|
CMC bags orders
worth Rs 185 crore in Q1
Hyderabad, July
31, 2003
CMC Limited, India's
premier IT company of Tata group today
announced its unaudited financial results
for the quarter ended June, 2003. The
total revenues of the company jumped 63
per cent to Rs 159.26 crore compared with
Rs 97.71 crore in the corresponding period
last year. This is record first quarter
performance by the company.
The company earned profit before tax of
Rs 11.74 crore recording an increase of
25 per cent over the previous year. The
consolidated revenues of the company along
with its wholly owned subsidiary, CMC
Americas, Inc (formerly known as Baton
Rouge International, Inc) for the quarter
ended June 2003 was Rs 171.49 crore. The
consolidated profit before tax was Rs
12.21 crore. This is the first time the
company has declared consolidated financial
performance on quarterly basis. Customer
services, ITES and international business
drove the revenue growth during the quarter.
Commenting on CMC's performance during
the year 2002-03, Mr R Ramanan, DMD and
COO, said, "The company has
turned out strong performance in the first
quarter despite the challenges. The company
has been experiencing sluggish growth
in domestic IT spend, emergence of new
competition and pricing pressures. The
company has been able to achieve some
significant successes in new order booking.
We have booked new orders worth about
Rs 185 crore during the quarter, compared
with Rs 86 crore booked in the corresponding
period last year. In addition, the company
has been declared winner for quite a few
new jobs during the quarter, firm orders
for which will be signed soon. In this
backdrop the outlook appears bright and
we are confident that the company will
be able to continue to grow in the remaining
quarters of the year."
The company has been able to position
some of its key solutions strongly in
the international market especially in
the areas of banking, stock exchange solutions,
transportation including ports and railways.
The company is also positioning itself
strongly in the domestic markets to execute
large and complex projects through leveraging
strengths and experience of different
SBUs of the company and synergies with
TCS and other Tata group companies and
deliver end-to-end solutions to the clients.
The company has strong
domain expertise in the areas of transportation,
BFSI, power, mining and biometric solutions,
which will enable the company to deliver
better value to the clients at and reduce
the execution time.
Outlining the strategies
for growth, Mr S S Ghosh, MD and CEO said,
"The company is aggressively pursuing
the goal to provide one-stop-shop solution
to our clients. We are leveraging our
domain expertise and TCS' international
reach to replicate our successes in domestic
market to deliver value to our international
clients. In order to protect our margins
and as a de-risking strategy, we are focusing
on new geographies.
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 150 service
locations in the country, CMC Limited
employs over 3,300 people and has a wholly
owned subsidiary in USA called CMC Americas,
Inc (Formerly known as 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. After the successful
disinvestment of CMC by the Government
of India, CMC has become part of Tata
group and 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
|
