Geometric annual revenues up 7% in USD terms and 23% in INR terms, operating profit up 117% YoY

MUMBAI : Geometric Ltd. (BSE: 532312, NSE: GEOMETRIC) today announced its Q4 results for FY 2008-09.

Financial Highlights

The revenue from operations for the year rose to Rs 5,980.79 million as against Rs 4,858.34 million of the previous year. The operating profit was Rs. 518.09 million, an increase of 117%, as compared to Rs. 239.04 million for the previous year. The Company booked an Other Income loss of Rs 444.74 million, on account of forex losses, as compared to a gain of Rs 203.41 million in the previous year. Profit after tax after adjustments of extraordinary items was Rs 34.41 million as against Rs 321.30 million for the previous year. Earnings per share (EPS) for the year are Rs 0.55.

The revenue from operations for the quarter reduced to Rs 1,419.65 million as against Rs 1,630.78 million of the previous quarter. The operating profit was Rs. 61.42 million, as compared to Rs. 242 million for the previous quarter. The Company booked an Other Income loss of Rs 245.22 million, on account of forex losses, as compared to a loss of Rs 178.69 million in the previous quarter.

Speaking about the results, Mr. Ravishankar G., Managing Director & CEO said, "The past year has been a challenging one, given the pressures that our major markets, US and Europe have been going through. However, we are beginning to see the results of various initiatives that we launched during the year in the form of a realigned customer focused organization structure, optimized cost structures in our business operations; leveraging of existing customers to drive topline through cross selling and positioning our strong offerings portfolio to address specific customer requirements. As we move into FY10, I firmly believe that we have the foundation for sustainable growth."

Offshore (including offsite) revenue as a percentage of total services revenue increased from 58.7% to 59.8%, over the previous quarter. The Company had 2936 employees as of March 31, 2009, including its subsidiaries. Utilization in the quarter was 86.1%.

Business Highlights

The Company added 13 new customers during Q4, taking the total number of active customers to 110. This resulted in new business revenues worth USD 4.56 million in Q4. Some of the significant contracts are with:

* A global luxury goods company for PLM migration project
* A leading US company in agricultural and construction equipment for assembly planning services
* A leading American manufacturing assembly and automation system company for tool design services
* A global manufacturing software product vendor for product development and support
* A leading design software vendor for geometry based library development services
* A world leader in shipbuilding and marine engineering for PLM customization services.

Other important business highlights for the quarter include:
* Recognition as one of NASSCOM's 100 IT Innovators for the year 2008, for the second year in a row.
* Appointment as system integrator for Oracle(R) Manufacturing Operations Center; authorized to certify shopfloor connectivity and provide RapidValue program for Oracle Manufacturing Operations Center.
* Release of a new enterprise integration solution for Teamcenter(R) and DELMIA(R)