CMC Q3 net profit jumps by 47% to Rs 61.06 cr

Jan 11 2013, 16:52 IST
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IT solutions provider CMC today reported 47.59 per cent increase in consolidated net profit. (Reuters) IT solutions provider CMC today reported 47.59 per cent increase in consolidated net profit. (Reuters)
SummaryIT solutions provider CMC today reported 47.59 per cent increase in consolidated net profit.

IT solutions provider CMC today reported 47.59 per cent increase in consolidated net profit at Rs 61.06 crore for the quarter ended December 31, 2012, driven by all-round growth across sectors and geographies.

The Tata group firm had posted a net profit of Rs 41.37 crore during the same period last financial year.

Total income from operations for the company rose 24.43 per cent at Rs 492.97 crore the second quarter of 2012-13 compared to Rs 396.17 crore in the same period last year.

"We have maintained our growth momentum in domestic and international market. We have seen strong growth in systems integration (SI) and IT-enable services (businesses)," CMC Chief Executive Officer and Managing Director R Ramanan said.

SI business contributed Rs 315.7 crore, while IT enabled services accounted for Rs 74.56 crore to the revenues during the reported quarter.

Revenues from customer services business stood at Rs 78.07 crore, while those from eduction & training and Special Economic Zone (SEZ) were at Rs 14.40 crore and Rs 10.19 crore, respectively.

International revenues contributed 68.3 per cent of the company's total sales.

The company added 26 new clients across geographies during the quarter, Ramanan added.

"There was broad-based growth in Indian and international markets. International business share stood at 68.3 per cent during Q3...services business share stood at 94.3 per cent in the quarter," Ramanan said.

"During the quarter, CMC has a net employee addition of 473, taking the total headcount to 11,224," he added.

Asked about the demand environment, Ramanan said the company expects to see "increased spend in domestic market, driven especially by the government sector". Set up in 1975, CMC is a subsidiary of country's largest software services company Tata Consultancy Service (TCS).

Shares of the company closed 3.44 per cent up at Rs 1,334.85 apiece on BSE today.

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