Mumbai: City-based IT firm CMC Ltd has posted a 93.27 per cent rise in net profit for the quarter ended September 30 to Rs 23 crore, against Rs 11.9 crore logged in the corresponding quarter last year.

Total income increased by 13.6 per cent to Rs 275.2 crore (Rs 242.2 crore).

On a sequential basis, revenues were up by 14 per cent though net profit was flat. This was on account of the rise in wages this quarter and absence of forex gains as recorded in the last quarter, Mr J.K. Gupta, Chief Financial Officer, told Business Line.

"Wages increased by about 7 per cent in the second quarter. Moreover, in the June quarter an eight per cent rise in the rupee against the dollar ensured gains in our hardware business, which was not the case this quarter. Though the rupee appreciation eroded export income in the last quarter, it was negated by the forex gains on imports," he said. On Monday, the company's scrip was up by 7.57 per cent to Rs 1,037.40 against Friday's close of Rs 964.40 on the BSE.