Press release from Business Wire India
Source: Geometric Limted
Friday, October 22, 2010 12:50 PM IST (07:20 AM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Financial Analyst, Information technology, Stock exchanges; Technology
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Geometric Posts 30.5% Q-o-Q Rise in Net Profits; Declares Revenues of Rs. 1,519.31 Mn, a Growth of 12% Q-o-Q
Mumbai, Maharashtra, India, Friday, October 22, 2010 -- (Business Wire India) -- Geometric Ltd. (BSE: 532312, NSE: GEOMETRIC) today announced its Q2 FY 2010-2011 financial results.
Highlights for quarter ended September 30, 2010
. 18.5% Y-o-Y growth in revenues in Rupee terms
. PAT increases to Rs 138.18 Mn from Rs. 105.85 in Q1FY11, and from Rs 102.36 in Q2FY10; a rise of 30.5% and 35% respectively
. Operating profit more than doubles from Rs 55.02 Mn last quarter to Rs 139.83 Mn
. Added nine new customers this quarter
. New business of USD 8.33 Mn
. An EPS of Rs. 2.22
Geometric declared operating revenues of Rs. 1,519.31 Mn this quarter, a rise of 12.2% from the previous quarter revenues of Rs. 1,354.50 Mn; and an 18.5% rise from revenues of Rs. 1,281.93 Mn in the same quarter last year. In US dollar term, revenues rose 10.8% Q-o-Q and 23.6% Y-o-Y to USD 32.8 Mn this quarter from USD 29.59 Mn in Q1FY11 and USD 26.54 Mn in Q2FY10 respectively. The company recorded a profit after tax (excluding extraordinary items) of Rs 136.37 Mn; a rise of 26.1% from the previous quarter profit of Rs 108.15 Mn, 36% rise from Rs 100.29 Mn in the same quarter last year.
Announcing the results, Mr. Ravishankar G., Managing Director & CEO said, "While our market environment continued to be challenging, our focus on delivering value to existing customers has helped us deliver growth. The verticalized restructuring of the company earlier this year has helped us strengthen our relationships and deepen our engagement levels with customers.
Our US engineering services business, which broke even earlier this year, has booked profits primarily due to increased traction in the industrial and automotive verticals, improved utilization, and increased leverage of our global engineering centers. While the markets in Europe have improved marginally, we are seeing good growth in the APAC region.
We expect the coming quarters to be a mixed-bag for the industry with increase in customer engagements, offset by challenges such as exchange rate volatility, tax laws in India, policy changes in the US, attrition, and talent availability."
At the end of the quarter, the company had an employee base of 3,447.
Business Highlights
The Company added nine new customers during Q2, and at the end of the quarter, it had 108 active customers, including 18 customers with million dollar plus revenues. Some of the significant wins this quarter include:
. Multiple engineering services contracts for a leading global heavy engineering company in India -
. A software development project for a leading PLM company in US
. A plant support and process planning project for a leading heavy engineering company in US
. A system integration project for an automotive company's R&D unit in US
. A supply management system development project for a leading aerospace player in the US
. A process and methods development project for a leading agricultural equipments company in US
. A product launch support project for a key agricultural and heavy equipments manufacturer in the US
. Multiple contract extensions with a leading PLM company in US
. Maintenance support contracts in product lifecycle management for a leading automotive company in Europe
Other important business highlights for the quarter include:
. A novel use of our CAM software, CAMWorks by Victoria University for teaching students
. Release of advanced versions of some of our products, including:
o NestLib® 2010 R3
o eDrawings Professional for NX version 7.2
o eDrawings Professional for Autodesk Inventor version 8.0
o DFMPro version 2.2 for Pro/ENGINEER®
About Geometric
Geometric (www.geometricglobal.com) is a specialist in the domain of engineering solutions, services and technologies. Its portfolio of Global Engineering services and Digital Technology solutions for Product Lifecycle Management (PLM) enables companies to formulate, implement, and execute global engineering and manufacturing strategies aimed at achieving greater efficiencies in the product realization lifecycle.
Headquartered in Mumbai, India, Geometric was incorporated in 1994 and is listed on the Bombay and National Stock Exchanges. The company recorded consolidated revenues of Rupees 5.11 billion (US Dollars 108.1 million) for the year ended March 2010. It employs close to 3000 people across 11 global delivery locations in the US, France, Romania, India, and China. Geometric was assessed as CMMI 1.1 Level 5 for its software services and is ISO 9001:2008 certified for engineering operations.
The copyright/ trademarks of all products referenced herein are held by their respective companies.
To view the press release and Financial Results, please click on the links given below:
Press Release
Financial Results
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http://www.BusinessWireIndia.com/attachments/Geometric_media_release_Q2_FY11_October22_2010.pdf
Geometric_media_release_Q2_FY11_October22_2010.pdf
http://www.BusinessWireIndia.com/attachments/Financial_Results(5).pdf
Financial_Results(5).pdf
CONTACT DETAILS
Kavita Karnani, Media Relations, Geometric Limted, +91 (20) 40284496/ +91 (22) 67056542, kavita.karnani@geometricglobal.com
Santosh Gambhire, Investor Relations, Geometric Limted, +91 (22) 67056500, investor-relations@geometricglobal.com
KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, Financial Analyst, IT, STOCK EXCHANGES, TECHNOLOGY
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