CMC posts 75 per cent growth in PAT Q-o-Q; Operating Profit up 73 per cent Y-o-Y
By Our Corporate Bureau | 17 Jul 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 Rs232.35 crore for the quarter ended June 30, 2006 compared with Rs204.50 crore (including Rs13.96 crore earned from sale of properties) in the corresponding period last year. CMC's operating revenues increased by 22 per cent to Rs231.53 crore compared to Rs189.87 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 Rs11.84 crore earned in the corresponding period last year. The company's profit after tax for the period was Rs14.96 crore compared with Rs15.33 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 Rs251.23 crore, an increase of 25 per cent compared to Rs200.55 crore earned in the corresponding period in the previous year. The consolidated profit after tax for the quarter ended June 2006 was Rs16.16 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 have helped CMC to achieve impressive growth in international business. We won new engagements in IT enabled services, insurance and embedded systems as well as a significant digitisation 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.
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