Polaris Q4 net profit up 26 percent

By SiliconIndia   |   Thursday, 28 April 2011, 16:10 Hrs
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Bangalore: Announced its fourth quarter results Polaris Software Lab registered a 26 percent growth in consolidated net profit. The Q4 net profit was up at 57 crore versus Rs 50 crore, quarter-on-quarter, QoQ. The company's net sales were up at 443 crore versus Rs 400 crore, QoQ. Total income rose 26.3 percent to 4.43 billion rupees in the period.

"Growth came from products, products accounted for about 40 percent of our growth," Chief Executive Arun Jain said. "Our average pricing will also increase if the ratio of our products business increases, hence products will be our focus," he added.

Chennai-headquartered Polaris reported profit after tax at 202.45 crore for the year ending March 31, 2011, which is an increase of 32.46 percent over the same period of previous year. The firm reported PAT at Rs 152.84 crore for the year.

The Banking and insurance software provider forecast a revenue growth of 22-25 percent in FY12, outpacing the 21.4 percent rise in revenue in FY11.

The company statement said the board of directors has recommended a 90 percent dividend of 4.50 per share on the equity share capital of the company for fiscal 2011.

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