Mumbai, Maharashtra, India
-- FY05-06 consolidated revenue Rs 1.0 bln, up 140% YoY
-- Rs 1 bln revenue significant milestone for Indian IT products industry
BSE: 503699
NSE: GEOINFO
Reuters: GEIS.BO
Bloomberg: BVH@IN
Geodesic Information Systems Ltd, a leading provider of commercial solutions for presence communications and mobile computing, today announced that unaudited consolidated net profit of the parent and its subsidiaries, after making a provision for deferred taxes, for the year to 31 March 2006 was Rs 411.3 million, up 116 % over Rs 190.9 million in the same period a year ago. Total revenue was Rs 1.0 billion, up 145% from Rs 410.1 million a year ago.
Kiran Kulkarni, Geodesic's co-founder and managing director, said that crossing Rs 1 billon in annual revenues marks a significant milestone for the Indian IT products industry.
"In seven years, since our founding in 1999, we have grown from scratch to become a player of some significance in enterprise- and carrier-grade products based on presence communications," he said.
"We would hope that our performance would convince other Indian entrepreneurs of the feasibility of getting into product development based on IP ownership─besides the obvious pride," Mr. Kulkarni added.
ACQUISITIONS
Geodesic acquired 100% of Pico Peta Simputers Pvt. Ltd, India, and Engage Solutions Ltd, Hong Kong. Geodesic also acquired 76% of ClangulaIT AB, Sweden, during the year. All companies are being integrated into Geodesic's operational matrix.
INTERNATIONAL AWARDS AND RECOGNITION
-- A place in the inaugural Red Herring world small cap 100 list for 2005
-- Ranked 12 in the inaugural Deloitte Touché Tohmatsu Fast 50 India award
-- Ranked 172 in the Deloitte Touché Tohmatsu Fast 500 Asia- Pacific award; Geodesic found a rank in this list for the third successive year
MAJOR APPOINTMENTS
-- Prof V Vinay joined Geodesic as Group CTO. Prof Vinay is co-inventor of the Simputer, one of the world's pioneering products for powerful hand-held computing. He was earlier chairman of Pico Peta Simputers Pvt. Ltd; Pico Peta was acquired by Geodesic in the quarter.
-- Jitendra Loyal joined as Head - Product Engineering Technology. He was earlier with India's Bhabha Atomic Research Centre.
-- Arvinder Gujral joined as Director - Product Marketing at Geodesic's Santa Clara office in the US. Mr Gujral has been a successful international marketer in the Europe and US for Infosys, and with Quintant/iGate.
-- Kashyap Deorah joined as Assistant Vice President - Business Development at Geodesic's Santa Clara office in the US. Mr Deorah was earlier with Tempus Fugit, Inc, CA, US.
OTHER MAJOR FINANCIAL ITEMS
Total expenditure in FY05-06 was Rs 444.4 million, up 183% from Rs 157.2 million a year ago, on account of a rise in employee costs and on work contracted to specialist third-party teams for software development.
Depreciation in FY05-06 was Rs 124.2 million, up 130% from Rs 54.1 million a year go, mainly to account for expenditure on new hardware and software for new product development.
OUTLOOK AND GUIDANCE
Given the expectation of fast growth in the global industry for mobile VoiP and instant messaging, Geodesic sees consolidated revenue in FY2006-07 at Rs 1.6-1.7 billion, and consolidated net profit at Rs 650-700 million. The revenue and profit guidance will be revisited as and when required during FY 2006-07 after assessing the performance of Geodesic's current products and the mobile VoIP product.
About Geodesic
Geodesic is the world leader in crossover commercial solutions at the intersection of presence communications, mobility, and computing. Our folio includes the best-selling Mundu interoperable instant messenger; ADePT, a product that delivers context-based relevant advertisements on web pages and IM transcripts; IMAround, a patent-pending communications widget that enables email and web channels to broadcast presence to open communities on the Web and intranets; IMReferral , virtual word-of-mouth marketing based on a trusted list of friends and buddies; and the Simputer, one of the world's pioneering products for powerful hand-held computing.
Geodesic audited net sales in FY2004-05 was Rs 402 million on an equity base of Rs 102.5 million.
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Vineet Tandon, Geodesic Information Systems Ltd, +91 9820730545 vineet.t@geodesiconline.com
Anuradha Altekar, Ubiquus, +91 9870100642 anuradha@ubiquus.biz
Source: Geodesic Information Systems Ltd (Business Wire India)
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