Polaris Soft post lower net

By agencies   |   Thursday, 28 April 2005, 07:00 Hrs
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CHENNAI: Polaris Software Lab Ltd has reported lower net profit of 58 million on revenues of 1.96 billion for the quarter ended March 31, 2005 as against a net profit of 105 million on revenues of 1.7 billion for the corresponding quarter last year.

For the year ended March 31,2005, the company reported a net profit of 704 million on revenues of 7.87 billion as against a net profit of 743 million on revenues of 6.46 billion for the last fiscal, a company release said.

The board of directors has recommended a dividend of 1.75 per equity share of 5 (35 percent) for the year ended March 31,2005.

The company added 173 employees during March quarter to take total strength to 6003, the release said adding Man Investments, one of the world’s biggest alternative investment players, has selected Polaris for delivery of a large project. Polaris also made an entry into two large banking customers during the quarter.

The release said Polaris is building two new businesses. Polaris is also into investment phase for creating a platform optimum, a complete card on demand credit card outsourcing business. Polaris is funding the investment in both the above businesses without any external funding using cash generated from its profitable service business, the release said.

The board has also approved a proposal to spend up to 490 million on buying back up to 25 percent of its equity. It said the buyback would be at a price not exceeding Rs 115 per share.

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