MUMBAI: Geometric Software Solutions Company Ltd., a mid-sized Indian
software service company, reported revenue rose 13 per cent last quarter and no
pressure on billing rates despite the global slowdown in IT spending.
"These results mark the seventh consecutive quarter of sequential growth
in sales," said the company, which employs more than 450 software
professionals in India.
The Mumbai-based company, part of the Godrej group, one of India's oldest and
largest family-founded business empires, provides software services in the areas
of CAD/CAM (computer-assisted design/computer-assisted manufacturing) and PDM
(product lifecycle management).
Revenue for April-June totaled Rs 194.2 million ($3.9 million), up 13 per
cent from the previous quarter and 46 per cent from the same period a year
earlier. Operating profit -- or profit before depreciation, interest and taxes
-- rose to Rs 45.84 million, also up 13 per cent from the prior quarter and by
58 per cent from a year earlier.
Net profit increased 37 per cent from a year earlier to Rs 30.70 million.
That was down from Rs 37 million the preceding quarter "due to a
significant decline in other income to the tune of Rs 8.5 million," a
company statement said. Geometric said it added five clients the past quarter
and its employee utilisation rate exceeded 80 per cent.
It also said 3D PLM Software Solutions Ltd., a joint venture with Dassault
Systemes to provide software development services to the giant French aerospace
group Dassault Aviation, "turned the corner" by posting a profit.
Geometric shares traded in a wide range in heavy volume on Wednesday. They
rose as much as 2.2 per cent to Rs 455.70 before reversing direction after tech
bellwether Infosys Technologies said advisories against travelling to India
issued by foreign governments because of the border tension with Pakistan could
affect its future performance.
At 2:30 p.m., Geometric's shares were trading at Rs 433.45, off a low of Rs
429 but down 2.8 per cent on the day. Almost 621,000 shares had traded, about
2.5 times more than the daily average the past month.
(C) Reuters Limited.