CMC has tanked 8% at Rs 1,586 after reporting 4.8% quarter-on-quarter (qoq) growth in consolidated net profit at Rs 70.54 crore for the third quarter ended December 2013 (Q3). The company had profit of Rs 67.31 crore in September quarter.
Total income from operations remains flat at Rs 561 crore for the quarter, while operating profit margins also flat at around 15.8% compared to previous quarter, CMC said in a statement.
“This quarter, the revenue growth has been in line with our expectations, considering traditionally, the third quarter isn’t a growth quarter in international markets,” said Chief Executive Officer and Managing Director R Ramanan. “The company continues to find good traction across geographies and added 14 clients during the quarter.”
The stock opened at Rs 1,661 and hit a low of Rs 1,584 on the NSE. A combined 168,000 shares have changed hands on the counter so far on the NSE and BSE.
Meanwhile, shares of mid-cap IT Company has rallied 31% in past one month compared to 1.65% rise in benchmark CNX Nifty till yesterday.
Total income from operations remains flat at Rs 561 crore for the quarter, while operating profit margins also flat at around 15.8% compared to previous quarter, CMC said in a statement.
“This quarter, the revenue growth has been in line with our expectations, considering traditionally, the third quarter isn’t a growth quarter in international markets,” said Chief Executive Officer and Managing Director R Ramanan. “The company continues to find good traction across geographies and added 14 clients during the quarter.”
The stock opened at Rs 1,661 and hit a low of Rs 1,584 on the NSE. A combined 168,000 shares have changed hands on the counter so far on the NSE and BSE.
Meanwhile, shares of mid-cap IT Company has rallied 31% in past one month compared to 1.65% rise in benchmark CNX Nifty till yesterday.
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