CMC's revenues jump up 46 per cent
Mumbai, January 28, 2003

CMC Limited, India's premier IT company of the Tata group, today announced its unaudited financial results for the quarter ended December 2003. The total revenues of the company jumped 44 per cent to Rs 201.77 crore compared with Rs 140.55 crore in the corresponding period last year.

The company earned profit before tax of Rs 16.48 crore, recording an increase of 16 per cent over the corresponding period of previous year. The company's total revenues for the nine month period ended December, 2003, were Rs 544.93 crore, registering an increase of 46 per cent compared with Rs 374.45 crore in the corresponding period last year.

The profit before tax during the same period was Rs 40.75 crore, an increase of 27 per cent compared with the corresponding period last year.

The consolidated revenues of the company alongwith it's wholly owned subsidiary, CMC Americas, Inc. for the nine months ended December 2003, was Rs 574.69 crore. The consolidated profit before tax was Rs 37.66 crore.

Commenting on CMC's performance during the third quarter of current year Mr R Ramanan, MD and CEO, said, "The company has been able to maintain strong revenue growth rate in this quarter also. The company's insurance and commodity exchange solutions found wider acceptance with domestic clients both in the private and public sectors.

"The company continues to occupy a prominent position in the state and central governments, BFSI, oil and petro, railways and defense segments of the market. Embedded systems and biometric solutions of the company made further inroads in the international markets during the quarter."

Outlining the importance of the TCS alliance for achieving growth, he said, "The company's endeavour is to expand its global market reach with its large array of IT solutions and competencies and wider geographic reach of TCS.

"The TCS relationship helped the company in breaking new grounds in the embedded systems and infrastructure management areas in the just concluded quarter. The company has been able to establish itself as a reliable offshore service provider to international clients. We are augmenting our offshore facilities to further enhance our overseas revenues."

About CMC
Founded in 1976, CMC is one of the premier information technology solutions providers in India, with a consolidated turnover of Rs 679 crore for 2002-03. Operating out of 18 offices and more than one hundred and fifty service locations in the country, CMC Limited employs around 3,200 people and has a wholly owned subsidiary in USA called CMC Americas, Inc.

CMC's vision is to operate globally and bring the benefit of information technology to improve the productivity of its customers and the quality of its customer's products and services. CMC combines horizontal expertise in information technology with its vertical experience developed by working in a wide range of industries.

After the successful disinvestment of CMC by the Government of India, CMC has become part of Tata group and is closely working with TCS, Asia's largest software company.

Contact
Head Corporate communication
PTI Building
5th Floor, 4 Sansad Marg
New Delhi - 110 001
Tel: 91-11-23736151-8
Email: svr@cmcltd.com