BWI: Geometric FY10 Net Increases 578% to INR 466.6 Mn

Press release from Business Wire India
Source: Geometric Limted
Monday, April 26, 2010 04:00 PM IST (10:30 AM GMT)
Editors: General: Economy; Business: Banking & financial services, Business services, Financial Analyst, Information technology, Stock exchanges; Technology
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Geometric FY10 Net Increases 578% to INR 466.6 Mn


Mumbai, Maharashtra, India, Monday, April 26, 2010 -- (Business Wire India) -- Geometric Ltd. (BSE: 532312, NSE: GEOMETRIC) today announced its Q4 and annual results for FY 2009-2010

Business Highlights for financial year ended March 31, 2010

-- FY10 EPS of Rs.7.51 against Rs. 0.55 in FY09
-- Recommended dividend of 55% (including a special dividend @ 15% to mark of 15 years of incorporation), by the board of directors
-- Debt free position on a consolidated basis
-- FY10 net profits increased exponentially by 578% to INR 466.61 Mn from INR 68.83 Mn in FY09
-- FY10 operating profits increased 11.9% to INR 586.17 Mn from INR 524.04 Mn in FY09
-- FY10 revenues declined 14.5% to INR 5115.62 Mn (USD 108.12 Mn) from INR 5980.79 Mn (USD 129.47 Mn) in FY09
-- New customers addition at 37 for the fiscal
-- Recognized as an IT Innovator by Nasscom for the third year in a row

Highlights for Q4 FY10

The company recorded operating revenues of INR 1,271.71 Mn (USD 27.84 Mn) for the quarter ended March 31, 2010, compared to revenues of INR 1,268.75 Mn (USD 27.13 Mn) in Q3FY10. Revenues remained flat on a Q-o-Q basis in rupee terms on account of appreciation of the rupee; but increased by 2.6% Q-o-Q in dollar terms over the previous quarter. The profit after tax was INR 118.36 Mn for the quarter, compared to INR 162.41 Mn in the previous quarter. Offshore leverage (in revenues terms) was maintained at 65%, same as the previous quarter.

On a yearly basis, the company has registered significant improvements in operational efficiencies with offshore leverage (in revenue terms) increasing from 56.3% in FY09 to 64.6% in FY10; and increased utilization from 87.2% in FY09 to 90.3% in FY10. The company had total employee strength of 2956 employees as of March 31, 2010, including its subsidiaries.

On declaring the results, Mr. Ravishankar G., Managing Director & CEO said, "During the last one year, we've focused on streamlining the operations of the company, consolidating businesses, exiting non-profitable projects, driving operational efficiencies through increased offshore leverage and higher utilization, and creating a leaner, more customer oriented organization, resulting in an improved bottom-line for the company. I believe we are now well placed to leverage opportunities that are expected to open up in the market, over the next two years."

Key Wins and additional business highlights for Q4 FY10

The Company added 7 new customers during Q4, and 37 new customers during the year; taking the total number of active customers to 100. Some of the significant wins in this quarter are:

-- A multi-million dollar engagement with a global agricultural and equipment major for a new business offering in engineering services
-- A multi-million dollar deal with a global auto OEM for product data management
-- A multi-million dollar project with a global Tier 1 auto OEM for product design and analysis services
-- An engagement with a global oil & gas equipment manufacturer, for a PLM application upgrade
-- A deal with a global aerospace systems manufacturer for PLM application maintenance and support
-- An engagement with a European aerospace systems manufacturer for upgrading their PLM applications
-- An engagement with a global agricultural and equipment manufacturer for providing services in the area of supplier collaboration
-- A project with a global industrial major for product design services

Other important business highlights for the quarter include:

-- NASSCOM IT Innovators 2009 recognition for our orthodontics solution; received this accolade for the third consecutive year
-- DFMPro recognized as a top innovation at Innovations 2010
-- CAMWorks®, our intuitive CAM product was recognized for increasing productivity and speeding up milling operations at Magnus Hi-Tech
-- Release of DFMPro version 2.1 for SolidWorks and Pro/Engineer, CAMWorks 2010, NestLib® 2010 R1, and eDrawings Professional version 7.1

About Geometric

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 5.12 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 is assessed at SEI CMMI Level 5 for its software services and ISO 9001:2000 certified for engineering operations.

The copyright/ trademarks of all products referenced herein are held by their respective companies.


CONTACT DETAILS
Kavita Karnani, Media Contacts, Geometric Limted, +91 (20) 40284496, kavita.karnani@geometricglobal.com
Santosh Gambhire, Investor Relations, Geometric Limted, +91 (22) 67056935, santosh.gambhire@geometricglobal.com

KEYWORDS
ECONOMY, BANKING, BUSINESS SERVICES, Financial Analyst, IT, STOCK EXCHANGES, TECHNOLOGY, 532312.BO, GEOMETRIC.NS

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