Financial Daily from THE HINDU group of publications
Friday, Jan 25, 2002
Financial Daily from THE HINDU group of publications Friday, Jan 25, 2002 |
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Info-Tech
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Software Corporate Results - Software Polaris Software net dips 8 pc in Q3 Our Bureau
CHENNAI, Jan. 24 POLARIS Software Lab Ltd has posted a net profit of Rs 15.29 crore for the third quarter ended December 31, an 8.77 per cent drop compared to a net profit of Rs 16.77 crore during the corresponding period last year. Total Income during Q3 of 2001-02 reduced to Rs 72.21 crore (Rs 74.01 crore). The company attributed the fall in net profit to the considerable shift in business from the onsite project model to the off-shore projects model. The number of clients has gone up and the offshore relationships have become healthy. While onsite revenues reduced to 33.9 per cent (December 31, 2001) from 49.30 per cent (December 31, 2000), the offshore revenues increased to 66.1 per cent (December 31, 2001) from 50.70 per cent (December 31, 2000), the company said in a communication to the Bombay Stock Exchange. The Chairman and Managing Director, Polaris Software Lab, Mr Arun Jain, said, "We challenged our own business model nine months ago and I am happy to say that we have used the current slowdown to build a stronger Polaris that represents dynamic management leadership, high quality processes and capabilities to deliver global solution offerings." A city-based analyst, although not happy about the results, hoped that some good deals signed in Q3 would help Polaris in the long term. Adds two major clients: Polaris Software Lab added nine new clients including AIG and CommerzBank during the third quarter. While AIG, a global insurance leader, chose Polaris for its software services, CommerzBank, Germany's second largest bank, chose Polaris as an outsourcing partner. The company added seven new clients in Q2. Polaris also signed up with Thomson Financial Corporation and Marlo Furniture. BankWare, the core banking retail products suite of Polaris, also made a strategic breakthrough in the West Asia by signing on Yemen Kuwait Bank, says a company release. The company's total active client base was now 93.
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