chennai polaris software lab on tuesday nearly doubled its net profit in octoberdecember quarter despite forexrelated losses boosting its stock prices by almost 30 net profit surged 94 to rs 3717 crore over last year with income from software and services going up by 32 to rs 3726 crore in the quarter sales were helped by core banking deals in asian countries such as vietnam and consumer finance projects in countries such as egypt polaris where citigroup contributes 40 of revenue said that onsiteoffshore mix for the quarter stood at 5347 for the three months ended december 31 2008 the company expanded its customer base by winning 13 new customers of which 5 were on account of its enterprise platform intellect this is not a onequarter performance polaris is well poised to expand market opportunities with a singular focus in 2009 on strengthening sales and distribution for intellect chairman arun jain said in an earnings conference callthe company continued to record a balanced distribution of revenues from the major geographies with us contributing 3965 europe contributing 2922 and asia pacific japan and india contributing 3113 of the q3 revenues for the december quarter polaris managed to grow by utilising 81 of its employees while its attrition rate was at 1411 profits would have been greater if it was not for the realised foreign exchange loss of rs 2854 crore as the company has hedged its 200910 revenues at rs 4424dollar the company has outstanding hedges valued at 100 million for 200910 company officials believe exchange losses may be reduced as they have hedged 72 million at a rate of rs 4750dollar for 201011 arup gupta executive director says despite the tough macro economic situation we are confident of growing over 20 in fy10 with our composite portfolio of products and services the company sees big business by way of insurance vertical and hopes for incremental contribution coming from seec inc which it acquired in 2008 for rs 57 crore reacting to the earnings numbers polaris stock rose 291 to rs 4440 on bse valuing the company at a shade under rs 450 crore in terms of market capitalization