Polaris Q3 net up 30 percent

By SiliconIndia   |   Friday, 30 January 2004, 08:00 Hrs
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CHENNAI: Polaris Software Lab registered a 30.2% growth in net profits in the quarter ended December 31, ‘03 to Rs 23.3 crore, as against Rs 17.9 crore in the same period last year.

The revenues also went up 34.3% to Rs 165 crore as against Rs 122.9 crore in the corresponding period last year, a company press release said.

For the nine months period ended on December 31, ‘03 , the revenues stood at Rs 476.1 crore as compared to Rs 272.4 crore in the same period in the previous year, registering a growth of 74.8%. The net profit for the same period was up at Rs 61.4 crore as against Rs 41.5 crore in the nine months ended on December 31, ‘02 . Commenting on the results, CEO Arun Jain said the company’s efforts in the product space were beginning to show returns. He said that the company planned to set up a campus in Hyderabad , which would accommodate 1,000 software engineers.

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