Polaris Software Lab Ltd reported a 12 per cent increase in net profit to Rs 54 crore for the second quarter ended September 30, 2011, against Rs 48 crore for the corresponding period last year.

Revenue grew 31 per cent to Rs 510 crore (Rs 388 crore), mainly driven by a strong demand for the company’s product, Intellect, from new clients.

Product revenue grew 68 per cent to Rs 139 crore (Rs 83 crore). The Chennai-based information technology company said during the September quarter 12 new clients from banking and insurance sectors opted for Intellect, which contributed 27 per cent to the company's quarterly revenue, said a company press release.

Due to the robust volume growth and Intellect's strong performance, Polaris has revised the yearly revenue for the current financial year to Rs 2,014 crore-Rs 2,060 crore from the earlier projected Rs 1,968 crore - Rs 2,014 crore in the last quarter, the release said.

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