Chennai: Polaris Software Lab, a player in Specialty Application Development in Banking, Financial and Insurance sector, has posted a 87 percent growth in its Profit After Tax (from Rs. 14.42 to 27.01 crore) for the quarter ended 30th June 2008. The company's consolidated revenue grew by 23 percent (from Rs. 257.45 to 316.98 crore) during this period.

On a sequential quarter on quarter basis, revenues grew by 11 percent from Rs. 286.16 crore to Rs 316.98 crore and Profits grew by 26 percent from Rs. 21.45 crore to Rs. 27.01 crore.

In dollar terms, revenues grew 21 percent to $76 million from $62.72 million, while PAT grew 85 percent to $6.48 million from $3.51 million on a year on year basis. On a sequential quarter on quarter basis, revenues grew by 6 percent and PAT grew 20 percent in dollar terms.

The revenues contribution from the U.S. grew by 37 percent of total revenues, up by 300 basis points. During the quarter, the company expanded its customer base, by winning 15 new customers, including 5 that were Intellect-led

Arun Jain, Chairman & CEO, Polaris Software Lab, said, "With our integrated business model, we are positioned to expand business beyond G7 markets. We have diligently built over 40 reference sites for the Intellect Product and have completed critical implementations in Tier 1 banks. Now, we are ready to market the product to Tier 2 banks".

Arup Gupta, who has been appointed as the Executive Director of the company, effective from 17 July, said, "Despite the tough macro economic conditions of subprime, we have grown our top line. Our strategic customer landscape has crossed the 100 mark".