BANGALORE, INDIA: Polaris Software Lab Limited, a provider in IT services, today announced fourth quarter and annual results for FY 2008-09.

The company's profit after tax (PAT) rose by 79 per cent to Rs. 130.71 crore from Rs. 73.22 crore last fiscal, said a press release.

It reported an income of Rs. 1,377.95 crore up 25 per cent from Rs. 1,099.30 of last fiscal and the EBITDA grew by 98 per cent to Rs. 233.52 crore from Rs. 118.19 crore, it added.

For the quarter ended 31 March 2009, profit after tax (PAT) grew by 50 per cent to Rs. 32.11 crore from Rs. 21.45 crore compared to the same quarter last year. Income grew by 18 per cent to Rs. 337.25 crore from Rs. 286.16 crore. Operating profit margins (EBITDA) grew by 91per cent to Rs. 61.80 crore from Rs. 32.31 crore.

The Board of Directors recommended a final dividend of 25 per cent on the paid up capital of the company for fiscal 2009.

During the reporting quarter, the company expanded its customer base by winning 16 new customers, of which 7 were Intellect-led wins, said a press release.

Arun Jain, chairman and CEO, Polaris Software Lab Ltd, said, "We crossed USD 300 million mark in revenues this year. This has been a good year for us. As we move forward we have taken cognizance of the note of caution sounded out by our industry peers."

He added that the reason why they have been able to withstand the financial tsunami sweeping the industry is because their performance has been built on the solid bedrock of Intellectual Property augmented by World class application management skills.

R Srikanth, executive vice president and CFO, Polaris Software Lab, said, "We have delivered an EPS of Rs. 13.25 as per the guidance. We are pleased that we have been able to do so despite very challenging market conditions."

He added that they have also significantly strengthened their balance sheet during the year with cash and cash equivalents growing to Rs. 340 crore from Rs. 155 crore.