Chennai, Oct 22: Total revenues of Polaris Software Lab stood at Rs 157.41 crore in the quarter ended september 30 as against Rs 75.89 crore during the corresponding quarter last year, a growth of 107 per cent. Operating profit for the quarter was up 149 per cent to Rs 34.06 crore, as compared to Rs 13.67 crore during the same quarter last year, a Polaris press release said here today.
Net profit for the quarter ended September 30 stood at Rs 21.69 crore, in comparison to Rs 9.27 crore during the same quarter last year, a growth of 134 per cent.
"We have witnessed a stabilisation in business operations this quarter, with most of the pending issues relating to the merger of Orbitech with Polaris," Chairman and CEO Arun Jain was quoted as saying.
He said the Orbitech product suite offered by Polaris had been witnessing a good acceptance in the global market.
Jain said that going by the revenues during the first two qaurters, Polaris was well poised to double its USD 60 million revenue run rate of the 2002-03 fiscal.
Bureau Report