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Q2 Revenues up by 4% and Profits by 11% Sequentially

Polaris Software Lab Limited (POLS.BO), a leading Financial Technology company, today announced the second quarter results for FY 2009-10. For the quarter ended 30 September 2009, Profit after tax grew (PAT) by 11% to Rs. 35.20 crore from Rs. 31.84 crore in the previous quarter. Income grew by 4% to Rs. 338.31 crore from Rs. 325.53 crore.

In dollar terms, Profit grew by 12% to 7.27 million from 6.52 million and income grew by 5% to 69.93 million from 66.61 million sequentially.

Polaris acquired Laser Soft Infosystems, a banking software product company in an all-cash deal for about Rs. 52 crore. The acquisition will be EPS accretive for Polaris. With this acquisition Polaris acquired 40 accounts in India and emerging countries

Cash and cash equivalents grew by Rs. 44.80 crore to Rs. 446.34 crore (USD 92.8 million), post dividend payout of Rs 14.33 croreand EBITDA margins stood at 17% before onetime visa costs of Rs. 3.7 crore 4.

Utilization was 81%, 100 bps improvement over previous quarter 5 while the Americas contributed to 43%, EMEA (Europe, Middle East and Africa) contributed to 28% and Asia Pacific contributed to 29% of the quarter revenues

The Days Sales Outstanding (DSO) maintained at record 47 days, reflecting impeccable delivery standards

During the quarter, the company recorded 16 wins, of which 12 were Intellect-led (product deals). The company also won a multimillion dollar deal of Intellect GUB for a large Vietnamese bank in addition to a large outsourcing deal from a global bank in Europe.

Intellect GUB Credit Decisioning system was implemented at HDFC Bank while a leading bank in Thailand went live on Intellect GUB Collect and Lending platform. Continuing with its focused Go-to-market plan, Polaris showcased Intellect GUB 10.0* and Customer Business eXchange (CBX) to the leading corporate bankers from around the world participating in Sibos 2009, the world’s premier financial services event hosted in Hong Kong

The company signed a Memorandum of Understanding with PCCW Solutions, to jointly market and deliver Intellect Global Universal Banking (GUB) 10.0* in China and during the quarter Intellect GUB received extensive recognition from leading analysts.

Polaris also featured amongst the top vendors in the Payment Services Hub by Gartner while featuring amongst the top vendors building industry-specific knowledge and solutions by harnessing business process and domain capability by Forrester and amongst the top vendors having extensive breadth of Securities and Investment coverage by AITE Group

Arun Jain, Chairman & CEO, Polaris Software Lab Ltd., said, “5 years ago, we embarked on a journey to become a full spectrum Financial Technology player in the global arena with our integrated products and services portfolio. 200 customers and over 100 Intellect installations stand as testimony to the success of our integrated services and products play”.

R Srikanth, Executive Vice President & CFO, Polaris Software Lab Ltd., said, “The Laser Soft acquisition has brought in a treasure trove of 40 accounts in India and emerging markets supplementing our country and account expansion strategy. We are well in track to achieve our EPS guidance of Rs. 15 for FY10.”