April 28, 2004

CMC Limited


Financial results for the Quarter and year ended March 31, 2004

(All amounts in Rs lakh)

Particulars

CMC Limited

Consolidated

Quarter ended 31 March, (unaudited)

Year ended 31 March, (Audited)

Quarter ended 31 March (unaudited)

Year ended 31 March, (Audited)

2004

2003

2004

2003

2004

2004

2003

Revenue

21873.92

24028.01

76367.23

61473.13

22705.87

80174.80

67909.47

(a)

Sale of equipment and services

20969.39

23687.55

74707.40

60798.68

21801.34

78514.97

67235.02

Expenditure (a to d)

19035.24

21268.56

68564.72

54858.22

19829.79

72622.74

61323.19

(a)

Materials

10377.37

14568.58

39062.75

27045.10

10365.11

39062.75

27100.97

(b)

Staff cost

3947.61

2798.14

13172.32

12037.35

4813.53

17487.00

19249.59

(c)

Living expenses-overseas contracts

1348.98

1367.48

5260.83

5298.73

814.43

2920.15

1918.61

(d)

Other expenses

3361.28

2534.36

11068.82

10477.04

3836.72

13152.84

13054.02

Interest (net)

93.43

71.86

355.97

143.71

93.12

335.20

160.49

Depreciation

248.76

227.28

875.51

804.80

257.48

925.20

888.58

Profit before Tax

2496.49

2460.31

6571.03

5666.40

2525.48

6291.66

5537.21

Provision for Taxation

- Current income tax

428.85

899.37

1915.04

2019.37

428.50

1957.58

1933.63

- Deferred income tax

14.31

179.07

(142.69)

(58.33)

14.31

(142.69)

(33.20)

Profit after Tax

2053.33

1381.87

4798.68

3705.36

2082.67

4476.77

3636.78

Paid-up Equity Share Capital (Face value Rs.10 each)

1515.00

1515.00

1515.00

1515.00

1515.00

1515.00

1515.00

Reserves (excluding revaluation reserves)

-

-

14548.99

10728.32

14065.64

10603.55

Earning per Share - Basic & Diluted (Rs.)
(not annualised)

13.55

9.12

31.67

24.46

13.75

29.55

24.00

Aggregate of non-promoter shareholding

Number of shares (unaudited)

7,375,039

33,98,665

7,375,039

33,98,665

7,375,039

7,375,039

3,398,665

Percentage of shareholding

48.68

22.43

48.68

22.43

48.68

48.68

23.43

Segment wise Revenue, Results and Capital Employed for the Quarter and Year ended as at 31 March, 2004

(All amounts in Rs lakh)

Particulars

CMC Limited

Consolidated

Quarter ended 31 March, (Unaudited)

Year ended 31 March, (Audited)

Quarter ended 31 March, (Unaudited)

Year ended 31 March, (Audited)

2004

2003

2004

2003

2004

2004

2003

Segment Revenue (a to d)

(a)

Customer Services

14470.25

16882.58

52446.81

38332.38

14470.25

52446.81

38332.38

(b)

Systems Integration

5610.72

4563.74

17897.12

17115.15

6442.67

21704.69

23551.49

(c)

ITES

907.54

1701.52

3385.37

3028.94

907.54

3385.37

3028.94

(d)

Education & Training

609.48

623.54

1848.08

2498.37

609.48

1848.08

2498.37

Total

21597.99

23771.38

75577.38

60974.84

22429.94

79384.95

67411.18

(e)

Other unallocable revenue

275.93

256.63

789.85

498.29

275.93

789.85

498.29

Total Revenue

21873.92

24028.01

76367.23

61473.13

22705.87

80174.80

67909.47

Segment Results (a to d)

Profit before tax and interest from each segment

(a)

Customer Services

1493.32

1415.73

4916.24

4203.27

1493.32

4916.24

4203.27

(b)

Systems Integration

1743.74

998.58

4028.69

3180.22

1772.42

3728.55

3067.81

(c)

ITES

(32.44)

427.70

507.41

693.69

(32.44)

507.41

693.69

(d)

Education & Training

(38.79)

50.03

(173.62)

(101.12)

(38.79)

(173.62)

(101.12)

Total

3165.83

2892.04

9278.72

7976.06

3194.51

8978.58

7863.65

Less:

i. Interest ( Net)

93.43

71.86

355.97

143.71

93.12

335.20

160.49

ii. Other unallocable expenditure (net of unallocable Income)

575.91

359.87

2351.72

2165.95

575.91

2351.72

2165.95

Profit before Tax

2496.49

2460.31

6571.03

5666.40

2525.48

6291.66

5537.21

Capital Employed (a to e)

Segment Assets - Liabilities

(a)

Customer services

10712.72

6628.19

10712.72

6628.19

10712.72

10712.72

6628.19

(b)

Systems Integration

6521.10

4373.54

6521.10

4373.54

6855.75

6855.75

4824.09

(c)

ITES

714.29

1503.74

714.29

1503.74

714.29

714.29

1503.74

(d)

Education & Training

(187.64)

37.84

(187.64)

37.84

(187.64)

(187.64)

37.84

(e)

Unallocable Assets less Liabilities

(1696.48)

(299.99)

(1696.48)

(299.99)

(2514.48)

(2514.48)

(875.31)

Total

16063.99

12243.32

16063.99

12243.32

15580.64

15580.64

12118.55

Notes to the unaudited financial results

  1. The above results have been taken on record by the Board of Directors at its meeting held on 26th April, 2004.
  2. Consolidated results comprise consolidation of the financial results of CMC Limited and its wholly owned subsidiary CMC Americas, Inc.
  3. Other income for the year ended 31st March, 2004 includes provisions written back amounting to Rs. 1013.71 lacs and interest on refund of income tax amounting to Rs. 141.44 lacs.
  4. The Board of Directors proposed a dividend of Rs. 5.50 per share (55% on an equity share of par value of Rs.10/-) subject to approval of members of the Company at the Annual General Meeting.
  5. CMC Americas Inc., the Company's wholly owned subsidiary, has accumulated losses aggregating to USD 1.59 million as on 31st March, 2004 resulting in an erosion in net worth. Since the Company has long term involvement in the subsidiary, no diminution in value of investment has been considered necessary by the Management in the accounts of CMC Limited
  6. Government of India ceased to be a shareholder on 15th March, 2004 after selling its remaining holding of 3,976,374 equity shares representing 26.25% of the Share Capital of the Company through Book Building process, resulting in corresponding increase in non-promoter shareholding.
  7. There were no complaints from investors pending as on 1st January, 2004. The Company received 301 complaints during the quarter ended 31st March 2004, all of which were disposed off during the quarter and there were no complaints pending as on 31st March, 2004.
  8. Previous period figures have been regrouped, wherever necessary, for the purpose of comparison.
Place: Mumbai
Dated:
26th Apr, 2004

R. Ramanan
Managing Director & CEO