The Hindu Business Line : Geometric Soft Q3 net surges 254 pc

Geometric Software Solutions (GSS) said on Monday that its net profit has surged by 254 per cent to Rs 8.3 crore for the third quarter ended December 31, 2006. Its net profit in the corresponding period last year was Rs 2.34 crore.

The total income rose to Rs 52.98 crore from Rs 31.84 crore, rising 66.39 per cent.

"We are on track with respect to our plan for organic business in this financial year. With the consolidation of Modern Engineering, Geometric has a significantly enhanced business portfolio and delivery footprint. As we continue the process of business integration we will increasingly capitalise on this," Dr Ravi Gopinath, CEO and MD of Geometric, said.

The company, excluding Modern Engineering, added 14 new clients in the third quarter. Modern Engineering became a subsidiary of Geometric Inc. with effect from November 1, 2006.

The product revenue share for the quarter decreased from 18 per cent to 13 per cent, while engineering services division's share increased from 6 per cent to 10 per cent. Offshore revenue as a percentage of total services revenue remained at 68 per cent, said a statement from the company.

The company's shares slid on the bourses on Tuesday, closing at Rs 138 per share, down by Rs 3.05 from Monday.

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