Gloomy Q4 numbers hits Polaris

DALAL STREET SPIKES

Software company Polaris Software witnessed aggressive selling on Thursday on the back of dismal fourth-quarter results.

The stock crashed 4.57 per cent to close at Rs 135.60 on a volume of 5.86 lakh shares on the BSE.

According to market sources, along with the dismal results, the stock also witnessed profit booking after a smart run-up in the last two trading sessions.

From a low of Rs 118.15 on May 17, 2004, the stock had risen 20 per cent in two days to Rs 142.10 on May 19, 2004.

The company's operating profit on a sequential basis declined 26 per cent to Rs 25.70 crore in the March quarter from Rs 34.91 crore in the previous quarter.

Income from software services and products rose slightly by three per cent to Rs 170.30 crore from Rs 165 crore in the third quarter.

Citigroup is the biggest client of PSL and has contributed 56 per cent of PSL's revenues in the March quarter. PSL added seven new clients during the quarter.