The Hindu Business Line : Polaris net up 87%

Chennai, July 17 Polaris Software Ltd reported an 87-per cent growth in net profit to Rs 27.01 crore for the first quarter ended June 30, 2008 compared with Rs 14.42 crore in the corresponding quarter last year. Revenues went up by 23 per cent to Rs 316.98 crore (Rs 257.45 crore).

In dollar terms, net profit grew by 85 per cent to $6.48 million ($3.51 million) and revenues grew by 21 per cent to $76 million ($62.72 million).

Mr Arun Jain, Chairman and CEO, Polaris, in a release said, “We are better positioned to expand business beyond G7 markets. We have built over 40 reference sites for our Intellect Product and completed critical implementations in Tier 1 banks. Now, we are ready to market the product to Tier 2 banks.”

Mr R. Srikanth, Executive Vice-President and Chief Financial Office, Polaris, on higher profitability said since February all business centres were asked to work on higher profit targets and this has worked out well. Further ‘cost rationalisation and better employee utilisation’ (utilisation in the quarter improved by 357 basis points) increased the profits.

Citi revenue

Citi Group’s share to Polaris’s total revenues increased to 40.66 per cent during the quarter compared with 38.92 per cent in the previous quarter.

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