Polaris Software Labs

Chennai-based company was listed last year and has
improved its ranking this time around. Polaris moves up from #23 to #10,
reporting revenues of Rs 265.52 crore, up 82% over the previous year. Net profit
jumped by 120% to close at Rs 60 crore in the year ended March 2001. The company
invested the funds raised through a public issue to set up an offshore
development center in Chennai, which resulted in its gross block growing by 148%
to Rs 54.96 crore. Polaris was ranked at #4 in growth in gross block, #12 in
sales growth and #15 in profit growth. The company’s ROCE stood at 33% and it
was placed at #12 in ROCE. The company is engaged in providing software
services, with its primary focus on the banking and finance vertical, as also
the insurance segment. Its services include migration, re-engineering, ERP, data
networking and Web-enabled application development services. The company
achieves major revenues from the Citibank Group and is one of the major players
in the BFSI sector.

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