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Q2-09 Results: Geodesic Profit Up At $16.01 Million

Nothing to report on Chandamama on the digital front, from BSE listed Geodesic, except that the company organized events in Chennai, Coimbatore and Hyderabad, with 4000 children participating in each city. Chandamama is a subsidiary of Geodesic, and owns content targeting children; Geodesic had acquired a majority stake in the company with the agenda of digitizing the content.

Geodesic has reported revenues of $34.5 million (around Rs. 161.2 crores) for the quarter ended September 30th 2008, up 127 percent year-on-year. The company’s net profit increased to $16.01 million (Rs. 75.1 Crores), up 18 percent from the last quarter, and 127 percent year-on-year. During the quarter, the company changed its name from Geodesic Information Systems Ltd to Geodesic Ltd.

Geodesic added 397 new retail users during Q2, up from 278,000 last quarter. More importantly, they signed up six new enterprise customers across USA, Europe and Asia during the quarter, including customers in Handset Manufacturers, Telecom providers, VAS companies and BFSI (Banking, Financial Services & Insurance). Geodesic also intends to provide its IM and VoIP on mobile services to the Blackberry, and has joined the Blackberry ISV Alliance Program.

There’s apparently a new product in the works, for the marketing of which they’ve hired Pinstorm and Lintas as their agencies of record…perhaps it’s a consumer facing product. Note that Mahesh Murthy, founder of Pinstorm, sits on the board of Geodesic

Details: Release, Financials (Consolidated), Financials (Standalone)

Note: Consolidated results include earnings from Chandamama, PicoPeta Simputers, Engage Solutions Ltd, Geodesic Information Systems AV, Geodesic Information Systems PTE ltd, Geodesic Information Systems INC, Geodesic Techology Solutions Ltd, Geodesic Holdings (Mauritius);

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