Polaris Software spurts over 9%; Q2 results up 12%

MUMBAI: Shares of financial technology solutions provider Polaris Software Lab today surged by over 9 per cent on the bourses after it reported 12 per cent rise in consolidated net profit for the quarter ended September 30.

Polaris scrip jumped 9.59 per cent to Rs 141 on the BSE. Similarly, on the NSE, it climbed 9.72 per cent to Rs 141.

On Saturday, the company posted 12 per cent rise in the consolidated net profit at Rs 53.93 crore for the quarter ended September 30, 2011.

It had reported a profit of Rs 48.15 crore for the same period last fiscal.

Polaris has also increased its revenue guidance for FY'12 to Rs 2,014-60 crore, from Rs 1,968 crore-Rs 2,014 crore earlier.

Besides, the company said it will merge the IT-enabled services division of its subsidiary Optimus Global Services with itself.

The company has said that the scheme of arrangement (demerger) is being planned in order to synergize the operational and business efficiencies of this business.