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Geometric revenues rise 36.8% Y-o-Y to Rs. 2615.84 Mn
Net profits rise 33.6%
MUMBAI, India, October 29, 2012: Geometric Ltd. (BSE: 532312, NSE: GEOMETRIC) announced its Q2 financial results for FY 2012-2013 at the board meeting held today.
Highlights for the quarter ended September 30, 2012 (Q2 FY13)
- Consolidated revenues rise 0.3% q-o-q and 36.8% y-o-y to reach Rs. 2615.84 Mn, as compared to Rs. 2608.07 Mn in Q1FY13 and Rs. 1912.30 Mn in Q2FY12
- Operating margins improved to 18.3% in this quarter from 17% last quarter and 10.5% in the same quarter last year
- Strong employee engagement resulted in annualized attrition for the quarter dropping to 12.9% as compared to 14.8% in Q1 FY13
- Added 11 new customers
- Won new deals worth USD 14.64 Mn
- Lost a multi-million dollar contract due to operational reasons, impacted the current top-line and will also have an adverse impact on the next few quarters
- EPS for the quarter is Rs. 2.85
In USD terms, the company declared revenues of USD 47.67 Mn in Q2FY13 as against USD 47.80 Mn in Q1FY13 and USD 41.40 Mn in Q2FY12. Consolidated revenues (excluding the joint venture, 3D PLM Software Solution) rose 0.7% and 17% to USD 34.92 Mn from USD 34.68 Mn in Q1FY13 and USD 29.85 Mn in Q2FY12 respectively.
The company’s operating profit rose to Rs. 477.41 Mn this quarter, from Rs. 444.18 Mn in the previous quarter and from Rs. 200.83 Mn in Q2FY12; a rise of 7.5% and 137.7% respectively. The profits after tax stood at Rs. 178.89 Mn as against Rs. 206.60 Mn in Q1FY13 and Rs. 133.89 Mn in Q2FY12.
Mr. Manu Parpia, Managing Director & CEO, Geometric Limited said, “We have had some significant customer additions this quarter. These additions will take some time to take effect but we are immediately affected by the closure of an important account. While the current environment continues to be volatile, going forward, we see strong long-term demand for engineering services.”
Key wins and additional business highlights for Q2 FY13
The company added 11 new customers during Q2, and signed some significant deals this quarter including:
- Won an application management contract with a leading European car manufacturer for managing the digital manufacturing application landscape
- Won a CAx deal to build a modern application for designing drill bits with a leading Oil & Gas engineering company in the US
- Won a multi-year engineering collaboration engagement with a world leader in agriculture equipment in the US
- Won a PLM engagement with leading Japanese car maker to build new solutions on a PLM backbone
- Won a BIW design support engagement with the Indian entity of a leading global car manufacturer
- Extended our global PLM services engagement with a leading tire manufacturer
- Won an engagement with global escalator and elevator manufacturer for work instructions standardization programs
- Closed a PLM integration deal with a leading transportation company in China for cross PLM interoperability
Activities in the quarter also resulted in the following customer additions in October:
- Won an engagement with a leading manufacturing technology provider for the semi-conductor industry to provide engineering design and analysis support and embedded systems development
- Signed a master services agreement (MSA) with a leading Aerospace major
Other important business highlights for the quarter include :
- Strategic alliance with TechSoft 3D, leading provider of software development toolkits (including HOOPS) to the engineering software industry, to help independent software vendors and system OEMs build better software in shorter time frames
- Launch of NestLib® Online, a cloud-based, pay-per-use 2D nestling solution for material optimization
- Addition of Hawkridge, the largest North American SolidWorks® reseller, as a reseller for CAMWorks®
- Appointment of PLM vetran, Lou Pascarella to strengthen Geometric’s Consultancy Group
- Introduction of the NX™ version of DFMPro®, the company’s automated design for manufacturability solution
- Appointment of Ms. Anwesa Sen, as the Global HR head
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 8.08 billion (US Dollars 167.51 million) for the year ended March 2012. It employs over 4500 people across 12 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 company’s operations are also ISO 27001:2005 certified.
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