Polaris Software net profit rises 94 percent

January 20th, 2009 - 7:18 pm ICT by IANS  

Chennai, Jan 20 (IANS) The net profits of Polaris Software rose 94 percent to Rs.371 million for the quarter ended December compared to Rs.191 million in the corresponding period last fiscal.The revenue of the company grew by 32 percent to Rs.3.72 billion during the third quarter as against Rs.2.82 billion in the corresponding period last year.

Also, Polaris Tuesday declared an interim dividend of 30 percent.

Meanwhile, the share price of the company rose as the scrip opened at Rs.34.95 and closed at Rs.44.35 Tuesday.

“In the first nine months, we have recorded over Rs.1,000 crore (Rs.10 billion) revenues. Despite the tough macro economic situation, we are confident of growing over 20 percent in FY10, with our composite portfolio of products and services,” company’s executive director and COO Arup Gupta said.

Chairman and Managing Director Arun Jain said: “The company will be going beyond America and Western Europe for new business.”

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