The Hindu Business Line : Polaris' full year net crosses Rs 100 cr

Chennai April 27 Polaris Software Lab Ltd, which reported a net profit of Rs 21.39 crore for the fourth quarter ended March 31, 2007, also crossed the double milestones of Rs 1,000 crore in revenues and Rs 100 crore profit for the full year.

The Chennai-based software company increased its consolidated net profit by nearly ten times to Rs 21.39 crore for the quarter ended March 31, 2007, compared with a net profit of Rs 2.12 crore for the corresponding quarter last year.

Income from software services and products was Rs 270.77 crore (Rs 198.85 crore).

Revenue from the Citigroup group, Polaris' top client, reduced to 40.60 per cent during the fourth quarter compared with 43.80 per cent during the third quarter, the company said.

For the year ended March 2007, the company's net profit was Rs 101 crore (Rs 21.30 crore) and revenue was Rs 1,032 crore (Rs 825 crore), a 25 per cent growth over the previous year. Operating profit was Rs 161.27 crore, a 109 per cent jump over the previous year, says a company press release.

The success in the results was reflected in the growth of Intellect-led revenues, which was Rs 55.90 crore during the fourth quarter.

According to Mr Arup Gupta, Chief Operating Officer, Polaris, there was a 61 per cent growth in revenues from non-Citigroup accounts and Intellect-led revenues grew by 147 per cent over the previous year.

Currency fluctuation is creating some unpredictability though Polaris has hedged $48.62 million at an average rage of Rs 45.08.

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