Fourth Quarter revenues rise 10.6% y-o-y to INR 2733.62 Mn

MUMBAI, India. April 29, 2014 -- Geometric Ltd. (BSE: 532312, NSE: GEOMETRIC) announced its Q4 and annual results for FY 2013-2014 at the board meeting held today.

Highlights for financial year ended March 31, 2014 (FY14)

• The Company’s consolidated revenues rose 7.4% to INR 10,954.52 Mn from INR 10,203.63 Mn last year
• Dollar revenues stood at USD 181.39 Mn compared to USD 187.57 Mn in previous financial year
• The Profit after Tax for the year stood at INR 462.43 Mn as against INR 687.47 Mn for FY13, due to increase in Sales and Marketing expenses as well as investments towards building a scalable enterprise
• EPS of INR 7.31 for the year
• Recommended dividend of INR 2 on face value of INR 2 per share, by the Board of Directors 

Highlights for the quarter ended March 31, 2014 (Q4 FY14)

• The Company recorded operating revenues of INR 2,733.62 Mn, as against revenues of INR     2,752.80 Mn in the previous quarter, and INR 2,471.26 Mn in the corresponding quarter last year
• Revenue of Geometric (excluding its joint venture company, 3DPLM), rose to INR 2,001.03 Mn, a growth of 2.1% from INR 1,958.97 Mn in Q3FY14 and 9.2% from INR 1,832.86 Mn in Q4FY13
• Signed new deals worth USD 10.49 Mn

In USD terms, the Company declared operating revenues of USD 44.29 Mn for the quarter ended March 31, 2014 compared to revenues of USD 44.40 Mn in the last quarter, and USD 45.79 Mn in Q4FY13. The Company closed the quarter with profit after tax (after extraordinary items) of INR 67.35 Mn as against profits of INR 75.27 Mn in the previous quarter and INR 111 in the same quarter last year. The EPS for the quarter stood at INR 1.06, after an extraordinary expense of about INR 60 Mn.

Mr. Manu Parpia, Managing Director & CEO said, “FY14 has been difficult for Geometric as we faced a serious decline in revenues from one of our largest customers.  We believe the situation at the customer has stabilized and we saw growth in several of our other accounts.  Our revenues excluding our joint venture company grew, in USD terms, about 2.5% Q-Q and 3% Q-Q in constant currency terms. We have invested heavily in transforming our operations and sales engine in FY14 and are well poised to take advantage of the growing market for engineering services in the new fiscal”

The company had a total employee strength of over 4400 employees as of March 31, 2014, including its subsidiaries.

Key wins and additional business highlights for Q4 FY14

The company added two new customers during Q4, and signed new deals worth USD 10.49 Mn. Some of the significant wins in this quarter include:

• PLM implementation project for a leading aircraft engine manufacturer in North America
• Enterprise deployment of our technology solutions DFMPro® and CAMWorks® at a Japanese industrial equipment manufacturer
• New engineering services contract with a European tier 1 aerospace supplier
• Embedded software development engagement with a European tier 1 automotive supplier Should costing engagement with a leading North American agricultural equipment manufacturer
• Application management services deal with a Chinese automotive OEM
• CAD customization and automation project for an Asian HVAC manufacturer
• Digital manufacturing deal with a leading automotive OEM across multiple plants
• Tool design contract with a Indian aerospace supplier

Other important business highlights for the quarter include :

• Launched a new information backbone and harmonized business processes globally
• Recognized by CIMData as one of the fastest growing CAM Vendors for our product, CAMWorks
• Introduced CAMWorks Virtual Machine that enables users to verify the true G-code and check complex machine settings, sub-programs, canned cycles and work offsets in a virtual environment

About Geometric

Geometric is a specialist in the domain of engineering solutions, services and technologies. Its portfolio of Global Engineering services, Product Lifecycle Management (PLM) solutions, Embedded System solutions, and Digital Technology solutions enables companies to formulate, implement, and execute global engineering and manufacturing strategies aimed at achieving greater efficiencies in the product realization lifecycle.

Listed on the Bombay and National stock exchanges in India, the company recorded consolidated revenues of Rupees 10.95 billion (US Dollars 181.39 million) for the year ended March 2014. It employs about 4400 people across 12 global delivery locations in the US, France, Germany, Romania, India, and China. Geometric was assessed as CMMI 1.1 Level 5 for its software services and is ISO 9001:2008 certified for engineering operations. The company’s operations are also ISO 27001:2005 certified.

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Kavita Karnani
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