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Geodesic Q1-FY13: Profits Down 40.7% At Rs 35.61 Cr; New Products & Agreements

Geodesic, the digital messaging and content solutions company, has reported consolidated net sales of Rs 170.3 crore for the quarter ended September 30, 2012 (Q1-FY13), down 29.3% from Rs 240.9 crore revenues reported during the same quarter last year. The net profit for the period was Rs 35.6 crore, a sharp decline of 40.74% from Rs 60.1 crore profit during the same quarter last year. The company says that it has remodeled and optimized its business development and marketing teams during the quarter, in order to focus on vertical segments and move away from the product marketing line. Geodesic notes that this development has helped the company to cross sell and maximize its product and solution sales to existing enterprises and prospective customers. It also informs that it continues to reduce its exposure to customers whose payment cycles have been affected or stretched due to the global economic crisis, in a bid to make the company financially stronger. Geodesic attributes the dip in sales to this reduced exposure. Further, Geodesic also mentions it is aligning with ‘stronger partners’ to consolidate business and revenue growth. The company has provisioned a sum of Rs 30.71 crore towards bad and doubtful debts, in face of the bad economic scenario and its prudent policy. The company also mentioned that it has added 24 new employees during the quarter. Product Updates: - Roundtable: Geodesic launched Roundtable - a cloud based multi party video conferencing and real time collaboration solution. Accessible at Roundtable.geodesic.com, Geodesic states that this solution can…

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