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Geodesic Q2-FY13: Profits Down By 82.37% To Rs 9.83Cr; New GeoAmida Tie-ups

Geodesic, the digital messaging and content solutions company, has reported a net profit of Rs 9.83 crore for the quarter ending December 31, 2012, a sharp decline of 82.37% from Rs 55.75 crore profit in the same quarter last year.

The company reported a consolidated net sales of Rs 222 crore for the quarter, down 6.72% from Rs 238 crore revenues reported during the same quarter last year. The net profit for the period was Rs 9.83 crore, a sharp decline of 82.37% from Rs 55.75 crore profit during the same quarter last year.

The company has currently written off a sum of Rs 25 crore towards bad and doubtful debts, however, it plans to write back the money if it receives the money from its debtors.

Geodesic also informs that it continues to reduce its exposure to customers whose payment cycles have been affected or stretched. In the previous quarter, the company had mentioned that it had reduced 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.

Product Updates:

– Geodesic launched new versions of GeoAmida including a 7-inch touch screen device. GeoAmida can be used as table top or a mobile point of sale terminal.

– Geodesic launched a new enterprise grade secure messenger for the desktop and various mobile platforms including Blackberry, Windows Android and iOS.

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– The company launched new versions of entertainment products including Mundu Radio and TV with social networking features on various platforms including Nokia Asha series.

– The company claims that Mundu TV added 300,000+ users during the quarter, however, it has not disclosed the exact number of active Mundu TV users.

Partnerships:

– Contracts with several Banks including Bank of India, Saptagiri Grameen Bank, Pallavan Grameen bank and Wainganga Grameen Bank for implementing GeoAmida based solutions.

– Agreement with Airtel to develop an inwards good management system for the construction industry based on GeoAmida.

– Received pilot order from mpay4u, a UK based company for GeoAmida based sales and billing terminals.

Download : Press Release | Financials (pdf)

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Related:

Geodesic Q1-FY13: Profits Down 40.7% At Rs 35.61 Cr; New Products & Agreements
– Geodesic Profits Down 49.4% At Rs 42.42 Crore; Tie-Up With Delhi Metro
– Geodesic Q4-FY12: Profits Down 33.7% At Rs 61.26 Crore; New GeoAmida Deployments
– How Geodesic Ltd Makes Money; Mundu TV ARPU, Anti-Piracy Plans

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