Chennai-based Polaris Software Lab, application development company in banking, financial and insurance sector, has reported a 94 per cent increase in net profit for the third quarter ended December 31, 2008 at Rs 37.17 crore as compared to Rs 19.12 crore during the same period last year.
Company's revenue rose by 31 per cent to Rs 372.58 crore during the third quarter as compared to Rs 282.14 crore. Other income increased to Rs 4 crore from Rs 0.23 crore. Company incurred a foreign exchange loss of Rs 28.54 crore during during the quarter.
Gross profit increased by 47 per cent to Rs 140 crore as compared to Rs 95 crore.
In terms of geography contribution, US/ North America contributed 39.65 per cent (37.39 per cent last quarter) of the revenue to the company during the third quarter, while Europe was 29.22 per cent (30.65 per cent), India 8.66 per cent (9.70 per cent) and Asia Pacific & Japan contributed 22.47 per cent (22.26 per cent).
Total employee strength during the Q3 was 9,887 as compared to 10,367 in Q2.
Company's board of directors had recommended an interim dividend of 30 per cent on the paid up capital of the company.
During the quarter, the company added 13 new customers and completed the acquisition of SEEC Inc, a US-based product and component services company for insurance vertical. This all cash deal, included acquisition of intellectual property, business trademarks, trade brands and infrastructure facilities.
