Shashank Patkar is new CFO of Geometric
The company also records consolidated revenues of INR 2,888.89 Mn.
Geometric Ltd, one of the leaders in Product Lifecycle Management (PLM), Global Engineering Services, and Offshore Software Product Development (OSPD) solutions and technologies, recently announced that the company’s erstwhile Chief Mentor, Mr. Shashank Patkar will take over as the Chief Financial Officer and Global Head of Finance effective February 9th, 2015. Mr. Patkar takes over from Mr. Neeraj Dutt, who has decided to leave for personal reasons.
Shashank Patkar has been a part of the Geometric group since 1986 (when it was still a part of the EBE Division of Godrej & Boyce). He has played many key roles in the organization, including that of CFO from 2003 to 2007, and CEO of its joint venture company 3DPLM Software Solutions from 2007 to 2011.
Announcing the appointment, Mr. Manu Parpia, MD & CEO, Geometric said, “I am very pleased that Shashank has stepped up to take over as the CFO of the company. He was closely involved in setting up our information backbone, and has extensive knowledge and understanding of our financial operations. I am sure with his business acumen, connect with the investor community, and hands-on approach, he will be an immense strength to our finance organization. I take the opportunity to thank Neeraj for his contribution to Geometric’s progress”.
Mr. Patkar has over 28 years of experience in PLM and Engineering, and is one of the founding employees of Geometric. Before taking on the mantle of Chief Mentor, he served as the Chief Transformation Officer, responsible for driving Lean implementation, global process harmonization and re-implementation of ERP. Mr. Patkar is a Mechanical Engineer and holds an MBA from the S.P Jain Institute of Management & Research. He is a past President of Software Exporter’s Association of Pune and represents Geometric on various industries and government forums in Pune.
A revenue rise of 3.3% q-o-q and 4.9% y-o-y
Geometric Ltd recently announced its third quarter financial results for FY 2014-2015. Highlights for the quarter ended December 31, 2014 (Q3 FY15):
- In Dollar terms, revenues rise 1% q-o-q and 5% y-o-y to USD 46.6 Mn
- Signed new deals worth USD 13.09 Mn, highest in the last two years
- Improvement in retention levels, with attrition for the quarter at 12.2% compared to 14.8% in the previous quarter
- EPS for the quarter at INR 2.56
The Company recorded operating revenues of INR 2,888.89 Mn for the quarter ended December 31, 2014, as against INR 2,796.67 Mn in the previous quarter and INR 2,752.80 Mn in the corresponding quarter last year; a growth of 3.3% and 4.9% respectively. The Company’s revenue excluding its joint venture company rose 4.8% and 10% to INR 2,154.22 Mn from INR 2,056.18 Mn in Q2FY15 and INR 1,958.97 Mn in Q3FY14 respectively. In dollar terms, this revenue growth excluding the joint venture company was at 2.4% q-o-q and 10% y-o-y which was effected by the continued weakness of the Euro. In constant currency terms though Geometric’s USD revenues excluding its joint venture company saw a growth of 4.1% q-o-q. Profit after tax stood at INR 163.75 Mn when compared with profits of INR 162.90 Mn in the previous quarter and INR 75.27 Mn in Q3FY14.
Mr. Manu Parpia, Managing Director & CEO said, “We believe our substantial re-structuring is beginning to pay off. Despite being a traditionally weak quarter, we saw growth across our verticals. The Company is increasingly being invited to participate in strategic conversations, which will lead to improvement in revenue both quantitatively and qualitatively.”
The company had a total employee strength of over 4800 employees as of December 31, 2014, including its subsidiaries.
Key wins and additional business highlights for Q3 FY15
The company signed new deals worth USD 13.09 Mn. Some of the significant wins in this quarter include:
- Entered a software product development deal with a leading independent software vendor
- Started an application management services engagement with a European Automotive OEM
- Won an enterprise DFx implementation project with a leading Aerospace OEM in North America
- Began a software product development services contract with shipping major in North America
- Awarded a PLM integration project for a leading aerospace OEM in North America
- Entered a manufacturing engineering project with a leading Auto OEM
- Signed a PLM services project with a leading Chinese Auto OEM
Other important business highlights for the quarter include:
Signed an MoU with College of Engineering, Pune and Colorado State University for setting up a 3D printing lab and promoting additive manufacturing in India. Geometric to invest INR 12 Mn for this initiative.
Partnered with Machining Training Solutions to deliver state-of-the-art training programs at Eastern Florida State University to fill the growing demand for skilled, advanced technology positions critical for leading U.S. manufacturers competing on a global scale.
