Polaris reports marginal dip in Q1 PAT

Chennai: Financial technology company Polaris Software Lab has reported a marginal dip in profit after tax (PAT) to Rs 44.56 crore for the first quarter ending June 30, 2011, down 4.37 percent year-on-year. The Chennai-headquartered company had reported a PAT of Rs 46.46 crore for the first quarter ending 30 June, 2010, a company statement here said. [caption id=“attachment_44767” align=“alignleft” width=“380” caption=“Polaris Software Lab has reported a marginal dip in profit after tax . Reuters”] [/caption] For the year ending 31 March, 2011, the company’s PAT stood at Rs 202.45 crore. Total income for the first quarter ending 30 June, 2011, was Rs 455.78 crore, as against Rs 369.34 crore during the same period last fiscal. Total income for the year ending 31 March, 2011, stood at Rs 1,611.71 crore. “After the success of Intellect in Europe and the Americas, our focused efforts in Asia resulted in the ’lighthouse’ RBI win and the joint venture with the largest bank in Bangladesh,” Polaris Software Lab Chairman and CEO Arun Jain said. “These are defining wins for Intellect in the region and with the healthy trend of the deal sizes increasing consistently, we can predict better margins in product deals which will accelerate our vision of being a global financial technology leader,” he added. PTI