Polaris Q4 net up 50% at Rs 32 cr, declares 25% dividend

IT services provider Polaris Software today reported a 50 per cent growth in its profit after tax (PAT) at Rs 32.11 crore for the fourth quarter ended March 2009. 

The Chennai-based company had a PAT of Rs 21.45 crore in the fourth quarter of FY08, it said in a filing to the Bombay Stock Exchange.
 
The total income rose 18 per cent to Rs 337.25 crore in the fourth quarter, from Rs 286.16 crore in the same period last fiscal. During the quarter, the company incurred a foreign exchange loss of Rs 19.59 crore. 

The company said although the economy and business environment in developed markets, especially the US and UK, continues to remain uncertain, emerging markets present an opportunity for growth.
 
The board has declared a dividend of 25 per cent at the rate of Rs 1.25 a share for the financial year 2008-09.
 
For the financial year ended March 31, 2009, Polaris reported a 79 per cent growth in PAT at Rs 130.71 crore, while it had a PAT of Rs 73.22 crore last year. The total income rose to Rs 1,377.95 crore, up 25 per cent over FY'08. 

"We have strengthened our balance sheet during the year with cash and cash equivalents growing to Rs 340 crore from Rs 155 crore," Polaris Software CFO R Srikant said. Shares of Polaris were trading at Rs 64.30, up 6.46 per cent in the late afternoon trade on the BSE.