Geometric Q4 profit up 24.6%

MUMBAI: Geometric Software Solutions has announced that its consolidated net profit for the quarter ended December 2002 increased to Rs 466.1 lakh, as compared to Rs 373.9 lakh for the corresponding quarter last year, representing an increase of 24.6 percent. The net profit for the current quarter represents a sequential increase of 3.1 percent over the Rs 452 lakh posted in the immediate preceding quarter ended September 30, 2002.

The company’s consolidated revenues grew by 29.8 percent, Rs 2286.5 lakh for the quarter ended December 31, 2002 as compared to Rs 1760.8 lakh for quarter ended December 1, 2001. On a sequential quarter on quarter basis, consolidated revenues grew by 6.6 percent, Rs 2286.5 lakh for the quarter ended December 31, 2002 as compared to Rs 2144.9 lakh for the preceding quarter.

Consolidated revenues for the nine months ended December 31, 2002 increased by 34.9 percent to Rs 6428.2 lakh compared to Rs 4762.5 lakh, while net profits have grown by 34.6 percent, Rs 1225.1 lakh as compared to Rs 909.6 lakh.

Commenting on the results, Manu Parpia, Managing Director, Geometric said, "Our venture with Dassault Systemes has met our objectives both in terms of numbers and quality. It is also a matter of satisfaction that Geometric standalone has shown steady sequential growth. We would continue to make progress in forming alliances, our recent agreement with EDS PLM, being an example. Nevertheless, while we have improved our rate of growth, it remains below our expectations, and we are doing our best to further enhance it."

A highlight for the quarter was the successful launch of Geometric’s technologies for leading PLM companies and industrial customers. This included the launch of Geometric’s Feature Recognition technology for Dassault Systems; Instant Messenger Technology for MatrixOne; CollabView licensing agreements for customers in Taiwan, Europe and US.

Product revenues showed a 31 percent increase (Rs 312.4 lakh for the quarter ended December 31, 2002 as compared to Rs 238.1 lakh for the corresponding period last year.)

Other significant developments included a contract with an aerospace major through the Wipro alliance, the signing of a Professional Services Agreement with EDS PLM, and a successful engagement for projects with Ford. The company added 12 new customers in the quarter, including two industrial customers.