Polaris Q3 net up 27%

MUMBAI: Polaris Software Lab Ltd has posted a net profit of Rs 21.49 crore for the quarter ended December 31, 2003 as compared to Rs16.95 crore registering a rise of 26.78 per cent for the quarter ended December 31, 2002.

The Chennai based software product and services company plans to set up a campus in Hyderabad, which will accommodate over 1,000 software engineers. The campus will be built on a seven-acre plot of land close to the Indian School of Business, Hyderabad.

The total income of Polaris has increased from Rs 108 crore in the third quarter ended 2002 to Rs 142 crore in the quarter ended December 31, 2003.

On consolidated basis the group has posted a net profit of Rs 23.26 crore for the quarter ended December 31, 2003, up 30.24 per cent as compared to Rs 17.86 crore in the corresponding period last fiscal.

The total income has increased from Rs123 crore in the third quarter ended 2002 to Rs 166 crore in the quarter ended December 31, 2003.

Arun Jain, Chairman & MD and CEO said that the company’s efforts in the product space are beginning to show returns with OrbiOne gaining visibility and acceptance in key markets.

Over the next few quarters, Polaris will continue to invest heavily in creating strategic reference sites and in marketing the product range, so that the objective of emerging as an IP-led solutions player is realised, he added.

Jain further added that, the merger integration process has also been successfully executed and the company has aligned strong delivery teams within the merged entity along with key business areas to stimulate growth.

Source: IRIS