Polaris Software proposes 90 percent dividend payout

April 28th, 2011 - 8:40 pm ICT by IANS  

Chennai, April 28 (IANS) Banking, financial services and insurance (BFSI) software development and services firm Polaris Software Lab Ltd’s board Thursday recommended a dividend of Rs.4.50 per share (90 percent) for 2010-11 after the company closed the year with a profit of Rs.202 crore.

This was up from Rs.153 crore earned the previous fiscal. The company closed last year with a turnover of Rs.1,612 crore up from Rs.1,327 crore earned the previous year.

“The clear mission we set for ourselves three years ago was repeatable predictable profitable growth, with single minded focus on taking leadership in the financial technology space. Our sales funnel has grown from $300 million to $610 million this year, reflecting our emphatic positioning as a global financial technology leader,” said founder, chairman and CEO Arun Jain.

According to Polaris chief financial officer R.Srikanth, the company is confident of having revenue growth between 22-25 percent during the current year, ahead of the industry’s growth average.

Polaris Software Wednesday announced the acquisition of 85.3 percent stake in the US based IdenTrust Inc, an identity solutions company, for $20 million and its entry into the cloud computing space in a major way.

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