Polaris revenue at Rs 154 crore
Our Convergence Bureau
29 July 2003
Chennai: Polaris Software Lab, the city-based software company, closed its first quarter with a consolidated revenue of Rs 153.68 crore and a profit of Rs 16.42 crore after taking into account the loss of Rs 12.94 lakh by associate companies.
For the previous quarter (ending March 2003) Polaris had declared a revenue of Rs 155.91 crore and a profit of Rs 13.03 crore (after extraordinary write-offs like the Rs 6.39-crore provision for diminution in value of investments and the Rs 51-lakh loss made by associate companies).
The revenue of Rs 73.54 crore and the profit of Rs 14.36 crore for the corresponding quarter of the last year are strictly not comparable figures as the Polaris-OrbiTech Solutions merger took effect in November 2002. Nevertheless, it throws up an interesting comparison. While the revenue went up by Rs 80.14 crore the profit shows a meagre increase of Rs 2 crore.
While the general and administrative expenses went down as a percentage of the revenue resulting in a net saving of Rs 1.47 crore, the staff cost for the first quarter went up by Rs 6 crore due to post-merger revision in salaries. The annual impact of the revision is around Rs 24 crore.
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