CMC's revenues jump 35 per cent to Rs 183.9 crore for Q2 profit before tax up 49 per cent to Rs 12.5 crore

Mumbai, October 21, 2003: CMC Limited, India's premier IT company of Tata Group today announced its unaudited financial results for the quarter ended September, 2003. The total revenues of the company jumped 35 per cent to Rs 183.9 crores compared with Rs 136.2 crores in the corresponding period last year.

The company earned profit before tax of Rs 12.5 crores recording an increase of 49 per cent over the corresponding period of previous year. The company’s total revenue for half year ended September, 2003 were Rs 343.2 crores, registering an increase of 47 per cent compared with Rs 234.0 crores in the corresponding period last year.

The profit before tax during the same period was Rs 24.3 crores registering an increase of 36 per cent compared with the corresponding period last year.

The consolidated revenues of the company along-with its wholly owned subsidiary, CMC Americas, Inc for the half year ended September, 2003 was Rs 364.8 crores. The consolidated profit before tax was Rs 23.4 crores.

Commenting on CMC’s performance during the first half of current year Mr R Ramanan, DMD and COO, said, “The company has turned out another quarter of strong performance in terms of new order booking and revenues. The company has booked new orders worth over Rs 200 crores during the quarter ended September, 2003.

The company continues to occupy a prominent position in state and central government, BFSI, oil and petro, railways and defense segments of the market. Stock exchange, ports & cargo, embedded systems and biometric solutions of the Company made further inroads in the international markets during the quarter.”

Outlining the strategies for growth, Mr S S Ghosh, MD and CEO said, “The company’s endeavour is to expand its global market reach with its large array of IT solutions and competencies. The volume of overseas business through its offshore and onsite operations has produced encouraging results during the quarter. We are expanding our offshore facilities and giving added emphasis on skill building to further augment our overseas revenues.”