Polaris Software profits rise
By Our Corporate Bureau | 30 Jan 2004
For
the third quarter ended December 31,2003, the Chennai-based
banking, financial services and insurance (BFSI) software
company, Polaris Software declared a consolidated revenue
of Rs.165.03 crore and an after-tax profit of Rs.23.26
crore. During the quarter under review the company added
382 associates taking the total manpower to 4,707 from
4,325.
For the nine month period ending December 31, 2003, the consolidated revenues stood at Rs.476.12 crore with a net profit of Rs.61.36 crore as against Rs.272.36 crore and Rs.41.50 crore posted for the corresponding period of the previous year. The selling and marketing expenses spurted up by Rs.17.23 crore to Rs.33.79 crore while the general administrative expenses registered an increase of Rs.9 crore to Rs.40.54 crore when compared to the corresponding period of the previous year.
The total loss of associate companies stood at Rs.33.30 lakh. Polaris Software is reported to be planning a new campus on a seven acre plot in Hyderabad to accommodate around 1,000 software engineers.
