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Chennai, Oct. 17 Due to a Rs 20-crore hit on account of rupee appreciation, Polaris Software Lab Ltd has reported a 33 per cent drop in consolidated net profit on a 7 per cent increase in turnover for the second quarter ended September 2007 when compared with the corresponding period last year.

The Chennai-based software company reported a net profit of Rs 18 crore in the July-September 2007 against Rs 27 crore in the same period last year, and a turnover of Rs 274 crore (Rs 255 crore). To mitigate the problem out of rupee appreciation, Polaris sought a price increase from its ten top customers and got a 12 per cent hike from two global banks, according to Mr R. Srikanth, Executive Vice-President and Chief Financial Officer.

Software development expenses increased by 16 per cent to Rs 185 crore (Rs 158 crore); selling and marketing expenses were Rs 32 crore (Rs 27 crore).

The company’s employee headcount at the end of September 2007 was 7,068, an increase of 629 people over the same period last year, Mr Srikanth said.

Mr Arup Gupta, President and CEO, Polaris, in a release said in the last six quarters, the company has built up the quarterly run rate from $44 million per quarter to over $65 million. All the four growth engines – outsourcing, products (Intellect), consulting and business process outsourcing (Optimus) were performing well.

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