BWI: Geometric Declares Revenues of Rs. 1,632.02 Mn up 7.4% Q-o-Q and 28.6% Y-o-Y

Press release from Business Wire India
Source: Geometric Limted
Monday, January 24, 2011 03:40 PM IST (10:10 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 Declares Revenues of Rs. 1,632.02 Mn up 7.4% Q-o-Q and 28.6% Y-o-Y


Mumbai, Maharashtra, India, Monday, January 24, 2011 -- (Business Wire India) -- Geometric Ltd. (BSE: 532312, NSE: GEOMETRIC) today announced its Q3 FY 2010-2011 financial results.

Highlights for quarter ended December 31, 2010

. Dollar revenues increase to USD 36.25 Mn, a Q-o-Q rise of 10.5% and Y-o-Y rise of 33.6%
. Net profit rises to Rs. 152.73 Mn, Q-o-Q growth of 10.5%
. Added ten new customers this quarter
. Employee base crosses the 3600 mark
. New business of USD 9.42 Mn
. An EPS of Rs. 2.45, an increase of 10.5% Q-o-Q

Geometric today announced a rise in the company's consolidated operating revenues to Rs. 1,632.02 Mn this quarter, a growth of 7.4% from the previous quarter revenues of Rs. 1,519.31 Mn; and of 28.6% from revenues of Rs. 1,268.75 Mn in the same quarter last year. The company declared a profit after tax (after extraordinary items) of Rs. 152.73 Mn as compared to the previous quarter's profit of Rs. 138.18 Mn and Rs. 162.41 Mn in the same quarter last year.

Announcing the results, Mr. Ravishankar G., Managing Director & CEO said, "Our revenues have seen good volume growth; the upward movement of revenues was driven by volume growth in PLM services, followed by engineering services. The Products business has also shown a good upward trend, due to strong sales of CAMWorks© and Feature Recognition technology. With customers globally looking at augmenting their product portfolios and expanding into growth markets, while driving capital and operational efficiencies, the demand for PLM and Engineering services is expected to be on the increase, as we go along.

We were able to deliver on this growth, while sustaining our margins, even after absorbing the impact of mid-term salary hikes, variable pay, and increase in training costs. We have added ten new customers this quarter, despite the quarter being traditionally a slow quarter due to the holiday season in our major markets.

Resource acquisition today is one of the biggest challenges for the Indian IT sector. In the last couple of quarters, we have laid a lot of emphasis on employee engagement and retention initiatives, and have also increased our focus on building in-house capabilities, which have helped us reduce our attrition levels significantly this quarter."

With the verticalized structure in place, this quarter saw a considerable shift in the company's go-to-market approach. The company has now started offering its customers verticalized solutions leveraging capabilities across engineering services, software services and its own intellectual property to deliver value.

At the end of the quarter, the company had an employee base of 3,659.

Business Highlights

The Company added ten new customers during Q3, and at the end of the quarter, it had 111 active customers, including 18 customers with million dollar plus revenues. Some of the significant wins this quarter include:

. A significant Product Engineering contract with a leading automation systems company in USA
. An Engineering Services engagement with a leading tools and equipment engineering company in USA
. Process and methods development engagement for the launch of a product for a leading industrial equipment company in US
. A Teamcenter transition contract with a leading automotive company in Europe
. Containerization and packaging services for a truck program of a leading automotive company in USA
. PLM Upgrade contract for an auto major in Japan
. A tools and equipment engineering contract for a automotive company in US
. A Teamcenter upgrade engagement for a filtration systems company in US
. A containerization and packaging strategies engagement for a car management program for a leading automotive company in US
. An ENOVIA implementation for a leading automotive manufacturer in India

Other important business highlights for the quarter include:

. The signing of a Global Services Agreement with Dassault Systèmes (DS) making Geometric a preferred vendor for services on DS' products and technologies
. Partnership with India's leading CNC Vertical and Horizontal Machine manufacturer, Ace Manufacturing Systems Ltd. (AMS) for supporting CAMWorks on its CNC Machines
. Agreement with Dassault Systèmes to integrate DELMIA's India Laboratory into 3D PLM Software Solutions Ltd (3DPLM), their joint venture company.
. Alliance with leading part catalogue provider CADENAS, granting CAMWorks users access to CADENA's CAD model library through CAMWorks PARTCommunity
. Appointment of Digitek as an authorized reseller of DFMPro in Korea
. Upgrade to ISO 9001:2008 certification for engineering services
. Release of DFMPro version 2.3 for Pro/ENGINEER® and www.NestLib® 2010 R3

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 over 3600 people across 10 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 copyright/ trademarks of all products referenced herein are held by their respective companies.


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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