 crReasons for decline in EBITDAProduct InvestmentsChange in accounting treatmentSalary IncreasesInvestments in Sales InfrastructureMuted Revenue Growth
Chart4
62.940.2262
62.520.2201
94.980.2218
128.010.198
102.190.1298
77.070.0934
EBITDA
EBITDA as % of Rev
FY2005 data
FY 2005
1Rev$174.96USD Mn
2Op Pft$17.00USD Mn
3PAT$12.90USD Mn
4HC Mar 056003
5Geog- Rev
ASPAC21.7%
Europe27.0%
India & Mid-East11.4%
USA40.0%
6Domain RevFY04-05
BFSI87%Citigroup
EV13%Q1Q2Q3Q4Total
7Other Key Metrices$17,959.08$20,189.42$20,920.80$19,642.97$78,712.27
Citigroup Contribution60.11%57.1%59.3%61.8%61.9%
Product Revenue15.44%10254.633930392611972.327222629912929.05512315712159.000024242247315.0163004218
Repeat Business85.00%60.11%
Market Capitalisation* 235USD Mn
EPS0.13USDRepeat Business
Q1Q2Q3Q4Total
86.0%83.5%84.0%85.0%
$15,444.81$16,858.17$17,573.47$16,696.53$66,572.97
85%
Q1Q2Q3Q4
US/NA0.4160.4020.380.403
Europe0.2430.2750.3050.251
India0.1130.1150.1130.114
APAC0.2280.2080.2020.232
1111
Q1Q2Q3Q4Total
US/NA$7,470.98$8,116.15$7,949.90$7,916.12$31,453.1540.0%
Europe$4,364.06$5,552.09$6,380.84$4,930.39$21,227.3827.0%
India$2,029.38$2,321.78$2,364.05$2,239.30$8,954.5111.4%
APAC$4,094.67$4,199.40$4,226.00$4,557.17$17,077.2421.7%
Total$17,959.08$20,189.42$20,920.80$19,642.97$78,712.27
FY 03-04
Citigroup
Q1Q2Q3Q4Total
$15,367.92$15,741.13$16,503.23$17,030.31$64,642.59
63.3%58.7%57.2%55.9%
9727.893369240.043319439.847569519.9432937927.72752
58.67%
EBITDA
1
2Polaris Software Ltd - Group Business Figures 2005-06
3Qtr comparison
4
5
6DETAILSActuals B PLANVARIANCE
7Q4 03Q3 03Q2 03Q1 03Q4 04Q3 04Q2 04Q1 04Q4 05Q3 05Q2 05Q1 05Q2 06Q1 06H1 06H1 05Q2 06Q1 06H1 06Q2 vs Q1Q2 vs Q2 BPQ2 vs Q2H1 vs H1H1 vs H1 BP
8DCABDCABDCABCDEFGHI=C-DJ=C-GK=C-AL=E-F
9Conv rate$43.70$44.89$46.20$45.22$43.58$43.50$43.54$45.71$43.00$43.00$43.00$0.08$0.58$(2.62)$(2.17)$0.54
10Revenue in USD '000* 44,950* 46,605* 43,700* 39,715* 48,999* 48,134* 97,134* 83,458* 55,430* 49,123* 104,554* 865* (6,431)* 5,299* 13,676* (7,420)
* 11A. REVENUES :$15,591.60* 14,503* 17,030* 16,503* 15,741* 15,368* 19,643* 20,921* 20,189* 17,959* 21,356* 20,938* 42,294* 38,148* 23,835* 21,123* 44,958* 417* (2,479)* 1,166* 4,145* (2,664)* 78,712
12Growth %12.4%2.0%6.6%10.9%12.8%
product %15.214.615.114.515.214.1141615.516.3
$2,369.92$2,117.440.00.0$2,571.58$2,392.97$2,392.65$2,166.88$2,750.02$3,347.34$3,129.36$2,927.33
Plan as approved by the Board
Plan as approved by the Board
Sheet1
Sheet2
Figs in Rs Lacs
RevenueConv rateRevenuePeriodRevenueShare CapitalReserve & Surplus
$ Mn
FY2003$48.49$88.32$42,826.37FY2003$43,106.30$4,867.26$38,481.76
FY2004$46.02$140.47$64,644.29FY2004$64,642.60$4,884.96$44,155.76
FY2005$45.00$174.96$78,736.37FY2005$78,712.30$4,900.51$48,209.49
Ytd Dec 05$44.18$141.75$62,622.13Ytd Dec 05$62,622.13$4,968.55$50,258.76
Q1 0643.5$48.13
Q2 0643.58$48.99
Q3 0645.45$44.73
Graphs
Revenue Growth
USD Mn
FY2001$55.87
FY2002$59.51
FY2003$88.32
FY2004$140.47
FY2005$174.96
FY2006$186.75$186.75
EBITDA
USD Mn
FY2001$62.94Rs. Cr23%
FY2002$62.5222%
FY2003$94.9822%
FY2004$128.0120%
FY2005$102.1913%
FY2006$77.07$77.079%
$53.950%
0%
PAT
USD Mn
FY2001$12.65
FY2002$12.33
FY2003$11.25
FY2004$15.18
FY2005$12.90
Q1 06$2.67
Q2 06$3.04
Q3 06$(0.13)
HeadCount
Q1 FY05* 5,220
Q2 FY05* 5,650
Q3 FY05* 5,830
Q4 FY05* 6,003
Q1 FY06* 5,850
Q2 FY06* 5,890
Q3 FY06* 5,954
Revenue Breakup - FY 2005 - Geography Wise
ASPAC20.9%16450.88
Europe21.3%16799.91
India14.8%11639.09
USA43.0%33822.45
100.0%78712.33
(takrn from Pg 144 of the annual report)
H1 06
ASPAC19.8%
Europe28.0%
India10.3%
USA41.9%
100.0%
Q1Q2Q3
ASPAC18.90%20.75%20.94%
Europe27.60%28.45%29.72%
India10.60%10.10%11.80%
USA42.90%40.70%37.54%
Revenue Breakup - FY 2005 - Segment Wise
Services90.4%$71,161.73
Intellect9.2%$7,260.61
Optimus0.4%$290.00
Total100%$78,712.34
Revenue Breakup - H1 FY 06 - Segment Wise
Services89.6%$37,915.93
Intellect9.3%$3,949.22
Optimus1.0%$428.25
Total100%$42,293.40
Q1Q2Q3
Services$18,587.13$19,329.51$18,124.86
Intellect$2,130.53$1,818.69$1,879.99
Optimus$220.59$207.66$323.47
Total$20,938.25$21,355.86$20,328.31
Q1Q2Q3
Services88.8%90.5%89.2%
Intellect10.2%8.5%9.2%
Optimus1.1%1.0%1.6%
Total100.0%100.0%100.0%
Revenue Breakup - FY 2005 - Domain Wise
BFSI87%68429.17
EV13%10283.16
100%78712.33
(takrn from Pg 144 of the annual report)
Revenue Breakup - H1 FY06 - Domain Wise
BFSI89%
EV12%
100%
Q1Q2Q3
BFSI89%88%88%
EV11%12%12%
Other Requirements
Citigroup (%)58.60%H1 06
Repeat Business85%Q2 06
Cash & Cash Equivalents$18.62$ Mn
mkt capn* 308$ Mn
EPS0.0$
no. of shares98032237
Rs. / USD - H1 06$43.54
Employee utilization
Q1 FY0577%
Q2 FY0578%
Q3 FY0578%
Q4 FY0574%
Q1 FY0676%
Q2 FY0677%
Q3 FY0673%
Billing Rates Onsite - Offshore (USD / Hr)
OnsiteOffshore
Q1 FY05$57.50$19.70
Q2 FY05$57.25$19.60
Q3 FY05$57.30$19.60
Q4 FY05$57.25$19.60
Q1 FY06$57.25$19.65
Q2 FY06$57.40$19.70
Q3 FY06$57.60$19.00
Rs. Lacs
ExpensesSDEG&AS&Mexcg rate
Q1 FY05$11,213.24$2,308.41$1,437.64$45.22
Q2 FY05$12,269.63$2,468.60$1,661.84$46.20
Q3 FY05$13,133.05$2,458.32$1,810.18$44.89
Q4 FY05$13,819.07$2,371.59$1,931.18$43.70
Q1 FY06$13,868.91$2,311.06$2,051.32$43.50
Q2 FY06$14,066.63$2,454.25$2,027.23$43.58
Q3 FY06$14,223.13$2,531.33$1,912.56$45.45
$ Mn
ExpensesSDEG&AS&MTotal
Q1 FY05$24.80$5.10$3.18$33.08
Q2 FY05$26.56$5.34$3.60$35.50
Q3 FY05$29.26$5.48$4.03$38.76
Q4 FY05$31.62$5.43$4.42$41.47
Q1 FY06$31.88$5.31$4.72$41.91
Q2 FY06$32.28$5.63$4.65$42.56
Q3 FY06$31.29$5.57$4.21$41.07
Revenue$ Mn
Q1 FY05$39.71
Q2 FY05$43.70
Q3 FY05$46.60
Q4 FY05$44.95
Q1 FY06$48.13
Q2 FY06$48.99
Q3 FY06$44.73
ExpensesSDEG&AS&MTotal
Q1 FY0562%13%8%83%
Q2 FY0561%12%8%81%
Q3 FY0563%12%9%83%
Q4 FY0570%12%10%92%
Q1 FY0666%11%10%87%
Q2 FY0666%11%9%87%
Q3 FY0670%12%9%92%
$ Mn
SUMMARYTotal ExpCapital ExpRevenue Exp
FY 2003$2.60$2.60
FY 2004$9.92$5.38$4.54
FY 2005$15.68$3.50$12.18
H1 FY06$7.71$7.71
$35.90$11.48$24.42
Citigroup Contribution
Q1 FY0557.1%
Q2 FY0559.3%
Q3 FY0561.8%
Q4 FY0561.9%
Q1 FY0659.6%
Q2 FY0657.7%
Q3 FY0657.2%
Cash Equivalents
($ Mn)
Total (Rs.Cr)CashMF
Q1 FY05$23.75$107.40854534226219452235.2
Q2 FY05$25.92$119.74980090647217305555
Q3 FY05$33.65$151.041156538151353891248.28000003
Q4 FY05$31.29$136.72803543497563615332.34
Q1 FY06$23.93$104.10711159555329808275.5
Q2 FY06$18.60$81.05703069792107451081.5
Q3 FY06$27.05$122.961040514726189053499
Fixed Asets
Rs. Cr
02-0303-0404-05Q2 06Q1 06Q2 06Q3 06
Land & Buildings$59.27$64.38$69.35$74.73$69.27$74.73$74.77
Plant & Machinery$93.89$108.24$136.83$151.28$144.18$153.85$158.34
Software0.0$8.04$52.38$52.38$52.38$52.38$52.38
Others$51.23$56.57$62.35$62.92$62.84$62.92$63.76
Cwip$21.25$45.78$18.37$25.82$26.48$23.25$29.62
Fixed Asets
$ Mn
02-0303-0404-05Q2 06Q1 06Q2 06Q3 06
Land & Buildings$12.22$13.99$15.41$17.15$15.92$17.15$16.45
Plant & Machinery$19.36$23.52$30.41$34.71$33.15$35.30$34.84
Software0.0$1.75$11.64$12.02$12.04$12.02$11.53
Others$10.57$12.29$13.86$14.44$14.45$14.44$14.03
Cwip$4.38$9.95$4.08$5.93$6.09$5.34$6.52
excg rate$48.4946.0245$43.5843.543.5845.45
Total$46.53$61.50$75.40$84.25
Land & BuildingsPlant & MachineryIntellectOthersCWIPTotal
FY 2003$12.22$19.36$10.57$4.38$46.53
FY 2004$13.99$23.52$1.75$12.29$9.95$61.50
FY 2005$15.41$30.41$11.64$13.86$4.08$75.40
Q1 FY06$15.92$33.15$12.04$14.45$6.09$81.64
Q2 FY06$17.15$35.30$12.02$14.44$5.34$84.25
Q3 FY06$16.45$34.84$11.53$14.03$6.52$83.36
Avg CapSh.cap + G Res$ Mn
ROCEEmp ($ Mn)Rs. Cr$ MnPATexcg rate
FY 200135.1%$36.09$190.05$40.01$12.65$47.50
FY 200227.4%$45.04$238.89$50.06$12.33$47.72
FY 200316.7%$67.37$410.56$84.67$11.25$48.49
FY 200415.9%$95.62$490.41$106.56$15.18$46.02
FY 200511.5%$112.29$531.10$118.02$12.90$45.00
Q1 FY062.2%$123.92$539.04$123.922.67$43.50
Q2 FY062.4%$125.58$554.48$127.233.04$43.58
Q3 FY06-0.1%$124.37$552.27$121.51$(0.13)$45.45
Mkt Cap$ Mn
Mar-01* 182
Mar-02* 212
Mar-03* 270
Mar-04* 389
Mar-05* 235
Jun-05* 257
Sep-05* 307
Dec-05* 285
Graphs
EBITDA
EBITDA as % of Rev
Sheet3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
USA43%
ASPAC14.8%
India14.8%
Europe21.3%
0
0
EV13%
BFSI87%
Services90.4%
Intellect9.2%
Optimus0.4%
0
0
0
0
0
0
0
00
00
00
00
00
00
00
Onsite
Offshore
000
000
000
000
000
000
000
SDE
G&A
S&M
000
000
000
000
000
000
000
SDE
G&A
S&M
0
0
0
0
Total Exp
0
0
0
0
0
0
0
0
0
0
0
0
0
0
00000
00000
00000
00000
00000
00000
Land & Buildings
Plant & Machinery
Intellect
Others
CWIP
0
0
0
0
0
0
0
0
Europe28.0%
India10.3%
ASPAC19.8%
USA41.9%
0
0
0
Optimus1.0%
Intellect9.3%
Services89.6%
0
0
BFSI89%
EV11%
46.53
0
0
0
0
0
0
0
PAT
Expenditure AnalysisExpenditure has been under control over the last 4 quartersIncrease mainly due to salary hikes in Q2Further optimization underway
In Rs.cr
Chart3
138.6943.62
140.6944.81
142.2349
140.4947
SDE
SG&A
Quarter - FY 2005-06
Rs in Crores
Sheet1
FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006
Revenue* 283* 294* 431* 646* 787* 82519.5%
Q1Q2Q3Q4
SDE* 139* 141* 142* 140
SG&A* 44* 45* 49* 47
Sheet1
Revenue
Financial Year
Rs in Crores
Sheet2
SDE
SG&A
Quarter - FY 2005-06
Rs in Crores
Sheet3
Balance Sheet
ConsolidatedPositionStateme (n)
Rs lacsRs lacsRs lacsRs lacsIn $ Mn
PERIODFY 2006FY2005FY2004FY2003Ytd Dec 05 (Fy 2006)FY2005FY2004FY2003
Share Capital$4,900.51$4,884.96$2,574.7310.8910.645.31
Reserves and Surplus$48,209.49$44,155.76$38,481.76107.1396.2279.36
Equity Shares to be issued as per the Approved Merger Scheme$2,292.534.73
SOURCES OF FUNDS
SHAREHOLDERS FUNDS
Share Capital Reserves and Surplus54,090.02$53,110.00$49,040.72$43,349.02122.43118.02106.8789.40
Secured Loans187.72$209.79$231.02$263.670.420.470.500.54
Total54,277.74$53,319.79$49,271.74$43,612.69122.86118.49107.3789.94
APPLICATION OF FUNDS
FIXED ASSETS
FIXED ASSETS
Net Book Value$19,789.17$15,534.71$16,166.290.0043.9833.8533.34
Capital Work in Progress including Capital advances$1,837.22$4,578.28$2,124.910.004.089.984.38
Fixed Assets23,762.56$21,626.39$20,112.99$18,291.2053.7948.0643.8337.72
Investments$1,290.99$692.59$708.91$616.042.921.541.541.27
CURRENT ASSETS, LOANS AND ADVANCES0.000.000.00
Net Current Assets16,978.6717,214.6120,244.2912,741.9938.4338.2544.1126.28
Cash & Cash equivalent$12,170.10$13,671.43$8,040.70$11,709.6627.5530.3817.5224.15
Misc. Expenditure(to the extent not written off or adjusted)75.42$114.77$164.85$253.790.170.260.360.52
Total$54,277.74$53,319.79$49,271.74$43,612.69122.86118.49107.3789.94
0.00.00.00.00.00.00.00.0
Exchange Rate in Rs./USD441.8$450.00$458.90$484.90
okokok
rs lacsrs lacsrs lacsrs lacs
NET CURRENT ASSETS$28,884.94$30,929.58$28,711.63$24,580.32
Add: DTL$263.83$(43.54)$(426.64)$(128.67)
Less: Cash & Cash equivalent$12,170.10$13,671.43$8,040.70$11,709.66
$16,978.67$17,214.61$20,244.29$12,741.99
Cash bal$10,151.48$8,035.43$5,775.70$8,360.16
MF$2,018.62$5,636.00$2,265.00$3,349.50
Cash & Cash equivalent$12,170.10$13,671.43$8,040.70$11,709.66
Gross AssetsAdditions
Land (Refer Note 1)$207.03
Buildings (Refer Note 2)$1,961.17
Plant and machinery (including computer equipment, software and accessories)0.0
Plant and machinery (including computer equipment, software and accessories)$3,715.97
Electrical fittings$108.99
Furniture , Fittings and Office equipment$661.21
Furniture and fittings0.0$3,266.85
$2,672.88
Vehicles (Refer Note 3)$137.27
$6,791.64
Sheet1
100
Rs Lacs$ Mn
Conv rate$48.49$45.89$45.00$44.18
31-Mar-0331-Mar-0431-Mar-0531-Mar-0631-Mar-0331-Mar-0431-Mar-0531-Mar-06
Technology Assets781797811137110631Technology Assets$16.12$21.31$25.27$24.06
Other Physical Assets10474103311025511438Other Physical Assets$21.60$22.51$22.79$25.89
Total18291201122162622069Total$37.72$43.83$48.06$49.95
9786.76
1584.24
1837
0.8624060969
sree
In USD Million
SOURCES OF FUNDSin Million USD
SHAREHOLDERS FUNDS2005200420032006FY2005FY20042003
Share Capital4,900.514,884.962,574.7310.8910.615.31
Reserves and Surplus48,209.4944,155.7638,481.76107.1395.9579.36
Equity Shares to be issued as per the Approved Merger Scheme2,292.534.73
Share Capital Reserves and Surplus53,110.0049,040.7243,349.02125.00118.02106.5689.405,522.7255227.2
Secured Loans209.79231.02263.670.450.470.500.5419.91199.1
Deferred Tax Liability43.54426.64128.67-0.520.100.930.27-22.95-229.46
Total53,363.3349,698.3843,741.36124.94118.59107.9990.215,519.6855196.84
APPLICATION OF FUNDS
FIXED ASSETS
Net Book Value19,789.1715,534.7116,166.2943.9833.7633.34
Capital Work in Progress including Capital advances1,837.224,578.282,124.914.089.954.38
Fixed Assets21,626.3920,112.9918,291.2049.9548.0643.7037.722,206.9622069.6
Investments6,328.592,973.913,965.542.611.541.548.18115.351153.5
CURRENT ASSETS, LOANS AND ADVANCES
Net Current Assets excluding Cash & Cash Equivalents25,293.5826,446.6321,230.823,188.9438.7344.3943.783,188.9431889.4
Closing Balance - Cash & Cash Equivalents30.0018.0028.0030.0018.00
MISCELLANEOUS EXPENDITURE(to the extent not written off or adjusted)114.77164.85253.790.190.260.360.528.5385.26
Total53,363.3349,698.3843,741.363,269.70118.59107.9990.215,519.7855197.76
Exchange Rate in Rs./USD44.184546.0248.48
450460.2484.9
cash flow
Polaris Software Lab Ltd.
Cash Flow Statement for FY04,FY05 and YTD Dec06Rs. Lacs
YTD Dec052004-052003-04
Opening Balance* 13,672* 8,041* 11,720
PAT for the Quarter (Adjusted for Loss of associate companies and deffered tax liability)* 1,738* 5,908* 7,509
Depreciation & Amortization* 3,703* 4,070* 3,318
Increase in Current Liabilities and Provisions* 704* 3,600* (624)
Increase / (Decease) in Foreign Currency trans reserve* 63* 51* 58
(Increase)/Decrease in Debtors* (1,393)* 78* (6,166)
(Increase)/Decrease in Loans & Advances* 413* (231)* (903)
Misc Expenditure w/off* 50
Cash flow from Operating Activities* 5,227* 13,527* 3,192
Capital Expenditure* (4,146)* (5,708)* (4,821)
Investement in other than Mutual Funds* (566)* (471)* (323)
Cash flow from Investement Activities* (4,712)* (6,179)* (5,144)
Payment of dividend* (1,715)* (1,710)* (1,704)
Payment of Dividend tax* (241)* (219)* (218)
Proceeds from Issue of shares & Share Premium Received* 75* 233* 226
Repayment of Loan* (10)* (21)* (33)
Interest on Loan accrued during the quarter0.00.0
Cash flow from Financing Activities* (1,890)* (1,717)* (1,728)
Net Cashflows* (1,376)* 5,631* (3,680)
Closing Balance - Cash & Cash Equivalents* 12,296* 13,672* 8,041
Summary:
Rs. Lacs
Opening Balance* 13,672* 8,041* 11,720
Cash flow from Operating Activities* 5,227* 13,527* 3,192
Cash flow from Investement Activities* (4,712)* (6,179)* (5,144)
Cash flow from Financing Activities* (1,890)* (1,717)* (1,728)
Net Cashflows* (1,376)* 5,631* (3,680)
Closing Balance - Cash & Cash Equivalents* 12,296* 13,672* 8,041
Conv. Rate (USD)$44.18$45.0045.89
In Cr
Fy 05-06Fy 04-05
Opening Balance* 81* 58
Cash flow from Operating Activities* 72* 121
Cash flow from Investement Activities* (36)* (83)
Cash flow from Financing Activities* (16)* (15)
Closing Balance* 102* 81
In MN
Fy 05-06Fy 04-05
Opening Balance* 809* 578
Cash flow from Operating Activities* 725* 1,208
Cash flow from Investement Activities* (362)* (830)
Cash flow from Financing Activities* (156)* (147)
Closing Balance* 1,015* 809
In Mn $
Fy 05-06Fy 04-05
Opening Balance* 25* 13
Cash flow from Operating Activities* 16* 30
Cash flow from Investement Activities* (8)* (14)
Cash flow from Financing Activities* (4)* (4)
Closing Balance* 30* 25
Conv. Rate (USD)$44.18$45.00
In Rs Crores
31-Mar-0631-Mar-05
Sources of Funds
Shareholders Capital$540.90$531.10
Secured Loans$1.88$2.10
Total$542.78$533.20
Application of Funds
Net Book Value$237.63$216.26
Cash & Bank balances$121.70$136.71
Working Capital$169.79$172.15
Investments$12.91$6.93
Miscellaneous Expenditure$0.75$1.15
Total$542.78$533.20
31-Mar-0631-Mar-05
Sources of Funds
Shareholders Capital$5,409.00$5,311.00
Secured Loans$18.80$21.00
Total$5,427.80$5,332.00
Application of Funds
Net Book Value$2,376.30$2,162.60
Cash & Bank balances$1,217.00$1,367.10
Working Capital$1,697.90$1,721.50
Investments$129.10$69.30
Miscellaneous Expenditure$7.50$11.50
Total$5,427.80$5,332.00
In Mn $
31-Mar-0631-Mar-05
Sources of Funds
Shareholders Capital$121.22$118.02
Secured Loans$0.42$0.47
Total$121.65$118.49
Application of Funds
Net Book Value - Fixed Assets$53.26$48.06
Cash & Bank balances$27.27$30.38
Working Capital$38.05$38.25
Investments$2.89$1.54
Miscellaneous Expenditure$0.17$0.26
Total$121.65$118.49
MBD000CDF96.xls
cash flow
Polaris Software Lab Ltd.
Cash Flow Statement for FY04,FY05 and YTD Dec06Rs. Lacs
YTD Dec062004-052003-04
Opening Balance* 13,672* 8,041* 11,720
PAT for the Quarter (Adjusted for Loss of associate companies and deffered tax liability)* 1,738* 5,908* 7,509
Depreciation & Amortization* 3,703* 4,070* 3,318
Increase in Current Liabilities and Provisions* 704* 3,600* (624)
Increase / (Decease) in Foreign Currency trans reserve* 63* 51* 58
(Increase)/Decrease in Debtors* (1,393)* 78* (6,166)
(Increase)/Decrease in Loans & Advances* 413* (231)* (903)
Misc Expenditure w/off* 50
Cash flow from Operating Activities* 5,227* 13,527* 3,192
Capital Expenditure* (4,146)* (5,708)* (4,821)
Investement in other than Mutual Funds* (566)* (471)* (323)
Cash flow from Investement Activities* (4,712)* (6,179)* (5,144)
Payment of dividend* (1,715)* (1,710)* (1,704)
Payment of Dividend tax* (241)* (219)* (218)
Proceeds from Issue of shares & Share Premium Received* 75* 233* 226
Repayment of Loan* (10)* (21)* (33)
Interest on Loan accrued during the quarter0.00.0
Cash flow from Financing Activities* (1,890)* (1,717)* (1,728)
Net Cashflows* (1,376)* 5,631* (3,680)
Closing Balance - Cash & Cash Equivalents* 12,296* 13,672* 8,041
Summary:
Rs. Lacs
Opening Balance* 13,672* 8,041* 11,720
Cash flow from Operating Activities* 5,227* 13,527* 3,192
Cash flow from Investement Activities* (4,712)* (6,179)* (5,144)
Cash flow from Financing Activities* (1,890)* (1,717)* (1,728)
Net Cashflows* (1,376)* 5,631* (3,680)
Closing Balance - Cash & Cash Equivalents* 12,296* 13,672* 8,041
Conv. Rate (USD)$44.18$45.0045.89
Million USD
YTD Dec062004-052003-04
Opening Balance* 31* 18* 26
Cash flow from Operating Activities* 12* 30* 7
Cash flow from Investement Activities* (11)* (14)* (11)
Cash flow from Financing Activities* (4)* (4)* (4)
Net Cashflows* (3)* 13* (8)
Closing Balance - Cash & Cash Equivalents* 28* 30* 18
Conv. Rate (USD)$44.18$45.0045.89
MBD00156FAB.xls
Cash FlowsCompany has been consistent in generating cash from operational activitiesThere are no debts in the companyCash & Cash balances of Rs.122 crores as of 31 Mar 06
ConsolidatedPositionStateme (n)
Rs lacsRs lacsRs lacsRs lacsIn $ Mn
PERIODFY 2006FY2005FY2004FY2003Ytd Dec 05 (Fy 2006)FY2005FY2004FY2003
Share Capital$4,900.51$4,884.96$2,574.7310.8910.645.31
Reserves and Surplus$48,209.49$44,155.76$38,481.76107.1396.2279.36
Equity Shares to be issued as per the Approved Merger Scheme$2,292.534.73
SOURCES OF FUNDS
SHAREHOLDERS FUNDS
Share Capital Reserves and Surplus54,090.02$53,110.00$49,040.72$43,349.02122.43118.02106.8789.40
Secured Loans187.72$209.79$231.02$263.670.420.470.500.54
Total54,277.74$53,319.79$49,271.74$43,612.69122.86118.49107.3789.94
APPLICATION OF FUNDS
FIXED ASSETS
FIXED ASSETS
Net Book Value$19,789.17$15,534.71$16,166.290.0043.9833.8533.34
Capital Work in Progress including Capital advances$1,837.22$4,578.28$2,124.910.004.089.984.38
Fixed Assets23,762.56$21,626.39$20,112.99$18,291.2053.7948.0643.8337.72
Investments$1,290.99$692.59$708.91$616.042.921.541.541.27
CURRENT ASSETS, LOANS AND ADVANCES0.000.000.00
Net Current Assets16,978.6717,214.6120,244.2912,741.9938.4338.2544.1126.28
Cash & Cash equivalent$12,170.10$13,671.43$8,040.70$11,709.6627.5530.3817.5224.15
Misc. Expenditure(to the extent not written off or adjusted)75.42$114.77$164.85$253.790.170.260.360.52
Total$54,277.74$53,319.79$49,271.74$43,612.69122.86118.49107.3789.94
0.00.00.00.00.00.00.00.0
Exchange Rate in Rs./USD441.8$450.00$458.90$484.90
okokok
rs lacsrs lacsrs lacsrs lacs
NET CURRENT ASSETS$28,884.94$30,929.58$28,711.63$24,580.32
Add: DTL$263.83$(43.54)$(426.64)$(128.67)
Less: Cash & Cash equivalent$12,170.10$13,671.43$8,040.70$11,709.66
$16,978.67$17,214.61$20,244.29$12,741.99
Cash bal$10,151.48$8,035.43$5,775.70$8,360.16
MF$2,018.62$5,636.00$2,265.00$3,349.50
Cash & Cash equivalent$12,170.10$13,671.43$8,040.70$11,709.66
Gross AssetsAdditions
Land (Refer Note 1)$207.03
Buildings (Refer Note 2)$1,961.17
Plant and machinery (including computer equipment, software and accessories)0.0
Plant and machinery (including computer equipment, software and accessories)$3,715.97
Electrical fittings$108.99
Furniture , Fittings and Office equipment$661.21
Furniture and fittings0.0$3,266.85
$2,672.88
Vehicles (Refer Note 3)$137.27
$6,791.64
Sheet1
100
Rs Lacs$ Mn
Conv rate$48.49$45.89$45.00$44.18
31-Mar-0331-Mar-0431-Mar-0531-Mar-0631-Mar-0331-Mar-0431-Mar-0531-Mar-06
Technology Assets78179781113719179Technology Assets$16.12$21.31$25.27$20.78
Other Physical Assets10474103311025514584Other Physical Assets$21.60$22.51$22.79$33.01
Total18291201122162623763Total$37.72$43.83$48.06$53.79
9786.76
1584.24
1837
0.8624060969
sree
In USD Million
SOURCES OF FUNDSin Million USD
SHAREHOLDERS FUNDS2005200420032006FY2005FY20042003
Share Capital4,900.514,884.962,574.7310.8910.615.31
Reserves and Surplus48,209.4944,155.7638,481.76107.1395.9579.36
Equity Shares to be issued as per the Approved Merger Scheme2,292.534.73
Share Capital Reserves and Surplus53,110.0049,040.7243,349.02125.00118.02106.5689.405,522.7255227.2
Secured Loans209.79231.02263.670.450.470.500.5419.91199.1
Deferred Tax Liability43.54426.64128.67-0.520.100.930.27-22.95-229.46
Total53,363.3349,698.3843,741.36124.94118.59107.9990.215,519.6855196.84
APPLICATION OF FUNDS
FIXED ASSETS
Net Book Value19,789.1715,534.7116,166.2943.9833.7633.34
Capital Work in Progress including Capital advances1,837.224,578.282,124.914.089.954.38
Fixed Assets21,626.3920,112.9918,291.2049.9548.0643.7037.722,206.9622069.6
Investments6,328.592,973.913,965.542.611.541.548.18115.351153.5
CURRENT ASSETS, LOANS AND ADVANCES
Net Current Assets excluding Cash & Cash Equivalents25,293.5826,446.6321,230.823,188.9438.7344.3943.783,188.9431889.4
Closing Balance - Cash & Cash Equivalents30.0018.0028.0030.0018.00
MISCELLANEOUS EXPENDITURE(to the extent not written off or adjusted)114.77164.85253.790.190.260.360.528.5385.26
Total53,363.3349,698.3843,741.363,269.70118.59107.9990.215,519.7855197.76
Exchange Rate in Rs./USD44.184546.0248.48
450460.2484.9
cash flow
Polaris Software Lab Ltd.
Cash Flow Statement for FY04,FY05 and YTD Dec06Rs. Lacs
YTD Dec052004-052003-04
Opening Balance* 13,672* 8,041* 11,720
PAT for the Quarter (Adjusted for Loss of associate companies and deffered tax liability)* 1,738* 5,908* 7,509
Depreciation & Amortization* 3,703* 4,070* 3,318
Increase in Current Liabilities and Provisions* 704* 3,600* (624)
Increase / (Decease) in Foreign Currency trans reserve* 63* 51* 58
(Increase)/Decrease in Debtors* (1,393)* 78* (6,166)
(Increase)/Decrease in Loans & Advances* 413* (231)* (903)
Misc Expenditure w/off* 50
Cash flow from Operating Activities* 5,227* 13,527* 3,192
Capital Expenditure* (4,146)* (5,708)* (4,821)
Investement in other than Mutual Funds* (566)* (471)* (323)
Cash flow from Investement Activities* (4,712)* (6,179)* (5,144)
Payment of dividend* (1,715)* (1,710)* (1,704)
Payment of Dividend tax* (241)* (219)* (218)
Proceeds from Issue of shares & Share Premium Received* 75* 233* 226
Repayment of Loan* (10)* (21)* (33)
Interest on Loan accrued during the quarter0.00.0
Cash flow from Financing Activities* (1,890)* (1,717)* (1,728)
Net Cashflows* (1,376)* 5,631* (3,680)
Closing Balance - Cash & Cash Equivalents* 12,296* 13,672* 8,041
Summary:
Rs. Lacs
Opening Balance* 13,672* 8,041* 11,720
Cash flow from Operating Activities* 5,227* 13,527* 3,192
Cash flow from Investement Activities* (4,712)* (6,179)* (5,144)
Cash flow from Financing Activities* (1,890)* (1,717)* (1,728)
Net Cashflows* (1,376)* 5,631* (3,680)
Closing Balance - Cash & Cash Equivalents* 12,296* 13,672* 8,041
Conv. Rate (USD)$44.18$45.0045.89
In Cr
Fy 05-06Fy 04-05
Opening Balance* 137* 80
Cash flow from Operating Activities* 72* 121
Cash flow from Investement Activities* (72)* (49)
Cash flow from Financing Activities* (16)* (15)
Closing Balance* 122* 137
In MN
Fy 05-06Fy 04-05
Opening Balance* 1,373* 804
Cash flow from Operating Activities* 725* 1,208
Cash flow from Investement Activities* (724)* (492)
Cash flow from Financing Activities* (156)* (147)
Closing Balance* 1,217* 1,372
In Mn $
Fy 05-06Fy 04-05
Opening Balance* 30* 18
Cash flow from Operating Activities* 16* 30
Cash flow from Investement Activities* (16)* (14)
Cash flow from Financing Activities* (4)* (4)
Closing Balance* 27* 30
Conv. Rate (USD)$44.18$45.00
In Rs Crores
31-Mar-0631-Mar-05
Sources of Funds
Shareholders Capital$540.90$531.10
Secured Loans$1.88$2.10
Total$542.78$533.20
Application of Funds
Net Book Value$237.63$216.26
Cash & Bank balances$121.70$136.71
Working Capital$169.79$172.15
Investments$12.91$6.93
Miscellaneous Expenditure$0.75$1.15
Total$542.78$533.20
31-Mar-0631-Mar-05
Sources of Funds
Shareholders Capital$5,409.00$5,311.00
Secured Loans$18.80$21.00
Total$5,427.80$5,332.00
Application of Funds
Net Book Value$2,376.30$2,162.60
Cash & Bank balances$1,217.00$1,367.10
Working Capital$1,697.90$1,721.50
Investments$129.10$69.30
Miscellaneous Expenditure$7.50$11.50
Total$5,427.80$5,332.00
In Mn $
31-Mar-0631-Mar-05
Sources of Funds
Shareholders Capital$121.22$118.02
Secured Loans$0.42$0.47
Total$121.65$118.49
Application of Funds
Net Book Value - Fixed Assets$53.26$48.06
Cash & Bank balances$27.27$30.38
Working Capital$38.05$38.25
Investments$2.89$1.54
Miscellaneous Expenditure$0.17$0.26
Total$121.65$118.49
MBD00156FAB.xls
MBD000CDF96.xls
cash flow
Polaris Software Lab Ltd.
Cash Flow Statement for FY04,FY05 and YTD Dec06Rs. Lacs
YTD Dec062004-052003-04
Opening Balance* 13,672* 8,041* 11,720
PAT for the Quarter (Adjusted for Loss of associate companies and deffered tax liability)* 1,738* 5,908* 7,509
Depreciation & Amortization* 3,703* 4,070* 3,318
Increase in Current Liabilities and Provisions* 704* 3,600* (624)
Increase / (Decease) in Foreign Currency trans reserve* 63* 51* 58
(Increase)/Decrease in Debtors* (1,393)* 78* (6,166)
(Increase)/Decrease in Loans & Advances* 413* (231)* (903)
Misc Expenditure w/off* 50
Cash flow from Operating Activities* 5,227* 13,527* 3,192
Capital Expenditure* (4,146)* (5,708)* (4,821)
Investement in other than Mutual Funds* (566)* (471)* (323)
Cash flow from Investement Activities* (4,712)* (6,179)* (5,144)
Payment of dividend* (1,715)* (1,710)* (1,704)
Payment of Dividend tax* (241)* (219)* (218)
Proceeds from Issue of shares & Share Premium Received* 75* 233* 226
Repayment of Loan* (10)* (21)* (33)
Interest on Loan accrued during the quarter0.00.0
Cash flow from Financing Activities* (1,890)* (1,717)* (1,728)
Net Cashflows* (1,376)* 5,631* (3,680)
Closing Balance - Cash & Cash Equivalents* 12,296* 13,672* 8,041
Summary:
Rs. Lacs
Opening Balance* 13,672* 8,041* 11,720
Cash flow from Operating Activities* 5,227* 13,527* 3,192
Cash flow from Investement Activities* (4,712)* (6,179)* (5,144)
Cash flow from Financing Activities* (1,890)* (1,717)* (1,728)
Net Cashflows* (1,376)* 5,631* (3,680)
Closing Balance - Cash & Cash Equivalents* 12,296* 13,672* 8,041
Conv. Rate (USD)$44.18$45.0045.89
Million USD
YTD Dec062004-052003-04
Opening Balance* 31* 18* 26
Cash flow from Operating Activities* 12* 30* 7
Cash flow from Investement Activities* (11)* (14)* (11)
Cash flow from Financing Activities* (4)* (4)* (4)
Net Cashflows* (3)* 13* (8)
Closing Balance - Cash & Cash Equivalents* 28* 30* 18
Conv. Rate (USD)$44.18$45.0045.89
Important Financial Ratios
Utilization
Chart14
0.76
0.771
0.7275
0.7
Utilisation %
2005-06 - Q1 to Q4
Utilisation %
Chart1
0.5820.418
0.60110.3989
Citi
Non Citi
% of revenue
Financial Year
Revenue Split
Sheet1
Revenue Split - Citi Vs Non Citi
2005-062004-05
Citi58.2%60.1%
Non Citi41.8%39.9%
Debtors outstanding
2005-062004-05
Billed* 63* 70
Unbilled* 40* 40
Headcount at the end of the quarter
Q1Q2Q3Q4
Total Associate strength* 5,850* 5,89059546092
Manpower Utilisation
Q1Q2Q3Q4
Utilisation %76.0%77.1%72.8%70.0%
Sheet1
00
00
Billed
Unbilled
Financial Year
No. of days
DSO
Sheet2
0
0
0
0
Total Associate strength
2005-06 - Q1 to Q4
No. of associates
Sheet3
0
0
0
0
Utilisation %
2005-06 - Q1 to Q4
Utilisation %
00
00
Citi
Non Citi
Financial Year
%
Revenue Split
Associate Strength
Chart13
5850
5890
5954
6092
Total Associate strength
2005-06 - Q1 to Q4
No. of associates
Chart1
0.5820.418
0.60110.3989
Citi
Non Citi
% of revenue
Financial Year
Revenue Split
Sheet1
Revenue Split - Citi Vs Non Citi
2005-062004-05
Citi58.2%60.1%
Non Citi41.8%39.9%
Debtors outstanding
2005-062004-05
Billed* 63* 70
Unbilled* 40* 40
Headcount at the end of the quarter
Q1Q2Q3Q4
Total Associate strength* 5,850* 5,89059546092
Manpower Utilisation
Q1Q2Q3Q4
Utilisation %76.0%77.1%72.8%70.0%
Sheet1
00
00
Billed
Unbilled
Financial Year
No. of days
DSO
Sheet2
0
0
0
0
Total Associate strength
2005-06 - Q1 to Q4
No. of associates
Sheet3
0
0
0
0
Utilisation %
2005-06 - Q1 to Q4
Utilisation %
00
00
Citi
Non Citi
Financial Year
%
Revenue Split
Debtors Outstanding - DSO
Chart12
6340
7040
Billed
Unbilled
Financial Year
No. of days
DSO
Chart1
0.5820.418
0.60110.3989
Citi
Non Citi
% of revenue
Financial Year
Revenue Split
Sheet1
Revenue Split - Citi Vs Non Citi
2005-062004-05
Citi58.2%60.1%
Non Citi41.8%39.9%
Debtors outstanding
2005-062004-05
Billed* 63* 70
Unbilled* 40* 40
Headcount at the end of the quarter
Q1Q2Q3Q4
Total Associate strength* 5,850* 5,89059546092
Manpower Utilisation
Q1Q2Q3Q4
Utilisation %76.0%77.1%72.8%70.0%
Sheet1
00
00
Billed
Unbilled
Financial Year
No. of days
DSO
Sheet2
0
0
0
0
Total Associate strength
2005-06 - Q1 to Q4
No. of associates
Sheet3
0
0
0
0
Utilisation %
2005-06 - Q1 to Q4
Utilisation %
00
00
Citi
Non Citi
Financial Year
%
Revenue Split
Realization 2005-06
Chart5
57.2519.65
57.419.7
57.619
57.519
Onsite
Offshore
2005-06
USD per hour
Sheet1
FY 2001FY 2002FY 2003FY 2004FY 2005FY 2006
Revenue* 283* 294* 431* 646* 787* 82519.5%
Q1Q2Q3Q4
SDE* 139* 141* 142* 140
SG&A* 44* 45* 44* 45
31-Mar-0331-Mar-0431-Mar-0531-Mar-06
Working Capital$127.42$202.44$172.15$169.79
Cash & Cash equivalents$117.09$80.41$136.71$121.70
Net Block$182.91$201.13$216.26$237.63
Total$427.42$483.98$525.12$529.12
31-Mar-0331-Mar-0431-Mar-0531-Mar-06
Technology Assets78.1797.81113.7191.79
Other Physical Assets104.74103.31102.55145.84
Colelction
Q1Q2Q3Q4
Collection* 182* 189* 240* 210
Realisation Rates
Q1Q2Q3Q4
Onsite$57.25$57.40$57.60$57.50
Offshore$19.65$19.70$19.00$19.00
US/North America38.42%37.54%40.70%42.90%
Europe28.53%29.72%28.45%27.60%
India11.29%11.80%10.10%10.50%
Asia Pacific & Japan21.76%20.94%20.75%19.00%
Sheet1
Revenue
Financial Year
Rs in Crores
Sheet2
SDE
SG&A
Quarter - FY 2005-06
Rs in Crores
Sheet3
111
#REF!
#REF!
#REF!
Financial Year
Rs in Crores
127.42117.09182.91
202.4480.41201.13
172.15136.71216.26
169.79121.7237.63
Working Capital
Cash & Cash equivalents
Net Block
127.42117.09182.91
202.4480.41201.13
172.15136.71216.26
169.79121.7237.63
Working Capital
Cash & Cash equivalents
Net Block
Technology Assets
Other Physical Assets
Year
Rs Crores
Technology Assets
Other Physical Assets
Year
Rs Crores
Collection
2005-06
Rs Crores
Onsite
Offshore
2005-06
USD per hour
100
Rs Lacs$ Mn
Conv rate$48.49$45.89$45.00$44.64
31-Mar-0331-Mar-0431-Mar-0531-Mar-0631-Mar-0331-Mar-0431-Mar-0531-Mar-06
Technology Assets781797811137110735Working Capital$127.42$202.44$172.15$169.79
Cash & Cash equivalents$117.09$80.41$136.71$121.70
Other Physical Assets10474103311025513027Net Block$182.91$201.13$216.26$237.63
Total18291201122162623762Total$427.42$483.98$525.12$529.12
9786.76
1584.24
1837
0.8624060969
127.42117.09182.91
202.4480.41201.13
172.15136.71216.26
169.79121.7237.63
Working Capital
Cash & Cash equivalents
Net Block
As on 31.3.06
Total CostDepreciation / AmortisationNet Value
Land$1,303.18$1.60$1,301.58
Building$7,800.29$885.21$6,915.08
P&M( Incl Comp )$17,109.87$11,575.53$5,534.34
Electrical fittings$1,306.67$587.01$719.66
Furniture , Fittings and Office equipment$4,775.34$1,574.53$3,200.81
Vehicles (Refer Note 3)$605.07$401.61$203.46
$32,900.42$15,025.49$17,874.93
Software Products$5,508.78$1,863.93$3,644.85
Intellectual property rights$599.90$599.900.0
$6,108.68$2,463.83$3,644.85
Total Assets$39,009.10$17,489.32$21,519.78
In Rs Crores
As on 31.3.06
Total CostDepreciation / AmortisationNet Value
Tangible Assets
Land$13.03$0.02$13.02
Building$78.00$8.85$69.15
P&M( Incl Comp )$171.10$115.76$55.34
Electrical fittings$13.07$5.87$7.20
Furniture , Fittings and Office equipment$47.75$15.75$32.01
Vehicles (Refer Note 3)$6.05$4.02$2.03
Total Tangible Assets$329.00$150.25$178.75
Intangible Assets
Software Products$55.09$18.64$36.45
Intellectual property rights$6.00$6.000.0
Total Intangible Assets$61.09$24.64$36.45
Capital WIP22.4322.43
Total Assets$412.52$174.89$237.63
In $ Mn
As on 31.3.06
Total CostDepreciation / AmortisationNet Value
Tangible Assets
Land$0.29$0.00$0.29
Building$1.75$0.20$1.55
P&M( Incl Comp )$3.83$2.59$1.24
Electrical fittings$0.29$0.13$0.16
Furniture , Fittings and Office equipment$1.07$0.35$0.72
Vehicles (Refer Note 3)$0.14$0.09$0.05
Total Tangible Assets$7.37$3.37$4.00
Intangible Assets
Software Products$1.23$0.42$0.82
Intellectual property rights$0.13$0.130.0
Total Intagible Assets$1.37$0.55$0.82
Capital WIP5.025.02
Total Assets$13.76$3.92$9.84
ConclusionsHealthy Balance sheet, No DebtStrong Cash FlowsSignificant investments in Products to differentiate Polaris Software Lab from other vanilla outsourcing service providersAll product and other investments through internal accrualsCost Structure stable over the last 5 quartersRevenue uptake will drive significant increase in profitability
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