City based Polaris Consulting and Services Ltd on Wednesday said it closed the first quarter of the current fiscal with a 24.2 per cent decline in its net profit despite a growth in total income.
The company in a statement issued here said its first quarter revenues stood at Rs 554.9 crore against Rs 501.90 crore earned for the period ended June 30, 2016.
Polaris said its profit after tax for the period under review was Rs 30.21 crore, down from Rs 39.85 crore posted during the previous year's corresponding period.
The company said the net profit for the quarter was impacted due to proactive hiring and account level investments made for supporting future growth.
--IANS
vj/py/vt
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