Polaris Software earns $71 Mn in third quarter

Friday, 25 January 2008, 12:26 Hrs
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Chennai: Chennai based banking, financial services and insurance software company Polaris has posted a revenue of $71 million (2.83 billion) and an after-tax profit of $4.84 million (191.2 million) for the quarter ended on Dec 31, 2007.

The corresponding figures for the same period last year were 2.77 billion and 182.2 million.

"Our method of smart legacy modernisation has gained acceptance and recognition from independent analysts like the Tower Group and Forrester," said company chairman and CEO Arun Jain.

He said the analysts have forecast maximum IT spend in the next five years is going to be in the area of modernising legacy platforms.

Reviewing the results, Arup Gupta, president and chief operating officer, said: "In the last six quarters, the company has moved up from annual revenues in the $200-million level and is now approaching the $300-million level. Our focus will be to improve operational efficiencies to counter rupee appreciation and record a higher growth in profits in the coming quarters."

The company's business process outsourcing arm grew its business by 81 percent.

During the period under review, Polaris completed two high-end consulting assignments for the markets and banking division of a Fortune 10 bank in the US and for the asset management division of a leading Wall Street bank.

During the quarter the company won 14 new customers.
Source: IANS
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