Polaris income grows to Rs. 1,117 crore

For the year ended 31 March 2008, the total income was Rs 1,117.41 crore. Operating profit (EBITDA) was Rs 136.30 crore and profit after tax (PAT) was Rs 73.21 crore. The company recorded 22% growth in total income in dollar terms.

For the quarter ended 31 March 2008, total income was Rs 290.06 crore. Operating profit (EBITDA) was Rs 36.21 crore and profit after tax (PAT) was Rs 21.45 crore.

During the quarter, the company recorded 14 new wins. The company also signed a Master Services Agreement with a Fortune 10 Bank in North America.

The Board of Directors recommended a final dividend of 30% on the paid up capital of the company for fiscal 2008.

The Board of Polaris Software Lab Limited considered a proposal of buy-back of its equity shares and had discussions on this subject. In the course of the discussions, Members of the Board drew attention to the real estate investments made by the Company and suggested that the best options to maximize shareholder value from these investments should also be explored.

The Board accordingly decided to defer its decision on the buy-back of equity shares and appointed a committee of the Board to give recommendations to enable the Board to take a decision at its next meeting.