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Geometric Software net up 15.8 pc in Q1

Our Bureau

Mumbai , July 17

GEOMETRIC Software Solutions has reported an increase of 15.82 per cent in net profit, year on year, for the quarter ended June 30, 2003.

Net profit amounted to Rs 2.83 crore for the quarter, whereas net profit during the same quarter of the previous year was Rs 2.44 crore.

The consolidated net profit for the quarter, at Rs 4.11 crore, showed an increase of 34 per cent year on year, but a decline of 14 per cent sequentially, compared with the last quarter of the previous fiscal, ended March 31, 2003.

The company attributed this to difficult economic climate faced by its customers and partners. "We have, however, anticipated this difficult economic climate when arriving at our guidance for the 12 months and confirm the same," the Managing Director of Geometric Software Solutions, Mr. Manu Parpia, said, commenting on the results. Total income for the quarter currently ended rose 2.81 per cent, year on year, to Rs. 15.79 crore (Rs 15.36 crore). Total consolidated revenue increased 20 per cent, to Rs 24 crore (Rs 19.97 crore). On a sequential quarter-to-quarter basis consolidated revenues grew 2.6 per cent.

Consolidated operating revenues grew 17 per cent, year on year, to Rs 22.7 crore during the quarter under consideration, while operating profit increased 30 per cent to Rs 4.12 crore.

The company has also announced that it is in the process of organisational restructuring, with the Chief Operating Officer, Mr Nitin Deshpande, planning to leave the company shortly. "The new organisation structure assigns greater responsibilities to other management council members thus ensuring steady growth to their career," said a news release from the company.

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