The Hindu : Polaris Software revenue up

Online edition of India's National Newspaper
Saturday, May 31, 2003

Business

Business

Polaris Software revenue up

Polaris Software's revenue (consolidated post-merger of Polaris Software and OrbiTech Solutions) for the year ended March 31, 2003 is higher at Rs. 428.28 crores against Rs. 283.98 crores, a growth of 50.8 per cent. The profit after tax has risen to Rs. 68.77 crores from Rs. 58.86 crores, a growth of 16.8 per cent. The consolidation of accounts pertains to 12 months of Polaris Software performance and 5 months of OrbiTech Solutions. The merger was effective from November 1, 2002.

The consolidated revenue for the quarter ended March 31, 2003 stood at Rs. 155.92 crores against Rs. 145.03 crores. The profit after tax was Rs. 19.94 crores against Rs. 28.13 crores. The company has recommended a dividend of 35 per cent.

Arvind Mills

Arvind Mills has reported a net profit of Rs. 129 crores for the year ended March 31, 2003 against Rs. 20 crores in the previous year. Sales were higher at Rs. 1,479 crores against Rs. 699 crores. Export sales contributed 50 per cent of total sales during the year.

In the fourth quarter ended March 31, 2003, the net profit has spurted to Rs. 38 crores from Rs. 10 crores. Net sales were higher by 15 per cent at Rs. 391 crores.

The revenue growth is mainly attributed to increased volume of the shirting business and higher realisation on denim due to improved product mix. The company has continued its efforts to accelerate product differentiation. It has announced the setting up of a shirts and garments plant of three million pieces annually each in Bangalore and Mauritius respectively.

Dhandapani Finance

<167,2p,1>Dhandapani Finance has achieved a 30 per cent growth in business. The company has disbursed Rs. 65.75 crores during the year ended March 31, 2003 against Rs. 50.40 crores in the corresponding period, a growth of 30 per cent. Income from hire purchase has gone up to Rs. 23.13 crores from Rs. 21.01 crores. The net profit was higher at Rs. 7.19 crores against Rs. 5.22 crores. The directors have proposed a dividend of 25 per cent. Gross assets stood at Rs.148.57 crores against Rs. 117 crores. The capital adequacy ratio stood at 23.4 per cent against the prescribed level of 12 per cent for non-banking finance companies.

The company continues to expand its branch network in Maharashtra, Andhra Pradesh and Karnataka by opening more branches at these locations.

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