The net profit of the company has soared by 235 per cent to Rs 17.03 crore (Rs 5.08 crore). Total sales during the first half of the fiscal has grown by 202 per cent to Rs 70.18 crore (Rs 23.22 crore) of which export sales yielded Rs 56.67 crore. Expenses on software development have accounted for Rs 40.89 crore (Rs 14.72 crore).

Operating profit of the company has shot up to Rs 23.45 crore (Rs 5.88 crore). Even depreciation provision too has seen a 347 per cent hike to Rs 1.53 crore (Rs 0.34 crore) owing to changes in the policy. Other income, a non-recurring extraordinary income accruing on account of the oversubscription of Polaris' recent IPO, amounted to Rs 9.64 crore (Rs 0.26 crore). Total expenditure was Rs 45.21 crore (Rs 17 crore) and interest and finance charges were Rs 0.29 crore (Rs 0.26 crore).

On a rolling quarter basis (Q2 to Q1), the revenues and the operating profit in the current financial year have grown by 65 per cent and 28 per cent respectively. Post Rs 91.68 crore-IPO, Polaris will become a debt-free company, said a company release.

In tune with its revenues, the employee strength of the firm, too, has gone up to 1,130 (as on September 30, 1999) from 885 in March 31, 1999.

Arun Jain, chairman and managing director, Polaris Software Lab said that the overwhelming response for the IPO is an indication of the investor confidence and the company hopes to optimize the return on shareholder investment by delivering quality solutions to the clients.