CMC Q3 PAT increases 7.4%

NEW DELHI: CMC Ltd, an IT company of Tata Group, has recorded Profit after tax of Rs 10.88 crore for the quarter ended December 31, 2003 as compared to a PAT of Rs 10.13 crore in the corresponding period last year, an increase of 7.4 percent.

The total revenues of the company jumped 44 percent to Rs. 201.77 crore compared with Rs 140.55 crore in the corresponding period last year.

The company's total revenue for nine-month period ended December 31, 2003 was Rs 544.93 crore registering an increase of 46 percent compared with Rs 374.45 crore in the corresponding period last year. The profit before tax during the same period was Rs. 40.75 crore registering an increase of 27 percent compared with the corresponding period last year.

The consolidated revenues of the company along-with its wholly owned subsidiary, CMC Americas, Inc. for the nine-month ended December 2003 was Rs 574.69 crore. The consolidated PAT was Rs 23.9 crore.

Commenting on CMC's performance during the third quarter of current year, its MD & CEO, R Ramanan said, "the company has been able to maintain strong revenue growth rate in this quarter also. The company's insurance and commodity exchange solutions found wider acceptance with domestic clients

both in private and public sector. The company continues to occupy prominent position in state and central government, BFSI, oil and petro, railways and defense segments of the market. Embedded systems and biometric solutions of the Company made further inroads in the international markets during the quarter."

CyberMedia News Service