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Polaris Software bottom line grows by 46 percent

Chennai, July 15 (IANS) City-based banking, financial services and insurance (BFSI) software company Polaris Software has logged a 46 percent growth in its after tax profit for the first quarter of the current fiscal.

According to a company statement issued here Thursday, the company closed the first quarter with an after tax profit of Rs.46.60 crore as against Rs.31.84 crore earned during the corresponding period the previous year.

The company’s revenue went up by 18 percent for the period under review to Rs.367.96 crore up from Rs.312.22 crore posted during the first quarter of previous fiscal.

The company said its software product Intellect registered 16 wins. On the outsourcing space, Polaris won seven contracts during the first quarter.

On the geographical distribution of the revenues, Americas contributed 46 percent, EMEA (Europe, Middle East and Africa) 24 percent and Asia Pacific 30 percent.

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