Mumbai: Polaris Software Lab Ltd on Tuesday nearly doubled quarterly net profit despite forex-related losses, boosting shares nearly 30%.
For the quarter ended December, profit surged 94% to Rs371.7 million over last year, with revenue rising 32% to Rs3.73 billion for banking, financial services and insurance software maker.
“Despite the tough macro economic situation, we are confident of growing over 20% in FY10, with our composite portfolio of products and services,” said Arup Gupta, exceutive director and chief operating officer, in a note.
In October, Polaris raised its 2008/09 earnings per share forecast to Rs13.50 from Rs12.50 based on its order visibility.
The company’s profits rose despite a foreign exchange loss of Rs285.4 million for the quarter compared with last year’s gain of Rs12.7 million.
Polaris added 13 new customers and completed the acquisition of US-based technology firm SEEC Inc in the quarter.
The global financial crisis is multiplying the complexity in “the financial ecosystem” and Polaris is poised to expand market opportunities and is going beyond Americas and Western Europe with its product range, Chairman Arun Jain said in a statement.
The shares, which rose 28.5% to an intra-day high of Rs44.20, at 2:52 pm were up 25% at Rs43 in a weak Mumbai market.