Polaris Software Q3FY08 Results

Polaris Software Lab Ltd has announced the following Audited results for the quarter ended December 31, 2007:

The Company has posted a profit after tax of Rs 134.600 million for the quarter ended December 31, 2007 as compared to Rs 293.759 million for the quarter ended December 31, 2006. Total Income has decreased from Rs 2454.864 million for the quarter ended December 31, 2006 to Rs 2410.390 million for the quarter ended December 31, 2007.

The Unaudited Consolidated results are as follows:

The Group has posted a profit after tax of Rs 191.180 million for the quarter ended December 31, 2007 as compared to Rs 322.865 million for the quarter ended December 31, 2006. Total Income has increased from Rs 2780.770 million for the quarter ended December 31, 2006 to Rs 2836.458 million for the quarter ended December 31, 2007.

Polaris Software settles case in USA

Polaris Software Lab Ltd has informed about the following:

"This has reference to Serial No 20 of Notes to the Accounts of the Company for the year ended March 31, 2007.

The said Case was there in a USA Court for trial on November 26, 2007.

On the said day, the Plaintiffs agreed to withdraw all their claims on a payment of
US$ 6,00,000 (US Dollars Six hundred thousand only) to which Polaris agreed and there after Judge Pisano did not hold trial. The Judge further announced that the case is dismissed for ever, in view of the settlement claims.

The Attorney of both parties have been directed to settle the terms of the payment and other modus operandi. Therefore, the case has ended in a compromise mode on November 26, 2007."

Polaris launches Intellect 787

Polaris Software Lab Ltd on November 13, 2007 announced the launch Intellect 787, its Next Generation Retail banking Platform at the BAI Retail Banking Convention in Las Vegas. Built on J2EE architecture and the next-generation Services Oriented Architecture (SOA) technology, Intellect 787 will enable Retail-banking businesses in the US to capitalize on growth opportunities in the next era of banking.

Intellect 787 is a next generation, high performance, retail-banking platform that is highly modular, scalable and flexible. It is designed with unique customer attribute based workflow and an integrated teller module. It supports multi-currency and multi-lingual requirements. This enterprise platform gives the bank the capability to service markets in diverse geographies and cultures in a multi-channel context. It integrates easily with the legacy applications, overcoming the limitations of complex silo-based information systems.

Intellect 787 comprises of the following platforms & channels - Intellect Core platform, Intellect Lending platform, Intellect Cards platform, Intellect Front Office, ATM, Portal and Mobile, thus becoming a full service banking platform for the Retail banking line of business.

Kartik Kaushik, EVP and Head - Polaris Americas said, "Intellect 787 will give a competitive edge to the retail banking business by enabling high-speed launch of new products and services. It will provide the banks with a single view of the total relationship, thereby empowering the banks to design the ultimate customer experience. Intellect 787 is comprehensive and has all the necessary platforms embedded in it, critical for a truly 24 by 7 retail banking business. Intellect banking Platforms have been chosen by leading banks and financial institutions for the unmatched ability to offer non-disruptive and seamless replacement of legacy technology."

Polaris Software Q2 results

Polaris Software Lab Ltd has announced the following Audited results for the quarter ended September 30, 2007:

The Company has posted a profit after tax of Rs 125.660 million for the quarter ended September 30, 2007 as compared to Rs 184.987 million for the quarter ended September 30, 2006. Total Income has increased from Rs 2354.267 million for the quarter ended September 30, 2006 to Rs 2414.433 million for the quarter ended September 30, 2007.

The Unaudited Consolidated results are as follows:

The Group has posted a profit after tax of Rs 182.235 million for the quarter ended September 30, 2007 as compared to Rs 271.038 million for the quarter ended September 30, 2006. Total Income has increased from Rs 2539.504 million for the quarter ended September 30, 2006 to Rs 2776.612 million for the quarter ended September 30, 2007.