May 30 (PTI): Polaris Software Lab Ltd reported 16.8 per cent growth in net profit for the fiscal ended March this year at Rs 68.77 crore compared with Rs 58.86 crore in the previous fiscal.
Revenue, too, was up 50.8 per cent at Rs 428.28 crore compared with Rs 283.98 crore in the previous fiscal, a company release said. These consolidated figures had been arrived at after the merger of Orbitech Solutions with Polaris in November last.
Polaris had recommended a dividend of 35 per cent, the release added.
Optimus Outsourcing Co Ltd, a wholly-owned subsidiary of Polaris, has re-structured its board with the inclusion of R. C. Bhargava, former chairman and managing director of Maruti Udyog, with effect from today. Govind Singhal, executive director of Polaris, has been appointed as CEO of Optimus.
ICI net up 34%
Paints major ICI India has reported a 34 per cent growth in net profit at Rs 107.7 crore for 2002-03 mainly due to divestment of its Synetix business. However, total income fell to Rs 648.12 crore last fiscal (Rs 652.2 crore).