Geometric Q1 net profit doubles

BANGALORE: Information technology and engineering services firm Geometric on Monday reported a double digit growth in operating profits for the three months ended on June 30 at Rs 44.4 crore from Rs. 19.9 crore in the previous quarter.

The Mumbai based firm reported a 16% jump in revenues during the same period at Rs. 260 crore compared to the same period a year ago.

" We continue to see reasonable demand for our services and solutions, in spite of uncertain economic conditions", Manu Parpia, Managing Director & CEO, Geometric Limited said in a company statement. "I believe our efforts over the last 12 months have had a positive impact on our contribution margin," he added. Last year, Geometric had reported a 35% fall in its net profits

While 43% of the Mumbai based firms revenues came from the industrial vertical, clients in the automotive segment contributed roughly 35% of the revenues. Its largest client contributed close to 30% of revenues during the quarter.

Its utilization rate, including trainees, stood at 83%, while its employee attrition rate during the June quarter was at 14.3%. On Monday afternoon Geometric stocks were trading at Rs 83, up by 15% on the BSE.

During the quarter, Geometric added 6 new clients taking the total number of active clients to 95. Geometric had a total employee strength of over 4600 employees as of June 30, 2012, including its subsidiaries.