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CMC
posts 75 per cent growth in PAT Q-o-Q;
Operating Profit up 73 per cent Y-o-Y
- Profit after Tax up 75
per cent Q-o-Q
- Operating Profit up 73
per cent Y-o-Y and 37 per cent Q-o-Q
- Operating Revenue up
22 per cent Y-o-Y
- International Revenue
up 61 per cent Y-o-Y and 20 per cent
Q-o-Q
- Margin Expansion by over
300 basis points
- Significant wins
in ITES and Insurance space
July 17, 2006
Mumbai, : CMC Limited,
a subsidiary of Tata Consultancy Services,
announced its financial results for the
quarter ended June 30, 2006.
CMC 's total revenue (including
other income) increased by 14 per cent to Rs.
232.35 crore for the quarter ended June
30, 2006 compared with Rs. 204.50 crore
(including Rs 13.96 crore earned from
sale of properties) in the corresponding
period last year. CMC's operating revenues
increased by 22 per cent to Rs. 231.53 crore compared
to Rs 189.87 crore in the corresponding
period last year.
Operating profit (EBITDA
before other income) increased by 73 per cent
to Rs 20.46 crore compared with Rs. 11.84
crore earned in the corresponding period
last year. The company's profit after
tax for the period was Rs. 14.96 crore
compared with Rs. 15.33 crore in the corresponding
period last year.
The consolidated operating
revenues of the company along with its
wholly owned subsidiary, CMC Americas,
for the quarter ended June 30, 2006 was
Rs. 251.23 crore an increase of 25 per cent compared
to Rs. 200.55 crore earned in the corresponding
period in the previous year. The consolidated
profit after tax for the quarter ended
June, 2006 was Rs. 16.16 crore.
CMC's wholly-owned US subsidiary,
CMC Americas; Inc. continued to drive
international growth with revenues of
$8.65 million at the end of the quarter,
an increase of 42 per cent over the corresponding
period last year. International business
increased by 61 per cent compared with corresponding
period last year and share of international
business in total operating revenue increased
to 29 per cent compared with 22 per cent in the corresponding
period last year
"Sustained growth in
the American and UK markets helped CMC
to achieve impressive growth in international
business, where we won new engagements
in IT enabled services, insurance and
embedded systems as well as a significant
digitization assignment from a large utility
company in UK in synergy with TCS",
said R Ramanan, CEO and MD of CMC Ltd.
"The initiatives taken to restructure
CMC's business mix, improved productivity
of its professionals and world-class process
deployment are becoming visible in terms
of growth in the company's profitability,
he added.
"By improving its revenue
mix, offering more value added services
as well as by growing its international
business, CMC has been able to expand
its margins by 300 basis points across
all measures of profitability," said
J K Gupta, Chief Financial Officer. "The
share of service revenues as part of total
operating revenue increased to 60 per cent compared
with 52 per cent in the corresponding period last
year, he added.
CMC's proposal to set up
a sector specific Special Economic Zone
for IT/ITeS sector at its Gachibowli campus
spread across an area of 20.59 hectares
has been approved by the Ministry of Commerce
and Industry.
About CMC
Incorporated in 1975, CMC is one of
the premier Information Technology solutions
providers in India and is a subsidiary
of Tata Consultancy Services Limited,
Asia's largest software Company. CMC had
a consolidated turnover of Rs. 916.15
crore for 2005-06. Operating out of 18
offices and 180 service locations in the
country, CMC employs around 3500 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.
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