1: 2 bonus from Polaris

By Our Corporate Reporter

CHENNAI, APRIL 21. The Chennai-based Polaris Software Lab has recommended the issue of bonus shares in the ratio of one share for every two equity shares. The directors have also announced a dividend of 30 per cent.

For the financial year ended March 31, 2001, the company reported a net profit (excluding other income and extraordinary items) of Rs. 55.95 crores, an increase of 109 per cent over last year's Rs. 26.73 crores.

For the quarter ended March 31, 2001, the company reported a post tax profit (excluding other income) of Rs. 17.45 crores against Rs. 8.68 crores (excluding other income of Rs.2.72 crores).

The total revenue for fiscal 2001 was Rs. 269.67 crores and for the quarter ended March 2001 was Rs. 78.41 crores.

Mr. Arun Jain, CMD of the company has stated in a press release that ``The IT industry will look at intensive value enhancement and value creation comes from providing end-to-end solutions with speed. With the launch of the component warehouse framework and BankWareTM which is a branded product solution in the marketplace, Polaris is evolving from being just a software development company, into a truly global, techno-business solutions provider."

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