Mumbai: Banking and insurance software provider Polaris Software Lab Ltd reported a 26% growth in consolidated net profit for the Jan-March quarter, helped by growth in its products business.
“Growth came from products, products accounted for about 40% of our growth,” chief executive Arun Jain said. “Our average pricing will also increase if the ratio of our products business increases...(hence) products will be our focus.”
Polaris Software provides its ‘Intellect’ suite of products for consumer finance, cash and liquidity, securities services, and risk and treasury, among others.
The firm forecast a revenue growth of 22-25% in FY12, outpacing the 21.4% rise in revenue in FY11.
Polaris, which was founded in 1993, posted a consolidated net profit of 575.8 million rupees for the Jan-March quarter, compared with Rs 45.74 crore a year ago.
Total income rose 26.3% to Rs 443 crore in the period.
On Wednesday, the company said it will buy 85.3% in U.S.-based IdenTrust Inc to enter the cloud computing space.
Shares of Polaris, which the market values at $467.5 million, have gained about 19% in the past three months. At 2.45 p.m., they were down 5.7% to Rs 196.85 , against the 0.9% fall of the IT index , in a soft Mumbai market.