CMC posts 36% rise in profit for Jul-Sept qtr

IT solutions provider CMC today posted 36 percent growth in consolidated net profit at Rs 67.31 crore for the July-September quarter of 2013-24 over the same period last fiscal.

Its consolidated revenue rose by 22 per cent to Rs 560.75 crore during the second quarter, CMC said in a statement.  "The company has registered excellent growth in the international markets and continues to find very good traction among its clients across geographies," CMC CEO and MD R Ramanan said.

"Our revenue from international markets grew to 69 percent of total revenue from 64 percent in previous quarter. Our forex gain was about Rs 3 to 4 crore during  quarter," he added.

He said all the three segments of the business - system integration, embedded systems and digitisation accounted for 93 percent of CMC's revenue.  CMC added 19 clients across geographies during the second quarter of 2013-14 fiscal.
 
"The company has maintained its margins after providing for salary hikes to its employees," Ramanan said.  CMC is a subsidiary of Tata Consultancy Services, country's largest software company. It has 180 service locations in the country and employs over 10,000 people.

CMC scrip closed 0.97 percent down at Rs 1,373.70 on the BSE today.