Polaris PAT up by 89 per cent

BANGALORE, INDIA: Polaris Software Lab Limited, a provider in specialty application development in banking, financial and insurance sector, today announced the second quarter results for FY 2008-2009.

It reported consolidated revenue of Rs. 351.14 crore and Profit After Tax (PAT) of Rs. 34.43 crore. The revenue grew 28 per cent from Rs. 273.55 crore and profits grew by 89 per cent from Rs. 18.22 crore, when compared to last year, said a press release.

On a sequential quarter basis, revenues grew by 11per cent from Rs. 316.98 crore to Rs. 351.14 crore and Profits grew by 27 per cent from Rs. 27.01 crore to Rs. 34.43 crore, it said.

The EBITDA margins rose from 12.6 per cent to 14.74 per cent, it added.

During the reporting quarter, Polaris sold its equity in the Joint Venture with AIG, for Rs. 23.06 crore and realized the net profit of Rs. 13.06 crore, said the release.

Arun Jain, chairman and CEO, Polaris Software Lab Ltd., said, “Although it will take a few months for a clear picture to emerge, we expect to see opportunities due to consolidation in the financial markets, especially for players like us in the domain and solution space.

“We are participating in the strategic initiatives of 3 among the Top 10 banks in modernizing their legacy platforms. Besides this growth lever, we are focused on taking our Intellect Banking products to the Tier 2 banks as well as emerging markets,” he added.

Arup Gupta, executive director and chief executive officer, Polaris Software Lab Ltd., said, “We have been able to sustain growth in revenue as well as profits in the last 6 quarters. The quarterly top line has crossed the USD 80-million level up from USD 65-million level, same quarter last year. Our customer landscape has crossed the 200 mark.”

The company statement reported that it expanded its customer base, by winning 14 new customers.