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CMC net profit rises by 116%

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CIOL Bureau
New Update

NEW DELHI: CMC Ltd. has announced its Q1 results for the financial year 2002-03. CMC recorded a Gross Profit of Rs.11.48 crore in the first quarter as compared to Rs 7.42 crore during the same period last year. The profit after tax has gone up from Rs 3.08 crore to Rs 6.64 crore for the quarter, while the revenue shows an increase from Rs 90.17 crore to Rs 97.71 crore i.e. 8.3% rise.



Expressing satisfaction at CMC's excellent financial performance during the first quarter, SS Ghosh, Managing Director & CEO, CMC said, "CMC could increase its Q1 revenue by 8.3% and the Gross profit to Rs 11.48 crore as compared to Rs 7.42 crore during the Q1 of last financial year. The increase in profit is due to our focus on enhancing operational efficiencies as well as creation and replication of software products & solutions for identified vertical markets."



Outlining CMC's plans for the future, Ghosh added, "Improved synergies with TCS and TATA group will enable CMC to accelerate replication of its products and services to larger geographies and to many more customers."



Ghosh added, "CMC's diversified expertise has come to the fore with several multi-crore projects implemented in the key Government and Industrial sectors. During the period, CMC has obtained large orders for ASP, FM, Networking and Fingerprint based Criminal Tracing System."



The Systems Integration SBU continues to enjoy a significant position in the domestic software development activities with several breakthroughs achieved such as successful implementation of application software for General Insurance companies. CMC also successfully implemented OITDS (Operator Independent Truck Dispatch System) on turnkey basis for open cast mining. CMC's Fingerprint Analysis and Criminal Tracing System (FACTS) has been implemented for most of the State Police epartments.



In the field of e-Governance, CMC has won significant orders by positioning its software solutions for Computerized Information System for Trade Taxes (iCOMITRAX), Versatile Information System for Tourist Attraction (VISTA), Computerizing Treasury Management systems for State Governments, software packages for State Police Departments & Chief Minister's Secretariat.

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