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Geodesic net profits jumps by 116 pc

Written by: Staff
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Mumbai, Apr 20 (UNI) Geodesic Information Systems Limited has announced its unaudited consolidated net profit at Rs 41.13 crore for FY 06 as against Rs 19.09 crore in FY 05, a jump of 116 per cent.

Total revenue also registered a sharp climb of 145 per cent at Rs 1 billion as against Rs 41.01 crore last fiscal, a release here today said.

Commenting on the company's financial performance, Geodesic's co-founder and managing director Kiran Kulkarni said, ''crossing Rs 1 billion in annual revenues marks a significant milestone for the Indian IT products industry.'' The company's total expenditure witnessed a rise of 183 per cent to Rs 44.44 crore as against Rs 15.72 crore in FY 05 on account of an increase in employee costs and on work contracted to specialist third-party teams for software development.

Given the expectation of fast growth in the global industry for mobile VoiP and instant messaging, ''Geodesic sees consolidated revenue in FY 07 at Rs 1.6-to-1.7 billion and consolidated net profit at between Rs 65-to-70 crore,'' pointed out the release.

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