Polaris net down 55% in March Qtr

By siliconindia   |   Thursday, 20 May 2004, 07:00 Hrs
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CHENNAI: Polaris Software Lab Ltd, the Chennai-based IT service provider, has reported a 55 per cent decline in profit after tax for the quarter ending March 31, 2004, at Rs 10.52 crore against Rs 23.45 crore previously.

The company has reported a turnover of Rs 170.30 crore for the quarter ending March 31, 2004, recording an increase of nine per cent over the same period last year.

For the full financial year ending March 31, 2004, the company has reported a topline of Rs 646.43 crore, recording an increase of 51 per cent over the Rs 428.27 crore for the financial year ending March 31, 2003.

Despite the impressive increase in the topline, profit after tax for the full fiscal 2003-04 increased by only five per cent. PAT for the full year ending March 31, 2004, was Rs 72.21 crore against Rs 68.77 crore for 2002-03.

Citigroup’s contribution to the revenues has moved to Rs 379 crore from Rs 280 crore in the previous fiscal recording an increase of 35 per cent year-on-year. The board has recommended a dividend of 35 per cent for 2003-04.

The services segment contributed 84.9 per cent of the revenues at 548.82 crore.

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