Info-tech

Geometric Q2 net up 37% to Rs 17.88 cr

PTI New Delhi | Updated on October 29, 2012 Published on October 29, 2012

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IT consulting and software services provider Geometric today reported a 33.63 per cent rise in its net profit at Rs 17.88 crore for the quarter ended September 30, 2012.

The company had reported a net profit of Rs 13.38 crore for the corresponding quarter last financial year.

Revenues of the company rose 36.78 per cent to Rs 261.58 crore for the second quarter of FY13 compared to Rs 191.23 crore for the same period last year.

“We have had some significant customer additions this quarter. These additions will take some time to take effect but we are immediately affected by the closure of an important account,” Manu Parpia, Managing Director and CEO, Geometric said in a statement.

He added that while the current environment continues to be volatile, going forward, the company see strong long-term demand for engineering services.

The firm added 11 new customers and won new deals worth $14.64 million during the quarter.

However, the company also lost a multi-million dollar contract due to operational reasons, which impacted the current top-line and will also have an adverse impact on the next few quarters, the statement said.

The attrition rate dropped to 12.9 per cent for the quarter as compared to 14.8 per cent in Q1 of FY13.

Published on October 29, 2012
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