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Geodesic Profit Down 24%, Revenue Stagnant YoY For Q2 FY10

NSE and BSE listed Geodesic Ltd, digital applications and servicesgeodesiccompany has announced a decrease of 24.12 percent YoY in profit to Rs. 570.3 million for the quarter ended September, 2009. Revenue for the company also remained stagnant,at Rs. 1544 million for this quarter against the corresponding quarter of the last FY. A dividend of 40 percent (Re.0.80 per share) on the face value of equity share is was declared in the AGM of the company and paid on 20th October, 2009.

sep09-geodesic-snapshot1

Data: Financials + Release

Reasons for Decline In Profit

Rising marketing costs, foreign exchange losses due to forward contracts and exchange losses, drop in smart phone shipments during the quarter, enterprise wide pricing pressure due to the economic slowdown and higer depreciation is what the company believes caused the decrease in profits for this quarter.

Products & Deployments

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The company added 195,000 new users for its Munda products. VoIP service clocked an average of 170,000 call minutes per day and 50,000 text messages per day were sent using Mundu SMS. Mundu SMS also launched its International SMS service in India, Australia, Singapore, Philippines, South Africa, U.A.E. during this financial year.

FilmOrbit: Geodesic has announced plans to launch Filmorbit ‐ a portal dedicated to the Entertainment and Media industry in India by the end of the current quarter. The portal would use Mundu Entertainment stack as a means to deliver deep interlinked content.

GeoAmida: The company’s GeoAmida was signed on for a “Financial Inclusion” project of a large PSU bank in conjunction with one of the top 5 Indian IT companies. A major System Integrator has signed on the company’s GeoAmida to pilot “Public Distribution Automation” initiative in Madhya Pradesh. A UK based Financial Services Company acting as an exchange for C2C, C2B and B2B multi currency transaction signed a trial order for the company’s GeoAmida hand held device.

Acquisition: Geodesic MD Kiran Kulkarni had confirmed with MediaNama on a possible acquisition of a social networking space in August. There is no mention of such an acquisition in the reports for this quarter.

Other Developments: The company signed deals with Oasis Capital Bank B.S.C., Bahrain, Business India Group and a Korean Investment Bank to provide financial services solutions including CRM and integrated communication over the web. They also tied up with Entel PCS, Chile’s largest mobile operator to provide windows live instant messaging service to its mobile subscribers. Geodesic also partnered with Sybase 365, a subsidiary of Sybase Inc. USA to extend the breadth of Geodesic’s services to 800 Global Operators to expand its global user base. BrightStar Corp a  customized distribution and integrated supply chain solutions for the wireless industry extended its contract with the company for Mundu IM for the Latin American market.

Management Changes

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Geodesic during this quarter strengthened its senior management team by including Mr. Anil Raj as head Geodesic’s Internet telephony businessShibaji Ghosh to head the Enterprise business and Mr. Rackesh Langer with to head Manufacturing, Operations and supply chain management of GeoAmida.The company also added 30 new employees in the software engineering department during the last quarter.

Related:

Q1-10 Geodesic Call: Plans Retail VoIP With Spokn; Simputer Resurrection
Geodesic Completes Acquisition Of Instant Messaging Co Interactive Networks Inc

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