Geometric Q1 revenues up

By ST Team   |   Monday, 17 July 2006, 07:00 Hrs
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MUMBAI: Geometric Software Solutions today announced its result for the first quarter.

Operating revenues for the quarter increased by 10 percent in dollar terms and 13 percent in Rupee term compared to previous quarter. As compared to Q1FY06, operating revenues increased by 41percent in dollar terms and 48 percent in Rupee terms.

Total revenue (including other income) increased by 2 percent compared to previous quarter. The foreign exchange loss was Rs 45.18 million due to the mark-to-market valuation of outstanding forward contracts as a result of the depreciation of the Rupee by more than 3 percent in this quarter. This had a significant impact on the growth of Total revenues and the PAT figures.

Commenting on Geometric Software Solutions' performance in Q1, Manu Parpia, Managing Director, said: "We have seen success in our strategy to add new offering to the markets we address at the same time adding to the market we address. We are also cognizant of the volatility our forex cover policy has on our quarterly earnings and we are modifying our approach to covers in line with expected trends. Overall quarters wherein we have shown satisfactory progress but could have done even better were in not for
resource constraints."

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