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Our Bureau

Chennai , Jan. 21

POLARIS Software Lab's net profit has declined to Rs 19.32 crore for the quarter ended December 31, 2004 against a net profit of Rs 23.44 crore for the corresponding quarter last year — a 17- per cent drop. For the December 2004 quarter, the company reported revenues of Rs 209.20 crore, a 26.8 per cent growth over the Rs 165.03 crore for the corresponding quarter last year.

During December 2004 quarter, the Chennai-based software company reported loss in other income of Rs 3.6 crore, mainly on account of exchange fluctuation.

The forex-hedged position as on December 31 was $44 million, says a company press release.

The tank size of its Intellect suite of products has gone up to $11.8 million from $7.3 million during the quarter. Intellect continued to gain acceptance in Citigroup institutions.

Revenue from Citigroup has increased to 61.80 per cent as against 59.30 per cent during the previous quarter.

Bhagwat takes early retirement

Mr Ram Bhagwat, President and Executive Director, has taken an early retirement to pursue his personal interests, according to a company press release.

In Polaris, Mr Bhagwat was overseeing the products space and relationship with Citigroup.

In another development, Mr Prabal Basu Roy has joined Polaris as Group Chief Financial Officer and Executive Vice-President.

He supersedes Mr N. Vaidyanathan, who continues to be Chief Financial Officer and Senior Vice-President, said a company official.

As on December 31, 2004, the number of employees at Polaris was 5,830 in comparison to 5,650 in the previous quarter, the release said.

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