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April 23, 2009

Polaris Q4 PAT up 50%

Annual PAT rose by 79% to INR1.3 billion

By CBR Staff Writer

Polaris Software Lab, a provider of financial technology for the banking, financial and insurance sectors, has posted a profit after tax of INR321.1m for the fourth quarter ended March 31, 2009, an increase of 50%, compared to INR214.5m for the same period last year.

The company reported a gross profit of INR1.28 billion for the fourth quarter ended March 31, 2009, compared to INR906.53m for the fourth quarter of the previous year.

For the year ended March 31, 2009, profit after tax (PAT) increased by 79% to INR1.3 billion from INR732.2m for the prior year. Gross profit was INR4.92 billion, compared to INR3.55 billion last year.

Arun Jain, chairman and CEO of Polaris Software, said: We crossed $300 million mark in revenues this year. This has been a good year for us. As we move forward we have taken cognizance of the note of caution sounded out by our industry peers. We too remain cautious but our tone remains positive. We believe that our good performance has been a result of our strategy of differentiating ourselves as financial technology experts through continuous investment in intellectual property creation.

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