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IT software firm Polaris Software Lab today posted a 4.37 per cent decline in consolidated net profit at Rs 44.56 crore for the quarter ended June 30, 2011, over the same period last year.
The company had a net profit of Rs 46.60 crore in the same period previous fiscal, Polaris Software Lab said in a filing to the Bombay Stock Exchange.
Income rose to Rs 455.78 crore during April-June quarter 2011, against Rs 369.34 crore in the same quarter previous fiscal.
“In spite of our high investment in R&D which was close to 435 basis points (Rs 19.59 crore) of our revenue, we delivered sustained EBITA margins. We are revising our revenue guidance to $430 million-$440 million from $425 million-$435 million,” Polaris Software Lab President & CFO Mr R Srikanth said.
On the standalone basis, the net profit stood at Rs 40.69 crore, down 0.049 per cent over the same year-ago period.
Cash and cash equivalents stood at Rs 417 crore at the end of the quarter.
America’s market contributed 46.78 per cent, Europe 24.95 per cent, IMEA 11.73 per cent at Asia Pacific 16.53 per cent of the quarter revenues, the filing added.
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