Geodesic, a digital messaging and content solutions company, has reported consolidated revenue of Rs 212.76 crore for the quarter ended September 30th 2010, up 37.67% from Rs. 154.54 crore for the same quarter last year, and a net profit of Rs 85.25 crore, but 49.48% year on year. The company reported Earnings per share of Rs. 9.28, up from Rs. 6.16. Quarter on quarter, Geodesic reported a 34.51% growth in software development costs, up to Rs. 85.25 crore from Rs. 63.38 crore. They added 27 new employees to their product management team, the software engineering department and the marketing department during the quarter.
What’s noticeable, though, is the absence of disclosure of content costs, the way OnMobile Global discloses. Remember that Geodesic is rolling out its Mundu TV product, and has inked a joint venture with Zee, which should give it access to Zee TV content for digital distribution across broadband and mobile. This is an important partnership, given the context of the 3G rollout.
Geodesic’s Mundu TV competes with Qualcomm Ventures funded Apalya Technologies, which has partnerships across telecom operators. During this quarter, Geodesic inked a deal for Mundu TV on broadband networks – with Tata Communications. Tata Communications will provide Mundu TV to their broadband subscribers in India, as well as to subscribers of TrueRoots, their international calling service in the US, UK and Canada.
According to its website, Mundu TV has Zee group channels, TV Today channels, Network18’s financial channels, the NDTV Channels, Times Now, ETC and TEN Action. The channels are priced at Rs. 99 per month, and Rs. 250 per quarter.
GeoAmida e-Governmance & Financial Inclusion Deals
During the quarter, Geodesic signed a contract with IDBI for GeoAmida as part of their “Arthik Vikas Kee Ore”
financial inclusion program in India, and its MoU for the GeoAmida with the Government of Nagaland was extended to include solutions for departments like Directorate of Higher Education, Civil Administration, Health, PDS and Social Development.
Geodesic also signed contracts with Vrimati Software a system integrator in India, Drishtee (an Indian Social Enterprise) and Interactive LLC, a system integrator in Mongolia for various egovernance projects, and inked deals with the Credit Information Bangladesh Ltd. (CIBL) to offer technological solutions, products and solutions across varied fields such as banking, insurance, remittances and e‐governance for their customers in Bangladesh.
In the finance vertical, Geodesic signed agreements with Jaypee Capital Services, Fortune Financial Services, HDFC Securities Ltd, OurLeague.com (Saudi Arabia) and Samsung Investments globally to provide its enterprise products and services.
Mundu IM Deals
During the quarter, Geodesic signed a bundling agreement with OpenPeak Inc, Florida, USA based a provider of multimedia touch‐screen devices and device management platforms to preload Mundu IM on their Android based device.
– Geodesic launched mundu IM services with America Movil’s Claro in Dominican Republic, as the Windows Live Client Messenger service. With Chile’s largest telco Entel, Geodesic launched the Windows Live Messaging service using SMS as a medium.