Polaris Software net dips 4.5% at Rs 45 cr

IT software firm Polaris Software Lab today posted a 4.37% decline in consolidated net profit at Rs 44.56 crore for the quarter ended June 30, 2011, over the same period last year.

The company had a net profit of Rs 46.60 crore in the same period previous fiscal, Polaris Software Lab said in a filing to the Bombay Stock Exchange.

Income rose to Rs 455.78 crore during April-June quarter 2011, against Rs 369.34 crore in the same quarter previous fiscal.

"In spite of our high investment in R&D which was close to 435 basis points ( Rs 19.59 crore) of our revenue, we delivered sustained EBITA margins. We are revising our revenue guidance to USD 430 million-USD 440 million from USD 425 million-USD 435 million," Polaris Software Lab President & CFO R Srikanth said.

On the standalone basis, the net profit stood at Rs 40.69 crore, down 0.049% over the same year-ago period.

Cash and cash equivalents stood at Rs 417 crore at the end of the quarter.

America's market contributed 46.78%, Europe 24.95%, IMEA 11.73% at Asia Pacific 16.53% of the quarter revenues, the filing added.

Shares of Polaris Software Lab were trading at Rs 174.60 on the BSE, up 1.01% from the previous close.