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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…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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