Financial Daily from THE HINDU group of publications
Wednesday, Oct 05, 2005
Financial Daily from THE HINDU group of publications Wednesday, Oct 05, 2005 |
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Info-Tech
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Software Geometric Soft growth dips on projects delay Our Bureau
Pune , Oct. 4 GEOMETRIC Software Solutions Co Ltd, player in the CAD/CAM/PLM space, has recorded a setback in its growth estimated to be in double digits. Mr Shashank Patkar, Chief Financial Officer, Geometric, told Business Line that though the growth might be in single digit, the company has been experiencing better performance. Mr Shashank said that the apparent drop in growth was due to some of the projects not being started on time. He noted that a project for a US automotive, which was supposed to have begun in May, started only in September. Also, Mr Shashank said many of the projects in the pipeline had not actually been converted into orders. He said that Geometric was taking larger orders from the first time from business players dealing with it. He added that this would have an impact on the bottomline for the current fiscal, though he declined to give a number to that. Mr Manu Parpia, Managing Director of Geometric, in a statement to the National Stock Exchange, said that the reasons for the slower growth weree similar to that for the previous quarter, namely the delay in ramp-up of projects. He said that many projects were expected to start at the beginning or the middle of the current quarter, He also stated that the launch of the CAD-PDM product had experienced delays, "As we try and get alignment between partners. This is an exercise, which has taken considerably longer than planned. While we anticipate an increase in the rate of revenue growth quarter on quarter in the next quarter, we know it will not be adequate to cover the shortfall in terms of our guidance as the cumulative effect of two slow quarters cannot be overcome in the balance of the financial year. We believe, under the circumstances, providing a new guidance would not be productive." However, he added that the company was on the right track, and that building on the momentum the company witnessed in September would be the priority of the entire management team.
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