Polaris net up 30% to Rs 23.26 crore

Polaris Software Lab has reported a revenue of Rs 165.03 crore for the quarter ended December 31, 2003, recording a 34.3 per cent growth compared to Rs 122.92 crore earned in the corresponding quarter last year. Net profit grew 30.2 per cent to Rs 23.26 crore (Rs 17.86 crore).

Polaris Software revenues for the nine months ended December 31, 2003 stood at Rs 476.12 crore in comparison to Rs 272.36 crore during the corresponding period last year, registering a growth of 74.8 per cent.

Profits grew 47.9 per cent at Rs 61.36 crore (Rs 41.50 crore). During the quarter, 382 associates were added, taking the manpower strength to 4707 from 4325. The company has also reported that average offshore and onsite rates stand at $19.95 and $57.35 respectively.

While onsite revenues contributed 44.19 per cent of the total revenue, the contribution of off-shore revenues was 55.81 per cent. Business from Citigroup stood at 57.2 per cent for the third quarter.

During the third quarter, the US and North America markets contributed 41.2 per cent of the total revenue, followed by the European market (24.2 per cent). BFSI vertical contributed 83.5 per cent of the total revenue.

Meanwhile, Polaris Software is planning to set up a new campus near the Indian School of Business in Gachibowli, Hyderabad at an estimated cost of Rs 30 crore which will accommodate over 1,000 software engineers.

The company spokesperson said: "This new centre will address specific segments like risk, treasury and wealth management." He further said that the new centre would be ready by March 2005.