Geodesic revenues up by 116% to Rs 1296.53mn

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Geodesic Information Systems Ltd.(BSE: 503699, NSE: GEOINFO ) a leading provider of mobile and desktop solutions for instant messaging, Internet Radio and mobile VoIP, today announced its consolidated results according to Indian GAAP for the First Quarter FY09 ended June 30^th 2008.

 

Financial Highlights for the quarter ended June 30, 2008

 

• Geodesic reported revenues of Rs.1296.53 million (US$ 30.19 million) for the quarter ended June 30, 2008, an increase of 116% as compared to the quarter ended June 30, 2007 and an increase of 20% compared to the quarter ended March 31, 2008.
• Geodesic's operating income for the first quarter ended June 30, 2008 was Rs. 902.1 million (US$ 21.01million), an increase of 112% compared to the quarter ended June 30, 2007 and an increase of 22% compared to the quarter ended March 31, 2008
• Geodesic's net profit for the first quarter ended June 30, 2008 soared by 103 % at Rs. 584.49 million (US$ 13.61 million) as compared to the quarter ended June 30, 2007 and an increase of 18% compared to the quarter ended March 31, 2008
• EPS for the first quarter ended June 30, 2008 stands at Rs. 6.34 (US $ 0.15) as compared to Rs 3.15 (US $ 0.08) EPS of the corresponding quarter of the previous year.

Key Business Highlights for Q1 ended June 30, 2008:

 

1. Geodesic signed five new Enterprise customers across USA, Europe and Asia during the quarter ended June 30, 2008.
2. Geodesic has added 278,000 new retail users during the first quarter.
3. Geodesic has added 30 new software engineers to Mumbai and Bangalore office during the quarter under review.
4. During the first quarter FY09, Chandamama India Limited one of the subsidiaries of the company has launched its multi lingual website available in English, Hindi, Tamil and Telugu. The advertising and promotion revenues have been rampaging after the launch.
5. "60^th Chandamama Anniversary Book" was launched by Mr. Amitabh Bachchan during the quarter ended June 30, 2008. The 60^th Anniversary book was extremely well received by users at large and has now gone in its second print cycle. 

 

"We are very pleased with our first quarter FY-2009 financial performance. Geodesic's performance once again demonstrates the strength of our core Enterprise platform of content, customer alignment, communication and collaboration based on our real time messaging platform. The global need to reduce communication and user acquisition costs, shorten sales cycles yet enhance customer delight and commitment, has resulted in strong revenues growth from the Enterprise segment across USA and Asia", said Mr Kiran Kulkarni, Managing Director, Geodesic Information Systems Limited.

 

The inherent need to stay connected with your family, friends and colleagues in the ever growing social networking generation resulted in Mobile handset manufacturers from Asia and Europe to bundle Geodesic's Mundu IM and Internet Radio as part of their shipment and service. Our association with large handset manufacturers and Cellular services companies has brought in new revenue streams besides enhancing our retail brand.

 

Our Mundu communication and entertainment platform including the new VoIP solution for the smart-mobile phone users has been widely accepted by users and has been rated by prominent Editors and users as one of the 'must have products' on smart phones. Geodesic's ongoing improvements in monetization resulted in solid expansion in the user base and revenue growth in the retail segment, during the first quarter.

 

We continue to expand our commitment to deliver compelling applications to businesses of all sizes and consumers, most recently launching Montage (Beta version) and integrating video into the Mundu Entertainment stack.  At the same time, we remain focused on addressing the tremendous opportunities we see worldwide, broad basing our Management team, adding talent and building infrastructure that will allow us to continue to provide rich user experiences to our consumers and Enterprise customers around the world.

 

Sourced From: Adfactors Public Relations Pvt Ltd