Mumbai: IT services provider Polaris Software on Monday reported a 50% growth in its profit after tax (PAT) at Rs32.11 crore for the fourth quarter ended March 2009.
The Chennai-based company had a PAT of Rs21.45 crore in the fourth quarter of FY’08, it said in a filing to the Bombay Stock Exchange.
The total income rose 18% to Rs337.25 crore in the fourth quarter, from Rs286.16 crore in the same period last fiscal. During the quarter, the company incurred a foreign exchange loss of Rs19.59 crore.
The company said although the economy and business environment in developed markets, especially the US and UK, continues to remain uncertain, emerging markets present an opportunity for growth.
The board has declared a dividend of 25% at the rate of Rs1.25 a share for the financial year 2008-09.
For the financial year ended 31 March 2009, Polaris reported a 79% growth in PAT at Rs130.71 crore, while it had a PAT of Rs73.22 crore last year. The total income rose to Rs1,377.95 crore, up 25% over FY’08.
“We have strengthened our balance sheet during the year with cash and cash equivalents growing to Rs 340 crore from Rs 155 crore,” Polaris Software CFO R. Srikant said.
Shares of Polaris were trading at Rs64.30, up 6.46% in the late afternoon trade on the BSE.