CMC's Q3 net profit grows 44 per cent; revenue up 15 per cent
Mumbai, January 30, 2003

CMC Limited, India's premier IT company, announced its third quarter results for the financial year 2002-03. CMC recorded revenues of Rs 1,404 million in the third quarter as compared to Rs 1,219 million during the same period last year. The net profit for the quarter stood at Rs 101 million compared with Rs 70 million recorded in the corresponding period last year.

Commenting on the Q3 performance of CMC, Mr S S Ghosh, CEO and MD, CMC, says, "It has been a challenging period for the domestic IT industry and CMC has continued strengthening its focus on value addition in all services to its domestic customers.

The company has registered a significant growth of 88 per cent in the international operations, over the corresponding quarter of the previous year. The revenues from ITES have increased by 46 per cent over the corresponding quarter of the previous year."

The customer services and systems integration SBUs have received some significant orders in this period in the areas of IT infrastructure management, call centre operation in telecom and have operationalised help desk operations for technical support for an overseas customer.

New orders have been received from the Central Bank of India, Reserve Bank of India, Andhra Bank, Maharashtra Police and the Chattisgarh and Karnataka state governments in the last quarter to name a few that involve state-of-the-art / nationwide projects.

BRI Inc, our wholly owned subsidiary in the US, has bagged a major order from a state in the US to design, develop and implement the "Housing Finance Information and Automation System". The solution shall be implemented by a BRI-CMC-TCS combined team.

The marketing team of BRI was restructured earlier in the year to ensure wider geographical coverage. This order is from a new area where BRI has made a recent entry.

Mr R Ramanan, chief operating officer and DMD, CMC, added, "We have set up a corporate business development team, strengthened industry practice and a large national accounts focus. This has been done in order to provide increased focus to domestic and international market opportunities and expand on the potential for projects involving multiple CMC services within the same account.

CMC has also strengthened its focus considerably on quality processes and R&D in newer technologies related to process control / embedded systems, smart card technologies, biometric and intelligent secure systems, GPS / GIS-based mobile systems and advanced solutions for the transportation industry."

About CMC
Founded in 1976, CMC is one of the premier information technology solution providers in India, with a turnover of Rs 5,653.3 million for 2001-02. Operating out of 18 offices and more than one hundred and fifty service locations in the country, CMC Limited employs over 3,000 people and has a wholly owned subsidiary in USA called Baton Rouge International 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.

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