I agree that the company policies are very important. But remember one thing that policies are made in order to bring professionalism, decency and also to make employees work out of there desire( if so ).
But as you have mentioned that the employees who are coming late are performing good. And so the company is making profits. When someone is doing really well then they should be given certain exception, i would say like open secret. Telling them too oftenly that you guys are coming late, will irate them and make them leave the company, as they are already a good performer.
It is good to keep everything in limits but limits also have some limits. And policies too.
But as you have mentioned that the employees who are coming late are performing good. And so the company is making profits. When someone is doing really well then they should be given certain exception, i would say like open secret. Telling them too oftenly that you guys are coming late, will irate them and make them leave the company, as they are already a good performer.
It is good to keep everything in limits but limits also have some limits. And policies too.