Polaris logs 31% rise in Q2 net

Thursday, 23 October 2003, 07:00 Hrs
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CHENNAI: Polaris Software posted a net profit of Rs 21.7 crore in the second quarter ended September 30, '03, up 31% from Rs 16.6 crore in the first quarter this year and up 134% from Rs 9.3 crore during the same period last year.

Revenues for the quarter stood at Rs 157.4 crore, against Rs 75.9 crore for Q2 of ’02, registering a growth of 107%. Operating profit was Rs 34.1 crore, against Rs 13.7 crore during same period last year.

Arun Jain, CMD and CEO, Polaris said, “We have witnessed a stabilisation in business operations this quarter, with most of the pending merger-related issues being addressed.” He said the company was well poised to double its revenues in ’03-04 from $60m in '02-03.

“Concurrently, we have also been witnessing a good acceptance for the OrbiOne product suite in the market. In the past few quarters, OrbiOne products have been picked up by six tier-1 financial institutions in the US, Europe and Japan” Jain said.

Source: IANS
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