Polaris Q3 net dips 69 p.c.

CHENNAI, INDIA: Polaris Software Lab Limited today reported a decline in profit after tax by 69 per cent for the third quarter ended on December 31, 2007.

The company’s net profit for the third quarter stood at Rs 19.12 crore as against 32.29 crore posted for the corresponding quarter previous year.

The company’s total revenues increased to Rs 282.14 crore from Rs 278.07 crore posted for the corresponding quarter previous year.

Arup Gupta, president and COO, Polaris Software Lab Ltd, said, “In the last six quarters, the company has moved up from annual revenues in the $200 million level and is now approaching the $300 million level. At this point of time, our focus will be to improve operational efficiencies to counter rupee appreciation and record a higher growth in profits in the coming quarters.”

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