CMC Q3 net profit grows 44%

By : |January 31, 2003 0

MUMBAI: CMC Ltd. has announced its third quarter results for the financial year 2002-03. CMC recorded revenues of Rs 140.4 crore in the third quarter as compared to Rs 121.9 crore during the same period last year. The net profit for the quarter stood at Rs 10.1 crore compared with Rs 7 crore recorded in the corresponding period last year.

Commenting on the Q3 performance of CMC, S S Ghosh, CEO and MD, CMC Ltd. said, ” It has been a challenging period for the domestic IT industry and CMC has continued strengthening its focus on value addition in all services to its domestic customers. The company has registered a significant growth of 88 percent in the International operations, over the corresponding quarter of the previous year. The revenues from Indonet have increased by 46 percent over the corresponding quarter of the previous year.”

The customer services and systems integration SBUs have received some significant orders in this period in the areas of IT infrastructure management, call center operation in telecom and have put into operation a help desk for technical support for an overseas customer. New orders have been received from Central Bank of India, Reserve Bank of India, Andhra Bank, Maharashtra Police, Chattisgarh and Karnataka Government in the last quarter to name a few that involve state of the art or nation-wide projects.

R Ramanan, Chief Operating Officer and DMD, CMC Ltd. added, “We have set up a corporate business Development Team, strengthened industry practice and large national accounts focus. This has been done in order to provide increased focus to domestic and international market opportunities and expand on the potential for projects involving multiple CMC services within the same account. CMC has also strengthened its focus considerably on quality processes and R&D in newer technologies related to process control or embedded systems, smart card technologies, Biometric and intelligent secure systems, GPS or GIS based mobile systems and advanced solutions for the transportation industry.”

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