Geometric PAT falls 55% YoY
Mumbai-based Geometric reported a 55 per cent decline in its consolidated profit after tax (PAT) for the quarter-ended March 31, 2008. Its PAT fell to Rs 4.67 crore during the quarter under review from Rs 10.44 crore posted in the corresponding quarter, the previous financial year. Its revenue grew by 1.8 per cent year-on-year (YoY) to stand at Rs 126.5 crore against Rs 124.3 crore in the same quarter last financial year.
On a sequential (quarter-on-quarter) basis, its net profit declined by 31.3 per cent to Rs 4.67 crore as against Rs 6.8 crore for the trailing quarter-ended December 31, 2007. For the same period, its revenue rose by a marginal 2 per cent — from Rs 123.96 crore of the trailing quarter to Rs 126.5 crore.
For the full year, its net profit stood at Rs 32.13 crore — a decline of 14.18 per cent compared to Rs 37.44 crore recorded in the last financial year. However, its YoY revenue increased by 26.8 per cent from Rs 383.07 crore in 2007 to Rs 485.8 crore.
G Ravishankar, CFO, said the “early adoption of AS30 lowered the company’s mark-to-market losses on foreign exchange contracts”. “The loss of Rs 1 crore is essentially due to translation losses,” he said. The company’s offshore (including offsite) revenue as a percentage of total services revenue increased from 52.6 per cent to 63.6 per cent. The company had 2,968 employees as of March 31, 2008, including its subsidiaries. Utilisation in the quarter was 81.9 per cent.
Ravi Gopinath, managing director and CEO, said: “The past year has been a challenging one. However, we have started to the see the results of the various initiatives that we launched during the year in the form of strengthening of our operations, measured in terms of growth in new business closures and pipeline; improvements in delivery efficiencies; improved cost efficiencies in our US operations; and the increasing acceptance and awareness of Geometric in our target customer space
