Polaris revenues up 17%

BS 200 SCORECARD

Polaris Software Lab's revenues for the quarter ended June 30, 2004, rose 16.9 per cent to Rs 179.59 crore in comparison with Rs 153.67 crore in the corresponding quarter last year.

Profit after tax (pre-extraordinary items) rose 44.3 per cent to Rs 24.09 crore (Rs 16.70 crore). Profit after tax (inclusive of extraordinary items) stood at Rs 20.17 crore (Rs 16.42 crore), up 22.8 per cent.

The services segment contributed 83.7 per cent of the revenues at Rs 150.31 crore and the products segment contributed 16.3 per cent at Rs 29.27 crore. The EBITDA of services segment was at 22.1 per cent and the product segment was a negative 11.3 per cent.

The consolidated EBITDA for the group was at 16.6 per cent. Software development expenses at Rs 118.11 crore rose to 65.8 per cent of business revenues in comparison to 64.0 per cent during the previous quarter due to salary increase.

Employees attrition rate rose by a percentage point to 15.75 per cent in the first quarter of 2004-05, from 14.75 per cent in the last quarter of 2003-04.