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Polaris net declines 42% at Rs 13.26 cr

Our Bureau

Chennai , Oct. 21

POLARIS Software Lab has reported a 42.52 per cent decline in net profit to Rs 13.26 crore for the quarter ended September 30, 2005 compared with a net profit of Rs 23.07 crore for the corresponding quarter last year. Revenue for the September 2005 quarter, however, increased to Rs 213.55 crore (Rs 201.89 crore).

Selling and marketing expenses were Rs 202.72 crore (Rs 166.18 crore) and general and administrative expenses Rs 245.42 crore (Rs 246.86 crore), a company press release said.

During the quarter, the Chennai-based software company added 14 new customers, including three large global institutions. Classified as "AAA" accounts, each of the three clients had the potential to grow to a revenue base of $5-10 million annually within the next 12-24 months, the release said. The performance could have been better in terms of financial numbers. The company recently brought in Mr Arup Gupta as COO and President to lead operations, delivery and the sales team globally, said the company's Chairman and CEO, Mr Arun Jain, in the release.

The company's board has decided to close the buyback offer on November 9. The buyback was made pursuant to the public announcement made on May 19.

The company added 40 employees during the September quarter, taking the total strength to 5,890.

Polaris' stock price on the BSE closed at Rs 110.40.

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