Geometric net profit up 45%

BANGALORE: Geometric Software Solutions' consolidated net profit for the quarter ended 30 September 2002 increased to Rs 4.52 crore, as compared to Rs 3.11 crore for the corresponding quarter last year, representing an increase of 45 percent. The net profit for the current quarter represents a sequential increase of 47 percent over the Rs 3.07 crore posted in the immediate preceding quarter ended 30 June 2002.

Consolidated total revenues for the current quarter have increased by 31 percent, Rs 21.44 crore for the current quarter compared to Rs 16.39 crore over the same quarter last year. On a sequential quarter-on-quarter basis, total revenues have increased by 7 percent, to Rs 21.44 crore for the current quarter compared to Rs 19.96 crore for the quarter ended 30 June, 2002.

Geometric, Managing Director, Manu Parpia said, "I believe this quarter's results reflect the steady progress to gain momentum in the PLM market space, while improving our margins. I am particularly heartened by the increase in contribution from the industrial customers and the stabilization of revenues from products."

Highlights for the quarter included a 64 percent increase in software sales, Rs 3.32 crore for the quarter ended September 30, 2002 as compared to Rs 2.03 crore for the corresponding period last year. The company added 11 new clients in the quarter including three industrial customers.