Geodesic at Rs 9.97 ~ Wealth and Shareholders Nearly Exterminated !!!

Geodesic @ Rs 9.97 ~ Incredulous this yet Incredible Faith  in a Company that is completely undeserving !

Till late last year @ 30000  Shareholders,including 45 FIIs, were unaware they were sitting on the edge of the cliff ~ the cliff cracked and it’s been a horrific downward spiral from near Rs 60 to under Rs 10 inside months !

Wealth Nearly Exterminated ~ √

Shareholders Nearly  Exterminated ~ √

Perhaps Shareholders deserve this state and fate as only 110 of them attended the recent  AGM on February 11,2013 in Mumbai !

So what’s with so many recommending Geodesic last year  that’s it a great Buy ~ perhaps even a multibagger ! ~ and Shareholders climbing from 7500 levels in 2006 to 30000+ at December 31,2012 !~In fact 3000 +shareholders were added in the Quarter October to December 2012  ~ What were they excited about and what did they miss !? ~ Let’s examine

Who are the Promoters and what does the Company do

It’s a Troika that promoted Geodesic Ltd to offer software and software related products and services~ Pankaj Kumar is the Chairman while Kiran Kulkarni is the MD and Prashant Mulekar is the ED ~ At December 31,2012 they collectively held 14.90 % of the Equity of Rs 18 crs down from the 25% + held a quarter earlier ~ clearly pledged shares were being offloaded on share price beginning to drop in December  ~ The situation now may be even be a much lower stake  in terms of their holdings in the company on further offloading

Buyback Announced of upto 25% of the equity upto Rs 75  

November 27,2012

Geodesic Ltd has informed BSE that in continuation with the decision to buyback Equity Shares of the Company through stock exchange mechanism, the Board of Directors of the Company at their Meeting held on November 27, 2012 have discussed and approved to buy back upto 25% of the Equity Shares of the Company at a maximum buyback price of Rs. 75/- per share subject to the approval of the shareholders through Postal Ballot

Financials for FY 12, 15 months ended June 30,2012 

December 4,2012

Geodesic Ltd has informed BSE about the Audited Financial Results for the Financial Year ended June 30, 2012

Earnings ~ Standalone Profit is Rs 230 crs on Sales of  Rs 869 crs giving an EPS of Rs 25+ on an Equity of Rs 18 crs (FV Rs 2)

Assets ~ Standalone Networth is Rs 1266 crs with Reserves at Rs 1248 crs giving a Book Value of Rs 141

Consolidated Financials show EPS at just under Rs 29 with PAT at Rs 260 crs and Book Value at Rs 191 with the Networth at Rs 1721 crs ~ Also shows Cash & Cash Equivalents at Rs Rs 1139 crs ~ while the standalone shows this below Rs 1.5 crs ! read more