Mid-cap IT engineering solutions, services and technologies provider Geometric, reported net profit of Rs 19.1 crore for the third quarter ended December 31, 2012, down 10% from Rs 21.2 crore in the corresponding quarter.
Consolidated revenue for the quarter grew 14.5% at Rs 250.8 crore, from Rs 219 crore in the same quarter last year. On sequential basis though the revenues dropped by 4%.
The company added four new customers during Q3, and signed new deals worth $8.88 million this quarter. Top-line was adversely affected by greater than anticipated softness in one of the large customers in North America.
“The revenues this quarter have been disappointing. Nonetheless EPS is still robust, reflecting the benefit of our efforts to streamline our operations. The decline in revenues was mainly due to cutbacks at one major customer. Many of our other accounts continue to grow reflecting the continued demand for engineering services. Overall our revenues will show growth in Q4 due to our 3Cap acquisition,” said Manu Parpia, Managing Director & CEO, Geometric Limited.
EBITDA increased 5.9% q-o-q. EBITDA margins also improved to 17.8% in this quarter from 16.1% last quarter mainly due to higher contribution and other incomes.
