Polaris Software to enter real estate business

July 17th, 2008 - 8:18 pm ICT by IANS  

Chennai, July 17 (IANS) Banking software company Polaris Software Lab Ltd has decided to get into the real estate business, subject to regulatory approvals. A decision to this effect was taken by the company’s board here Thursday, Polaris said in a stock exchange filing.

While Polaris executives were not available to comment on the diversification, sources close to the development told IANS that the company has some surplus land in Gurgaon near the national capital after building its software development centre.

With land prices going up Polaris has decided to cash in on that, the sources said.

The company will be partnering with a real estate developer.

Meanwhile, the company closed the first quarter of FY08-09 with net sales of Rs.2.67 billion and a net profit of Rs.189.9 million as against Rs.2.39 billion and Rs.135.4 million posted during the corresponding period in FY07-08.

On a consolidated basis the revenue and profit for the first quarter of this fiscal was Rs.3.16 billion and net profit was Rs.270 million as against Rs.2.57 billion and a net profit Rs.144 million posted for the corresponding period the previous fiscal.

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