Polaris Software Lab Limited (POLS.BO), a leader in Specialty Application Development in Banking, Financial and Insurance sector, today announced the first quarter results for FY 2008-2009.

For the quarter ended 30th June 2008, consolidated revenue was Rs. 316.98 crore and Profit after Tax (PAT) was Rs. 27.01 crore. Compared to the same quarter last year, revenues grew 23% from Rs. 257.45 crore and Profits grew by 87% from Rs. 14.42 crore.On a sequential quarter on quarter basis, revenues grew by 11% from Rs. 286.16 cr to Rs 316.98 cr and Profits grew by 26% from Rs. 21.45 cr to Rs. 27.01 cr.In dollar terms, revenues grew 21% to USD 76 million from 62.72 million; PAT grew 85% to USD 6.48 million from 3.51 million on a year on year basis. On a sequential quarter on quarter basis, revenues grew by 6% and PAT grew 20% in dollar terms.

The Board has appointed Mr. Arup Gupta as Executive Director effective 17 July, 2008.

Financial Highlights

1: The revenues contribution from Americas grew to 37% of total revenues, up by 300 basis points

2: Revenues from Optimus, a wholly owned BPO subsidiary of Polaris, grew by 80% on a YoY basis.

3: Utilization in the quarter improved by 357 basis points

Business Highlights

1: During the quarter, the company expanded its customer base, by winning 15 new customers, including 5 that were Intellect-led

2: Intellect Cards Platform was implemented in one of the leading retailers in the Latin America region reaching 3 million customers.

3: Intellect Origination product was implemented in one of India’s leading Private Sector banks in a record time of 6 weeks.

Mr. Arun Jain, Chairman & CEO, Polaris Software Lab Ltd., said, “With our integrated business model, we are better positioned to expand business beyond G7 markets. We have diligently built over 40 reference sites for the Intellect Product and have completed critical implementations in Tier 1 banks. Now, we are ready to market the product to Tier 2 banks”.

Mr. Arup Gupta, Executive Director & COO, Polaris Software Lab Ltd., said, “Despite the tough macro economic conditions of subprime, we have grown our top line by 23%. The quarterly top line has grown to the USD 75 million level up from USD 60 million level, same quarter last year. Our strategic customer landscape has crossed the 100 mark”.

Mr. R Srikanth, Executive Vice President & CFO, Polaris Software Lab Ltd., said, “As promised by the management last year, we delivered over 10% quarter on quarter growth in profits consistently for last 4 quarters. We have visibility of growing over 10% profit quarter on quarter during the year.”

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