Business Daily from THE HINDU group of publications
Wednesday, Oct 22, 2008
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Business Daily from THE HINDU group of publications Wednesday, Oct 22, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate Results
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Software Polaris Soft net up 89% Chennai, Oct. 21 Polaris Software Lab Ltd, the Chennai-based software company, reported 89 per cent increase in consolidated net profit to Rs 34 crore for the second quarter ended September 30, 2008, compared with Rs 18 crore for the corresponding quarter last year. Revenue increased by 28 per cent to Rs 351 crore (Rs 274 crore). During the quarter, Polaris sold its equity in the joint venture with AIG for Rs 23.06 crore and realised the net profit of Rs 13.06 crore. There was a hedging loss of Rs 6.72 crore in other income. Mr Arup Gupta, Executive Director & COO, Polaris, said, “We have been able to sustain growth in revenue as well as profits in the last six quarters. The quarterly top line has crossed the $80-million level up from $65-million level, same quarter last year. Our customer base has crossed the 200-mark”. Giving a perspective on the US market in a conference call with analysts, Mr Kartik Kaushik, head of Polaris business in Americas, said ‘the sentiment is negative and there is a lot of uncertainty’ among customers. Most of the customers in the financial services sector, which contributes nearly 91 per cent of revenues for Polaris, are realigning their business and have undertaken cost cutting measure. This will give opportunity for solution-based companies such as Polaris, he said. – Our Bureau Polaris net up 87% Polaris retail software launch positive for margins More Stories on : Software
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