Geodesic Limited (BSE: 503699, NSE: GEODESIC) a leading provider of mobile and desktop solutions for instant messaging, Internet Radio and mobile VoIP,has announced its consolidated results according to Indian GAAP for the Third Quarter FY09 ended December 31, 2008.
Geodesic has reported revenues of Rs 191.07 crore for the quarter ended Dec 31, 2008, an increase of 115% as compared to the quarter ended Dec 31, 2007. Geodesic’s operating income for the third quarter ended Dec 31, 2008 was Rs 183.46 crore, an increase of 114% as compared to the quarter ended Dec 31, 2007. Geodesic’s net profit for the third quarter ended Dec 31, 2008 soared by 93.23% at Rs 83.70 crore compared to the quarter ended Dec 31, 2007. EPS for the third quarter ended Dec 31, 2008 stands at 9.51 as compared to 4.74 EPS of the corresponding quarter of the previous year. Declared an interim dividend @ 40% on the face value (80 paise per equity share of Rs. 2 each) of equity share is declared by the Board of Directors in their metting on January 30, 2009.
The Board has approved the proposal of buy back Company’s USD denominated Zero Coupon Convertible Bonds. The Board has also approved the proposal to buyback of 25% of the Equity capital of the company through open offer through stock exchanges. The Board has authorized a committee consisting of members of the Board to take steps to implement the buy back.
During the third quarter, Geodesic signed a teaming agreement with ITI Limited to promote Video/Voice over IP on desktops, IP phones, mobile phones and Amida10K Simputer to cater to various State Government E-Governance projects in India. Glodyne Technoserve Limited and Geodesic Limited have signed a teaming agreement to include Geodesic’s Amida 10K Simputer as part of Glodyne’s solution for Public Distribution System for various states in India.
Chandamama India Limited (Chandamama), a subsidiary of the Company had a rights issue of 36, 95,325 equity shares of Rs.10/- each at par and the same was subscribed 95.53%. Chandamama launched Ramayana by Swami Sukhabodananda. The launch signifies the first time the Ramayana is being published in an illustrated book format as a single book.
Chandamama has signed MOU with Technopark based Toonz Animation India Pvt. Limited, for producing a 70 minute, full-length animated feature film.
Geodesic launched a Beta version of “Mundu SMS” – a complete money saver for a host of mobile handsets and desktops/ laptops. Mundu SMS is a two way messaging application and can be used in the regions of Asia Pacific, Europe bidirectional and allows you to propagate the user’s phone number and saves messaging cost upto 70%.
The company has added diverse customers during the third quarter in the space of portals, Banking and Financial services, system integrators and carriers including Fullerton India Credit Company Limited, Edelweiss Capital Limited, Systematix Shares and Stocks (I) Limited, Alchemy shares and stocks brokers Pvt. Limited, First Global Stock Broking Pvt. Limited, Business Standard- leading financial publication in India, Que leading publisher in Spain, Dialog Telekom Plc.
Geodesic added 223000 users for Mundu products and clocked an average of 60, 000 minutes a day during the last quarter.
Geodesic Holdings Limited, wholly owned subsidiary of Geodesic Limited has signed a Share Purchase Agreement to acquire 100% of a privately held software company, headquartered in Uruguay. The company focuses on developing advanced instant messaging solutions for Telcos and have implemented their solution across 12 carriers in Latin America, South Africa and Asia.
“We are very happy that we have reached our goal of operational profitability this quarter,” said, Kiran Kulkarni, Managing Director, Geodesic Limited. “However, the business environment looks challenging given the current global economic slowdown. Geodesic is in the process of reinventing new business models to suit the current environment. Our results should be seen in this perspective.”
