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Geometric declares revenues of Rs. 2,190.37 Mn, a Q-o-Q rise of 14.5%
MUMBAI, India, January 23, 2012: Geometric Ltd. (BSE: 532312, NSE: GEOMETRIC), announced its Q3 financial results for FY 2011-2012 at the board meeting held today.
Highlights for the quarter ended December 31, 2011
- Consolidated revenues rise to Rs. 2,190.37 Mn; a rise of 14.5% from the previous quarter revenues of Rs. 1,912.30 Mn, and 34.2% from Rs. 1,632.02 Mn in Q3FY11.
- Operating Profits rose significantly to Rs. 310.45 Mn, a 54.6% increase from the last quarter profits of Rs. 200.83 Mn and more than doubled from Q3FY11 profits of Rs. 134.52 Mn.
- Added nine new customers
- An EPS of Rs. 3.40
The company’s operating revenues in US Dollar terms rose to USD 42.60 Mn in Q3FY12 from USD 41.40 Mn in Q2FY12 and USD 36.25 Mn in Q3FY11; an increase of 2.9% and 17.5% respectively. The favorable movement of the dollar-rupee ratio, helped declare higher revenues in rupee terms. The company also recorded an increase in Net Profits to Rs. 212.57 Mn from Q2FY12 profits of Rs. 133.89 Mn and Q3FY11 profits of Rs. 152.73 Mn, a rise of 58.8% and 39.2% respectively.
Highlights for the nine-months ended December 31, 2011
The company’s cumulative revenues for the three quarters of FY12 stood at Rs. 5,829.56 Mn, a rise of 29.4% from revenues of Rs. 4,505.82 for the same period in FY11. Revenues in USD terms for the nine month period also rose 24.3% to USD 122.60 Mn from USD 98.63 Mn in the same period last year. The net profits recorded for FY12 till the end of Q3 were Rs. 463.88 Mn, 16.9% higher than the profits of Rs. 396.77 Mn for the similar period last year. This resulted in an EPS rise to Rs. 7.41 compared to the nine month period EPS of Rs. 6.37 in FY11.
On declaring the results, Mr. Manu Parpia, Managing Director & CEO said, “The third quarter for IT companies is traditionally a flat quarter. This quarter we saw the benefits of our efforts towards improving our operations, and better utilization rates. The forex fluctuation has also had a positive impact on our operations, and we see continued volatility in the forex rates going into Q4. Despite the crisis in Europe and macro-economic conditions, or rather because of it, I see customers increasingly turning towards their offshoring partners for bringing in efficiencies.”
The company, including its subsidiaries, had over 4400 employees at the end of the quarter.
Key wins and additional business highlights for Q3 FY12
The company added nine new customers during Q3; and new revenues of USD 3.55 Mn. Some of the significant wins in this quarter are:
- An application development for automatic design validation on NX platform for a world’s leading distributor of aerospace equipment
- Won a process planning engagement with a precision machined components and sub-assemblies manufacturer in North America
- Strengthening our technical documentation engagement for manufacturing instructions with a leading industrial turbine company to cover global locations in North America, South America and Europe
- Oracle Agile PLM implementation to streamline and enable integrated food and other consumables development process for a leading CPG manufacturer from India
- Plant layout design and optimization engagement with a global FMCG company for its plant in North Africa
- KBE application support with the world’s leading earthmoving equipment company
- Application development for laser template software for a leading player in the precision cutting industry
- PLM application integration to enable global engineering processes for a world’s leading Auto OEM
- Started a key relationship with a leading mining equipment manufacturer by providing product engineering services
Other important business highlights for the quarter include :
- Appointment of Mr. Arvind Kakar as the Chief Financial Officer of Geometric
- Launch of a new CAM package, CAMWorksXpress to address the needs of the home machinist and the new users of 3D CAM software
- Release of the 2012 version of its solids-based CNC programming solution, CAMWorks
- Receipt of SAP ACE Award 2011 for Customer Excellence in the best-run financial systems category
Geometric 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 6.21 billion (US Dollars 136.47 million) for the year ended March 2011. It employs over 3900 people across 11 global delivery locations in the US, 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 company’s operations are also ISO 27001:2005 certified.
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