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Polaris invests in BPO venture
By agencies
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Monday, 27 June 2005, 19:30 IST
CHENNAI: Polaris Software Lab has put in an addition amount of Rs 120 million for the 2004-05 in Optimus Outsourcing Company Ltd, which leads the companys BPO initiatives.
According to the companys annual report, the present investment in Optimus has listed Rs 17 crore. It also informed the net loss for the year-end March 31, recorded Rs 700,000 loss on revenue of Rs 294 million.
During the year2004-05, Polaris incorporated Polaris Software Lab Canada with an initial investment of Canadian $ 296,350 to provide near shore support to the US market, says report.
Apart from Optimus and the Canadian subsidiary, all the other subsidiaries of Polaris reported profits during 2004-05. The Singapore subsidiary reported a net profit of Rs 754 million on revenues of Rs 725.3 million. The German subsidiary reported a net profit of Rs 30 million on revenues of Rs 263.8 million and the UK subsidiary a net profit of Rs 27.1 million on revenues of Rs 600 million. The Japanese subsidiary reported a net profit of Rs 101 million revenues of Rs 250 million and the Swiss subsidiary had a net profit of Rs 114 million on revenues of Rs 630 million, the annual report says.
According to the report, the company's other subsidiaries like Polaris Retail, Polaris Australia and Polaris Ireland -reported net profit of less than Rs 100 million. Polaris' equity ownership interest in Adrenalin Systems Ltd has reduced to 46.59 percent from 49 percent. Adrenalin is engaged in the business of providing specific solutions to human relations suite of software solutions and products.
The U.S. District Court has appointed a retired judge to resolve the dispute between Polaris and the US-based Data Inc, and the mediation proceedings are continuing. It may be recalled that Arun Verma and Data Inc. have filed a complaint against Polaris in a U.S. Court for damage of $100,000 towards breach of contract and fraud, for non-acquisition of Data Inc.