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Geodesic Net Profit Falls 25.4% YoY, Revenues Down 17.2%

geodesicRevenues for the NSE and BSE listed digital applications and services firm Geodesic Ltd have taken a beating in the quarter ended December 2009 with a 17.2 percent year on year fall to Rs. 1518.5 million, and a sequential decrease of 1.7 percent. The company posted a net profit of Rs. 625.1 million lower 25.4 percent from December 2008. Earnings per share of the company is also 28.7 percent down year on year to Rs. 6.78.

The company’s board of directors declared an interim dividend on January 29, 2010.

Last quarter, in answer to a question posed by MediaNama on the company’s planned acquisition of a social networking company, Kiran Kulkarni, MD, Geodesic, said he expected it to be completed by end of December but there is no news of the acquisition yet.

Details: Standalone Financials | Consolidated Financials | Release

Products & Deployments

Geodesic added 215,000 new users for Mundu products, higher than the previous quarter’s 195,000. Its VoIP service Spokn registered an average of 180,000 call minutes per day and Geodesic has seen a doubling in the average number of text messages (SMS) sent per day using Mundu SMS to 100,000 sequentially.
It signed a deal with telco America Movil to offer Mundu SMS to its 180 million subscribers in 18 countries.

Mundu Radio – Geodesic signed an MoU with Bangladeshi firm B2M Technologies to deliver the product to Bangladesh’s top operator Grameenphone. It also signed an agreement with Tata Teleservices Limited to provide Mundu Radio to Tata Indicom subscribers.

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It also partnered with Network18 group‘s portal Moneycontrol.com to provide an interactive charting tool to its subscribers. It also powers Smartinvestor.in – the new financial services portal launched by Business Standard. A desktop tool with a dash-board of one’s investments and portfolio analysis called WalletWAP was also launched.

Launched Continuum, an enterprise unified communications and collaboration CRM suite. It signed deals with Samsung Securities (Asia) and Green Dragon Gas for CRM and financial services solutions.

Its entertainment and media portal Filmorbit, which it launched in the quarter is now in the Alpha version.

A Chandamama widget that provides new story alerts to its subscribers was introduced. The company’s plans to launch a series of digital books have not been realised this quarter and may have been scheduled for the next. Chandamama is a subsidiary of Geodesic.

Mundu TV was to be launched in the December quarter in India. No update on that too in the earnings reports; the company owns the domain mundutv.com but the website is not up yet.

GeoAmida: Geodesic received orders for its hand held device GeoAmida (previously known as the Simputer) from:

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  • TCS for a “Financial Inclusion” project of three PSU banks namely Punjab National Bank, Indian Overseas Bank & Indian Bank.
  • HCL Infosystems for a financial inclusion project of State Bank of Hyderabad.
  • Eaglesoft to be used for NREGA implementation in Kerala.

GeoAmida’s competition in India is from Symbol.

Management Changes

In the quarter, Geodesic added 30 new employees to its product management team, the software engineering department and the marketing department.
G Krishnan, a retired IAS officer and the ex- Chief Secretary of Jharkhand was appointed as an independent Director of the company.

It has established two private companies – ITM Digital Private Limited and Geodesic Gridpoint Energy Private Limited in January.


How Geodesic’s Spokn Deals With India’s Tough Internet Telephony Norms

Geodesic Earnings Call: Mundu TV In India, Chandamama’s Interactive Books, Spokn’s Delay

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

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