January 28, 2004
CMC revenues up 46% for nine month ended December, 2003, profit before tax up 27%
CMC, India's premier IT company announced its unaudited financial results for the quarter ended December 2003. The total revenues of the company jumped 44 per cent to Rs201.77 crore (Rs140.55 crore in the corresponding period last year). The company earned a profit before tax of Rs16.48 crore, recording an increase of 16 per cent over the corresponding period of previous year. The company's total revenue for the nine month period ended December, 2003 was Rs544.93 crore registering an increase of 46 per cent (Rs 374.45 crore). The profit before tax for the same period was Rs40.75 crore, an increase of 27 per cent.
The consolidated revenues of the company and its wholly-owned subsidiary, CMC Americas Inc for the nine-month period was Rs574.69 crore. The consolidated profit before tax was Rs37.66 crore.
Commenting on CMC's performance during the third quarter of the current year R Ramanan, MD and CEO, said, "The company has been able to maintain a strong revenue growth rate in this quarter also. The company's insurance and commodity exchange solutions found wider acceptance with domestic clients both in the private and public sector. The company continues to occupy a prominent position in the State and Central Governments, BFSI, oil and petro, the railways and defence segments of the market. Embedded systems and biometric solutions of the company made further inroads in the international markets during the quarter.
Outlining the importance of the TCS alliance for achieving growth, he said, "The company's endeavour is to expand its global market reach with a large array of IT solutions and competencies and the wider geographic reach of TCS. The TCS relationship helped the company in breaking new grounds in the embedded systems and infrastructure management areas in the just concluded quarter. The company has been able to establish itself as a reliable offshore service provider to international clients. We are augmenting our offshore facilities to further enhance our overseas revenues."
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 around 3,200 people and has a wholly-owned subsidiary in the USA called CMC Americas Inc.
CMCs vision is to operate globally and to use information technology to improve the productivity of its customers and the quality of its customers 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, it is now a part of the Tata Group and is closely working with TCS, Asias largest software company.