CMC Limited on Monday reported a consolidated net profit of Rs 89.43 crore for the quarter that ended on March 31, up 46% from Rs 61.34 crore it posted during the same quarter a year ago.
The company's increase in net profit (after tax) was aided by favorable decision in a legal case with a customer during Q4 of 2013-14, which has resulted in increase in operating revenue by Rs. 19 crore and increase in Profit after Tax by Rs 25 crore, the company said in a release.
During the March quarter, the company's consolidated revenue figures stood at Rs 623.21 crore against Rs 522.87 crore it posted during the same quarter the previous year.
“Encouraged by continued improvement in financial performance, the Board of Directors of CMC Limited recommended enhancement in dividend to Rs. 22.50 per share,” the company said in a release.
“We continue to see good traction and client addition across geographies. Having crossed milestones of Rs. 600 crore in quarterly revenue and Rs. 100 crore in quarterly operating profits (EBITDA), we are looking at future with increased confidence”, said R Ramanan, CEO and MD.
"Company’s software solutions found increased acceptance in new geographies, particularly Middle East, Africa and APAC," he added.