Polaris Software Labs

The

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.