Geodesic Apr-Jun Net Profit At Rs 83.36Cr up 6% Year-on-Year

16 Aug, 2011

Digital content, communications and electronic computing firm Geodesic Ltd, has reported a consolidated net profit of Rs 83.86 crore for the quarter ended June 30, 2011, up 6 per cent over the year ago period.

Total income for the quarter stood at Rs 248.51 crore, an increase of 25 per cent compared to the corresponding quarter last year. Its EPS for the first quarter of the fiscal 2012 was Rs 9.29 as compared to Rs 8.56 for the same quarter last year.

Geodesic scrip shot up around 15 per cent in intra-day trade before closing at Rs 57.85 up, 5.8 per cent at BSE on Tuesday. Incorporated in 2000, Geodesic makes software products focused on information, communication and entertainment for mobile phones and desktop computers. The company has 700 employees and six subsidiaries in 14 offices across the globe, which includes Mumbai and Bangalore in India, US (Silicon Valley), UK, Mauritius, Hong Kong, UAE, and Uruguay.

The company added 30 new employees in the quarter, to strengthen the products management, software engineering, electronic computing and marketing teams.

It launched a business continuity solution for enterprises to manage contacts and information and expanded the product portfolio of Spokn, its VoIP service. Its flagship Mundu TV app was launched across a range of Android tablets including Samsung Galaxy Tab, Motorola Xoom, HCL Tablet, amongst others.

Geodesic also forayed into the online gaming space with Carrom MP, a multiplayer board game for the iPad. The game can be downloaded from the Apple Appstore for 99 cents. Carrom MP was ranked #1 on the Apple Appstore charts in India, Pakistan and Saudi Arabia.

The company has also received orders to deploy GeoAmdia and associated solutions across multiple segments from ITC Ltd to their rural fuel-station operations, Mobicash to execute secure transactions at merchant locations, Bartronics to roll out Financial Inclusion services for two large public sector banks across thousands of villages and SREI-Sahaj e-villages, a subsidiary of SREI Infrastructure Finance Ltd for their financial inclusion services, the company said.

Geodesic has also signed software product and solution agreements with Oberthur, Micromax Limited, TCL Mobile Communication, Smarsh Inc, ShareKhan, Times Internet Ltd, BAMM TV, RadioBeta and a top Malaysian Bank to provide unique Customer Alignment System for its customers for an undisclosed sum.

The company has also tied up with International Business Promoters LLC., to market and promote Geodesic's investment and wealth management solutions and other financial services in the Sultanate of Oman and other GCC countries.