The shares of the mapping company jumped around 3 percent after securing a project for 3D Digital Mapping of the Holy City of Mecca worth Rs. 26 crores. In six months, the shares have delivered more than 30 percent returns to its investors.
With a market capitalization of Rs. 1,557 crores, the shares of Genesys International Corporation Ltd started Monday’s trading session on a higher note at Rs. 418 compared to its previous close at Rs. 412.90. The share hit a high of Rs. 430.05, gaining around 3 percent, and currently trading at Rs. 414.05 apiece.
Such a positive movement was observed after the company in an exchange filing mentioned the company’s subsidiary in Saudi Arabia, Genesys Middle East Ltd., has secured a contract from the Kingdom of Saudi Arabia for the 3D Digital Twin mapping of the Holy City of Mecca.
This project is valued at Rs. 26 crores, and for this, the company will utilize digital twin mapping technology for urban planning, modelling, and monitoring. According to the contract, the project is to be completed within six months from the Letter of Award (LoA).
In addition, the company mentioned that the company has completed the 3D Indoor Mapping of 27 airports for the General Authority of Civil Aviation (GACA) and is actively engaged in ongoing projects with the national mapping authority of Saudi Arabia, GeoSa and NEOM.
Having a look at the latest financial statements published by the company, the operating revenues as well as net profits have shown positive movements.
The revenues jumped up from Rs 119 crores during FY21-22 to Rs 181 crores during FY22-23, and, the latter, keeping the timeframe the same, showcased a transition from a loss of Rs 39 crores to a profit of Rs 14 crores.
The company exports its services to the USA, UAE, Cyprus, Saudi Arabia, Ghana, etc. During FY23 the exports of the company contributed 47 percent to the total turnover of the entity.
The focus of the company continues to be in the Urban and Telecom sectors through its usage of emerging surveying and mapping technologies followed by the development of unique web-based application programs. Over the next couple of years, the Company intends to have some significant partnerships in the geospatial and digital content space.
Headquartered in Mumbai, Genesys International Corporation Ltd was incorporated in 1983. The company is engaged in the business of providing geographical information services (GIS) comprising of remote sensing, data conversion, photogrammetry, terrestrial and 3 dimensional (3D) geo-content including location, etc. The company’s services are used by various Government, Enterprises and other consumer.
Written By Vaibhav Patil
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