Polaris net profit up 79 percent

Chennai, April 20 (Inditop) Chennai-based Polaris Software Monday said its net profit was up 79 percent at Rs.130.71 crore for 2008-09, compared to Rs.73.22 crore earned the previous year.

The company’s revenues grew 25 percent to stand at Rs.1,377.95 crore from Rs.1,099.3 logged the fiscal before, it said in a regulatory statement.

Subsequently, its earnings per share are set to increase from Rs.13.25 now to about Rs.15 by end of 2009-10, the statement added.

“We crossed $300-million mark in revenues; this has been a good year for us,” said Arun Jain, chairman and chief executive of Polaris.

“As we move forward we have taken cognizance of the caution sounded by our industry peers. We too remain cautious but our tone remains positive,” added Jain.

Polaris said while the developed markets especially Britain and the US continued to be uncertain, growth opportunities existed in emerging markets.