Polaris Software Lab has reported an increase of 12 per cent in consolidated net profit to Rs 53.9 crore in the second quarter of the fiscal year compared to the same period previous year.

The company reported a profit of Rs. 48.15 crore for the same period of 2010. The company's income from operations was at Rs 510 crore in the second quarter.

Arun Jain, chairman and CEO of Polaris said that the company's product revenues are expected to rise and contribute about 30% by June next year. The company has also revised its revenue forecast to Rs. 2,014-60 crore, from Rs. 1,968 crore-Rs. 2,014 crore earlier.

Polaris has also announced that it will merge the IT-enabled services division of its subsidiary Optimus Global Services with itself. It said that the rearrangement will allow the company to synergize the operational and business efficiencies of this business.

Commenting on why the group's CFO resigned a day before the results were announced, Mr. Jain said, "There are no issues at hand; it is for a personal reason that he had to move on. Some people on Street came to know about it only a day before. The resignation is a regular transition to next person who is from business finance and who is connecting."

The shares of the company rose 9.59 per cent to Rs. 141 on the BSE and it climbed 9.72 per cent to Rs. 141 on the NSE.