Polaris Software net at Rs 21.69 crore, revenue at Rs 157.41 crore
By Our Convergence Bureau | 28 Oct 2003
Chennai:
Polaris Software, a city-based software company, has clocked
a revenue of Rs 157.41 crore for the second quarter of
this fiscal. The operating profit (EBITDA) for the quarter
was at Rs 34.06 crore, and the net profit stood at Rs
21.69 crore.
During the quarter under review, the software development expenses stood at Rs 99.12 crore and the selling and marketing expenses accounted for Rs 11.38 crore. The company added eight new clients to its portfolio. But the average collection period went up to 112 days from 101 days during the previous quarter.
According to the company, the OrbiOne suite of products has attracted the interest of two large Fortune 500 companies. One US-based insurance company has entered into a global master agreement with Polaris to use OrbiOne products in all international geographies. As the demand for OrbiOne picked up, the company incurred an additional expenditure of Rs 5.79 crore towards product engineering.
According to Polaris, a Fortune 500 healthcare and fast-moving consumer goods company has awarded the contract to implement a customer relationship management system for its US operations. Similarly, Polaris has been selected to undertake a business process-reengineering project for a telecom company in the US.