Polaris Software posts 46% drop in net profit

Polaris Software posts 46% drop in net profit

By agencies   |   Monday, 25 July 2005, 07:00 Hrs   |    2 Comments
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CHENNAI: Polaris Software Labs has reported a 46.2 percent drop in net profit to 129.6 million on sales of 2.09 billion for the quarter ended June 30, 2005 compared to a net profit of 240.9 million for the corresponding quarter last year.

“The bottom line is not good and has not grown as our top line. This is genuine concern for share holders,” Arun Jain, Chairman and Managing Director of Polaris told the company’s shareholders.

“We have invested in products and solutions for the last two years and we will see results in the next few quarters,” he said at the company’s annual general meeting.

Jain said Polaris has invested around 500 million in Intellect suite of products and Optimus (the company BPO arm) in the last two years.

In technology business, it takes 10-15 years for things to settle down, and the company would do better in future with all these investments in place, he said.

During the June 2005 quarter, selling and marketing expenses for Polaris increased to 205.1 million, depreciation and amortization was 122.5 million, a company release said.

Polaris’ three businesses-software services, Intellect suite and Optimus had shown growth and this was the first sign of validation of the company’s strategy to service global institutions and banks, Jain said.

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