Jan 21, 2013: Geometric Declares Revenues of Rs. 2508.34 Mn for Q3 FY 2012-13
Net profit for the quarter at Rs.190.97 Mn
MUMBAI, India, January 21, 2013: Geometric Ltd. (BSE: 532312, NSE: GEOMETRIC) announced its Q3 financial results for FY 2012-2013 at the board meeting held today.
Highlights for the quarter ended December 31, 2012 (Q3 FY13)
Consolidated revenues stood at Rs. 2508.34 Mn as against Rs. 2615.84 Mn in the previous quarter and Rs. 2190.37 Mn in the corresponding quarter last year
EBITDA increased 5.9% q-o-q and 10.8% y-o-y to Rs. 445.78 Mn from Rs. 421.06 Mn in Q2FY13 and Rs. 402.15 Mn in Q3FY12. EBITDA margins also improved to 17.8% in this quarter from 16.1% last quarter mainly due to higher contribution and other incomes
Acquired 3cap technologies GmbH, a niche automotive electronics company in Germany
Top-line was adversely affected by greater than anticipated softness in one of our large customers in North America.
Won new deals worth USD 8.88 Mn
EPS for the quarter is Rs. 3.04
In USD terms, the company declared revenues of USD 46.31 Mn compared to USD 47.67 Mn in Q2FY13 and USD 42.60 Mn in Q3FY12. Profit before tax rose 6.3% q-o-q and 10.6% y-o-y to Rs.358.27 Mn from Rs.337.08 Mn in the last quarter and Rs. 323.91 Mn in the same quarter last year. The company recorded profit after tax of Rs. 190.97 Mn as against Rs. 178.89 Mn in Q2FY13 and Rs. 212.57 Mn in Q3FY12.
Mr. Manu Parpia, Managing Director & CEO, Geometric Limited said, “The revenues this quarter have been disappointing. Nonetheless EPS is still robust, reflecting the benefit of our efforts to streamline our operations. The decline in revenues was mainly due to cutbacks at one major customer, which will also have an adverse impact this quarter as some cutbacks took effect late last year. Many of our other accounts continue to grow reflecting the continued demand for engineering services. Overall our revenues will show growth in Q4 due to our 3Cap acquisition”. The Company expects to resume growth from the next financial year.
Key wins and additional business highlights for Q3 FY13
The company added four new customers during Q3, and signed new deals worth USD 8.88 Mn this quarter including:
A PLM training engagement for a leading North American oil and gas company
Product development (CAE) project with a Japanese automotive solutions company
PLM solution definition engagement with a leading construction and agricultural equipment manufacturer
A PLM consulting deal with a Swedish manufacturer of industrial equipment
CAD design support for a large industrial equipment manufacturer in North America
PLM customization project for an Asian aerospace and defense product development firm
Application development project for a leading aircraft manufacturer in North America
Application migration contract for a leading automotive components manufacturer in Germany
Multiple digital manufacturing projects with a global Auto OEM in North America
Other important business highlights for the quarter include:
Strengthened relationship with Dassault Systèmes by entering V6 Apps Partner Program
Received the AS/EN 9100:2009 Certification, the most advanced Quality Management System standard for the aviation, space, and defense industries
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 8.08 billion (US Dollars 167.51 million) for the year ended March 2012. It employs over 4500 people across 12 global delivery locations in the US, France, 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 company’s operations are also ISO 27001:2005 certified.