Polaris Software Q2 net profit up 12% at Rs 53.94 cr

Financial technology firm Polaris Software Lab Ltd posted a 12.02 per cent growth in net profit at Rs 53.94 crore for the second quarter (Q2) ended September 30 compared to Rs 48.15 crore for the same period last year.

The revenue stood at Rs 509.74 crore for Q2 of FY12 as against Rs 388.34 crore for the corresponding period last year, a rise of 31.26 per cent. The growth was backed by the performance of its product, Intellect, for which the revenue grew 68 per cent to Rs 139 crore in the quarter ended September 30, 2011, from Rs 83 crore during the same quarter last year and was 27 per cent of Polaris' quarterly revenue, according to a company announcement.

The company has revised its guidance, based on the performance of

Intellect. “In view of the robust volume growth and strong performance of Intellect, the revenue for the year 2012 has been revised to Rs 2,014 crore-Rs 2,060 crore from Rs 1,968 crore-Rs 2014 crore in the last quarter,” said the firm.

Polaris on Saturday informed BSE that its board of directors has approved a proposal in principle to demerge the IT-enabled business of its subsidiary, Optimus Global Services Ltd, into the firm.

The demerger is planned in order to synergise the operational and business efficiencies of this business and is subject to necessary regulatory approvals including the approval from the Madras High Court.