Chennai-based Polaris Software Labs is ranked on fiscal 2002 financials and is down six ranks to #11. Polaris closed fiscal 2002 with revenues of Rs 283.94 crore and a net profit of Rs 61.65 crore, up by 5% and 3% respectively over the previous year. Polaris’ gross block was 29% higher to Rs 70.46 crore. The company is ranked #16 in sales, #11 in profits, #24 in gross block, #26 in sales growth, #23 in profit growth and #17 in gross block growth. It provides software services with primary focus on BFSI. Its services include migration, re-engineering, ERP, data networking and web-enabled application development. In one of the largest mergers in Indian IT corporate history, Polaris decided to merge with Orbitech Solutions, a subsidiary of Orbitech Ltd, which is in turn a subsidiary of Citibank Technologies Holdings Inc of the United States. Polaris found it difficult to grow in 2003 but post merger, the consolidated revenues are expected to be more than Rs 650 crore.