CMC FY'13 Net jumps 52% jump to Rs 230 crore

IT solutions provider CMC Ltd today said its net profit rose by 52% to Rs 230 crore in the fiscal year ended March 31.

The company's consolidated operating revenue of stood at Rs 1,926 crore for the year ended March, 2013, an increase of 31% over 2011-12.

The company earned profit after tax (PAT) of Rs 230 crore, an increase of 52% over 2011-12, CMC said in a statement here.

For the quarter ended March 31, the company earned consolidated operating revenue of Rs 523 crore, an increase of 6% q-o-q and 28% y-o-y. The operating profit (EBITDA) and profit after tax (PAT) on a consolidated basis was Rs 81 crore and Rs 61 crore, respectively during quarter ended March 31, the release said.

Encouraged by all round improvement in financial performance, the board of directors of proposed enhancement in dividend to Rs 17.50 per share. The company added 80 clients during the year, it said.

"In spite of challenging market conditions, the growth has been broad based with all business segments contributing to growth," CMC Chief Executive and MD R Ramanan said.

The company's software solutions found increased acceptance in new geographies, particularly Middle East and Africa, he added.

Improved business mix and operating cost efficiencies enabled the company to expand its operating margin by 124 basis points in 2012-13, CFO JK Gupta said.

CMC is a subsidiary of Tata Consultancy Services and Asia's largest software company. Operating out of 18 offices and 180 service locations in the country and employs over 10,000 people.