"It is prudent to revise our revenue and profit guidance downwards by 5 to 8 percentage points. The commencement date of several projects has been shifted to the next quarter," Manu Parpia, managing director, Geometric Software, said in a communique to the Bombay Stock Exchange.
This is due a delay in completing a major fixed price project, making it ineligible for revenue recognition. Clearly, this affected our utilisation levels and the combination of these factors will have an adverse impact on margins," he added.
In April, the company had stated in an analysts' conference that the first quarter would be weak due to an adjustment in resource requirements by one of their major customers.
Parpia further said that the company remains confident of its strategy but believes the current quarter is an aberration and "we expect growth in the next quarter as many projects will be commencing shortly".
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