Polaris after-tax profit grows by 46 percent

The company, which already has overseas presence would enter into new markets like Eastern Europe, Central and Latin America, South Africa, Polaris Software Lab Managing Director and Founder-Chairman Arun Jain told reporters here.

He said the company would enter these markets by appointing 'Direct Sales Force' or through acquiring new companies (in those locations). "Initially we will focus in Africa because it has 52 countries nearby", he said.

On proposed investments,he said a company normally needs to invest 'half a million' to set up its DSF or by investing some "high numbers" because they are acquiring another company.

Arun was here to participate in the company's 17th Annual General Meeting and also to announce the company's first quarter results.

"For the quarter ended June 30, 2010 Profit After Tax grew to 46 per cent to reach Rs 46.60 crore from Rs 31.84 crore, compared to the same quarter of last year", he said.
Total income grew by 18 per cent to Rs 367.96 crore in the same quarter as against Rs 312.22 crore.

During the year, the company maintained its balanced distribution of revenues from various geographies. with America's operations contributing 43 per cent, Europe 27 per cent Asia Pacific and Japan contributing 30 per cent, he said.Stating that Polaris' cash reserves stood at Rs 500 crore, Arun Jain said the company would set up a new office at bangalore as part of expansion plan, which would serve as the back office development centre to support growing business opportunities from those areas.

He said the company was actively working on "cloud computing" for rural and cooperative sector banks. Currently they were testing newer applications to suit all banks present in various locations.

"We will announce it in October two about the application based on cloud computing....currently we are testing it....", he said.

On their contract they secured with Andhra Pradesh State Cooperative Bank to implement Core Banking Solution in all 22 district central cooperative banks, he said, "this was their first step in this direction (in cloud computing)".

Earlier, addressing shareholders at the 17th AGM, Jain said the company would continue to make acquisitions to complement their portfolio of services and products.
He said last week the company's "Intellect GUB", went live in the U.S.A, marking it's first foray.

Headquartered in Chennai, Polaris currently has presence in Singapore, Dubai, Hong Kong, Bahrain, Riyadh, Belfast, Zurich, Frankfurt, Toronto, New York, Chicago, Fremont, Pittsburgh and Chile.

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