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Geodesic Announces 5% Share Buyback; FY10 Revenues Rs. 6.44B, Profit Down 6.17%

Geodesic Limited, a public listed digital applications and services company, has reported profits of Rs. 694.4 million on revenues of around Rs. 1.75 billion for the quarter ended March 31st 2010, up around 4.7 percent for the corresponding period in the previous year. The company has announced a 5% buyback at a price of Rs. 150 per share, around 30% higher than its closing price of Rs. 115.25 on the 7th of May, though at 5.7% discount to its 52 week high of Rs. 158.65 (on 4th September 2009). The share price peaked at around Rs. 130 today morning, but has fallen since.

On a consolidated basis, revenue for Geodesic Ltd fell by 3.66 percent year on year, to Rs. 1747.2 million from Rs. 1813.60, but rose 15.06% after a dismal showing in the previous quarter.

Last quarter, Geodesic had incorporated two new private companies: ITM Digital Private Limited and Geodesic Gridpoint Energy Private Limited. One of the products appears to be “a unique solution (hardware & software) to upgrade Energy meters to help reduce power theft and improve billing cycles”

Details: Release | Consolidated Results | Standalone

On the products front, note that the company launched Mundu IM, Mundu SMS, Mundu Radio and Spokn on the Apple Appstore for devices that include the iPhone, iPod Touch and iPad; according to the company, it’s Internet Telephony product Spokn has clocked an average of 195,000 call minutes per day, which isn’t much, though it is up from 180,000 minutes per day reported during the previous quarter. Geodesic added 270,000 new users for Mundu products during the quarter, up from 215,000 users in the previous quarter, and 195,000 in Q2. Usage of their free SMS service Mundu SMS doubled to an average of 225000 text messages (SMS) per day was sent using Mundu SMS, from 100,000 last quarter.

No significant updates yet on the status of its movie content aggregator FilmOrbit. Interestingly, the company also launched an online piracy protection software, targeting the entertainment and media industry.

Earnings For FY10

For the full financial year 2009-10 (FY10), Geodesic reported profit of Rs. 2.48 billion on revenues of Rs. 6.44 billion, with an EPS of Rs. 26.88 for the year. Net sales for the year declined 1.37%, and net profit declined 6.17%. Employee costs for the year went up by as much as 22.4 percent, though total expenditure rose only by 3.92% to Rs. 3.8 Bn.

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Updates on customers

– Geodesic added Axis Direct, US based financial aggregator and a large financial services company based out of Asia as customers, among others.
– Geodesic signed an agreement with Dialog Telekom, Sri Lanka’s largest mobile carrier with over 6 million subscribers to provide ‘Music Station’ built on Geodesic’s Mundu Radio platform to its subscribers.
– Geodesic through its subsidiary Interactive Networks Inc. launched IM for Telcel, Mexico’s largest Telecom operator
– Geodesic signed a memorandum of understanding with Lyca mobile, a UK based MVNO to launch Mundu IM and Mundu Radio for their subscribers.
– Geodesic signed a contract with a large VAS aggregator to provide Mundu Radio and live TV to mobile network operator
– Geodesic signed contracts with Sourcetrace Inc, USA and Ascendum India to provide rural banking solution and automate service delivery in multiple domains beyond banking on GeoAmida (hand held device).
– Geodesic signed a memorandum of understanding with 4G ID to execute biometric based PDS project in one of the largest Indian states. While the company hasn’t specified with state, the only one we’ve heard of is Bihar.

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

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