MUMBAI, India. October 20, 2014: Geometric Ltd. (BSE: 532312, NSE: GEOMETRIC) announced its second quarter financial results for FY 2014-2015 at the board meeting held today.
Highlights for the quarter ended September 30, 2014 (Q2 FY15)
- In Dollar terms revenues rise 2.6% q-o-q
- Operating revenues at USD 46.12 Mn as against USD 44.96 Mn in the previous quarter, and USD 46.26 Mn in Q2FY14
- Excluding the joint venture, the Company revenues rose 3.4% q-o-q to USD 33.94 Mn
- Signed new deals worth USD 9.54 Mn
- EPS for the quarter at INR 2.56
In Rupee terms, the Company recorded operating revenues of INR 2,796.67 Mn, a rise of 4% q-o-q from INR 2,688.45 Mn last quarter. In the same quarter last year the revenues stood at INR 2865.36 Mn. The Company’s Profit after Tax stood at INR 162.90 Mn as compared to INR 192.08 Mn in the previous quarter and INR 165.66 Mn in the corresponding quarter last year.
Mr. Manu Parpia, Managing Director & CEO said, “This quarter we saw volume growth in most of our verticals and further strengthening of our pipeline. The margins of the Company were affected by the anticipated impact of global salary raises and the unanticipated weakening of the Euro as well as lower utilization due to hiring for expected projects. We expect to see margin improvements in the coming quarters as well as continued growth in our revenues.”
Despite the anticipated improvements in revenues, the Company has stated that it will not meet the guidance it had set at the beginning of the year. Geometric had total employee strength of over 4700 employees as of September 30, 2014, including its subsidiaries.
Key wins and additional business highlights for Q2 FY15
The company added three new customers during Q2, and signed new deals worth USD 9.54 Mn. Some of the significant wins in this quarter include:
- Enterprise implementation of our DFx solution for a major automotive OEM
- Entered into a new engagement with a prominent railway transport company in China for model-based engineering technology solution
- Signed a Product Engineering contract with a key global automotive OEM in North America
- Won a PLM implementation services deal with a leading aerospace engine manufacturer
- Started a software product development project with a new North American technology company
- Began a should costing engagement with a key industrial energy controls systems company in India
- Entered into a contract for next generation CAx solution for a shipping major in North America
Other important business highlights for the quarter include :
- Marked the Company’s 20 year anniversary with the inauguration of its new building in Pune
- Established a new delivery center in Hyderabad
- Former Chief Transformation Officer and CEO of the Company’s JV, Mr. Shashank Patkar moves to a new role of Chief Mentor to guide the next level of leadership
Geometric is a specialist in the domain of engineering solutions, services and technologies. Its portfolio of Global Engineering services, Product Lifecycle Management (PLM) solutions, Embedded System solutions, and Digital Technology solutions enables companies to formulate, implement, and execute global engineering and manufacturing strategies aimed at achieving greater efficiencies in the product realization lifecycle.
Listed on the Bombay and National stock exchanges in India, the company recorded consolidated revenues of Rupees 10.95 billion (US Dollars 181.39 million) for the year ended March 2014. It employs about 4400 people across 12 global delivery locations in the US, France, Germany, 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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