Polaris net drops 18%

BS 200 SCORECARD

The Chennai-based Polaris Software Lab's net profit has slumped by 17.5 per cent to Rs 19.32 crore for the third quarter ended December 31, 2004, against Rs 23.44 crore that it achieved last year in the same period.

Total revenues, however, grew by 26.8 per cent to Rs 209.2 crore for the same quarter in 2004 compared with Rs 165.03 crore in the year-ago period.

General and administrative increased by 54 per cent to Rs 21.58 crore for the quarter ended December 31, 2004 against Rs 14 crore in the same quarter in 2003. Operating profit (EBITDA) decreased slightly by 0.49 per cent to Rs 34.74 crore (Rs 34.91 crore).

The company attributed the Rs 3.6 crore loss in other income (Rs 1.37 crore) due to exchange rate fluctuation in the dollar. It had added nine new customers and 180 employees this quarter.