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Our Bureau

Chennai , July 28

POLARIS Software Ltd reported a net profit of Rs 24.09 crore for the first quarter ended June 30, 2004, compared with Rs 16.70 crore during the corresponding quarter last year — a 44.3 per cent increase.

Revenues for the June 2004 quarter jumped by 16.9 per cent to Rs 179.59 crore compared to Rs 153.67 crore during the corresponding quarter last year.

The services segment contributed 83.7 per cent of the revenues at Rs 150.31 crore for the quarter and the products segment 16.3 per cent at Rs 29.27 crore, according to a company press release.

Software development expense for the Chennai-based software firm was Rs 118.11 crore, which represents 65.8 per cent of business revenues. Selling and marketing expenses were Rs 15.05 crore , the release said.

Polaris added 244 employees during the quarter, taking the total staff strength to 5,220. The company added nine clients during the quarter.

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