Geometric net grows 9-fold to Rs 16 cr

Geometric’s net profit for the third quarter ended December 31, 2009, grew almost nine times to touch Rs 16.2 crore from Rs 1.76 crore in the corresponding quarter last year.

Revenue at Rs 126.8 crore for the quarter was down 22 per cent from Rs 163 crore in the same quarter last financial year.

Sequentially (quarter-on-quarter), the company’s net profit was up 58.3 per cent from Rs 10.23 crore-- revenue was down by 1.08 per cent from Rs 128.19 crore.

“The third quarter is generally slow for as it is holiday season in the US. Besides in the previous years the product segment would fill the gap but last year products business was under pressure and its dropped as well. Add to that the currency movement. But I think we have hit the bottom and from this quarter it will be a growth story,” said Ravishankar G, Managing Director and Chief Executive Officer, Geometric.

The company added 10 new clients during the third quarter. Ravishankar said that the client environment is changing, “there is clearly an interest among the customers to increase spends, but the budgets would be finalised only by mid or end of February. After that we will have a clearer picture,” he added.