CHENNAI, India, July 16 -- Polaris Software Lab Limited (POLS.BO), a leading
Financial Technology company, today announced the first quarter results for FY

For the quarter ended 30 June 2009, Profit after tax grew by 18% to Rs. 31.84
crore from Rs. 27.01 crore compared to the same quarter last year. Income grew
by 3% to Rs. 325.53 crore from Rs. 316.98 crore. Operating profit margins
(EBITDA) grew by 42% to Rs. 55.23 crore from Rs. 38.82 crore.

Financial Highlights 1. EBITDA for the quarter stood at Rs. 55.23 crore, a 472
bps improvement in the margins over the same quarter last year 2. Cash and cash
equivalents grew by Rs. 61 Cr to 401 crore, as against Rs. 340 crore at the end
of previous quarter 3. The Days Sales Outstanding (DSO) has come down to a
record 47 days from 52 days in the previous quarter, reflecting impeccable
delivery standards 4. Americas contributed to 43%, EMEA (Europe, Middle East and
Africa) contributed to 28% and Asia Pacific contributed to 29% of the Quarter
revenues Business Highlights 1. During the quarter, the company recorded 21
wins, the largest number of wins in a quarter, of which 6 were Intellect-led
(including Intellect Global Universal Banking at Saigon Hanoi Bank, one of
Vietnam’s largest banks) 2. The company launched Global Universal Banking
(GUB), Intellect 10.0, the world’s most comprehensive pure-play SOA
platform, spanning across retail banking, corporate banking, capital markets and
asset management. As part of its focused Go-to-market plan, Intellect 10.0 was
launched in Latin America, Africa, Middle East and Asia Pacific 3. The company
won two multi-million dollar deals of Intellect GUB in Europe and Africa 4. A
Top 5 Global Bank went ’live’ on Intellect liquidity platform in
China and India 5. Intellect Collect was successfully implemented at Al Hilal
Bank, a leading Financial institution in UAE 6. Intellect Lending went
’live’ at Tamweel, a leading name in the Real estate financing in
Egypt 7. The company won 2 large outsourcing deals in the UK and Middle East 8.
Intellect was positioned as Challenger in the Magic Quadrant for International
Retail Core Banking suites by Gartner, the world’s leading information
technology research and advisory company. Gartner has highlighted
Intellect’s component architecture, Progressive modernization approach and
high ratings from the customers for implementation and support as the key
strengths of the suite.

Mr. Arun Jain, Chairman CEO, Polaris Software Lab Ltd., said, With a very
strong operations engine in place, we are now able to devote significant amount
of management time for the Go-to-market with our Integrated Financial Technology
offerings. Despite the slowdown, we have generated new opportunities of over 100
million dollars in this quarter.

Mr. R Srikanth, Executive Vice President CFO, Polaris Software Lab Ltd., said,
We continue to focus on our margins. Accelerated collection process primarily
due to ’On Time-In Full’ delivery has further improved our cash and
cash equivalent positions. We have been able to convert EBITDA margins into free
cash consistently. We expect to meet our EPS guidance of Rs. 15.0 for FY10.

Financial Results for the First Quarter ended June 30, 2009 POLARIS SOFTWARE
Particulars June 30, 2009 June 30, 2008 March 31, 2009 Audited Income from
software services, products and Business Process Management 32,552.82 31,697.99
137,794.54 Software development expenses 20,785.67 21,467.17 88,540.10 Gross
Profit 11,767.15 10,230.82 49,254.44 Selling and marketing expenses 3,474.40
3,180.32 13,676.09 General and Administrative expenses 2,769.71 3,168.33
12,225.91 Operating Profit before interest, depreciation amortization 5,523.04
3,882.17 23,352.44 Depreciation/Amortisation 844.13 1,063.44 3,878.16 Finance
Charges 17.23 20.71 73.54 Operating Profit after interest, depreciation
amortisation 4,661.68 2,798.02 19,400.74 Exchange Gain/ ( Loss ) (1,330.44)
(55.31) (5,638.40) Other Income 429.06 182.67 1,170.53 Share of profit/(loss )
of Associate Companies - 145.92 91.09 Profit on sale of Investments - - 1,306.15
Intangible Assets - Amortised fully - - (1,173.27) Profit before tax 3,760.30
3,071.30 15,156.84 Provision for taxation 576.78 370.15 2,085.58 Profit after
tax 3,183.52 2,701.15 13,071.26 Earnings per share of Rs.5 each (Rs.) Basic 3.23
2.74 13.25 Diluted 3.22 2.73 13.24

About Polaris Software Lab

Polaris Software Lab (POLS.BO) is a leading Financial Technology Company, with
its comprehensive portfolio of products, smart legacy modernization services and
consulting. Polaris has talent strength of over 9000 solution architects, domain
specialists and technology experts. The company owns the largest set of
Intellectual Properties in the form of a comprehensive product suite namely

Intellect is the first pure play SOA based application suite for Retail,
Corporate and Investment banking. Polaris is headquartered in Chennai and has
offices in all global financial hubs including Tokyo, Sydney, Hong Kong,
Singapore, India, Dubai, Bahrain, Riyadh, London, Belfast, Zurich, Frankfurt,
Toronto, New York, Chicago, Fremont, Pittsburgh and Chile. For more information,
please visit

Investor Conference Call

Polaris Software Lab Ltd. will host an Investors Conference Call, where the
Senior Management of Polaris will comment on the company’s performance
during the first quarter ended June 30, 2009 and respond to questions from
participants. The conference call will take place at 18:00 Hrs IST on Thursday,
July 16, 2009

To participate in the conference call, please dial the numbers given below five
minutes ahead of schedule. The transcript of this conference call will be
available within 72 working hours at website, in the
investor section.

The dial numbers to join the conference call Conference Name : Q1 FY 09-10
Polaris Investor Earnings call Date : Thursday, 16th July 2009 Time : 18:00 hrs
IST Conference ID : 18798516 Access Numbers for the call MUMBAI : Primary Access
Toll Number : 02230360400 BANGALORE : Primary Access Toll Number : 08030360400
DELHI : Primary Access Toll Number : 01130360400 CHENNAI : Primary Access Toll
Number : 04430360400 HONK KONG : Primary Access Toll free Number : 800901420
SINGAPORE : Primary Access Toll free Number : 8001011906 REPLAY : [16th July
2009 to 18th July 2009] Replay ID/Conference # : 18798516 Primary Access Number
: 02230360400

SOURCE: Polaris Software Lab Ltd.

For further information, please contact: Shailesh Dhawla, Polaris Software,
+91-9962023124, Sowmya Ramachandran, Polaris Software,