CMC scales 52-week high after strong Q3 earnings

The company announced the results during trading hours today, 11 January 2013.

Meanwhile, the BSE Sensex was up 26.38 points or 0.13% at 19,689.93.

On BSE, 51,966 shares were traded in the counter as against average daily volume of 4,373 shares in past one quarter.

The stock hit a high of Rs 1,352 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 1,286.05 so far during the day. The stock had hit a 52-week low of Rs 685 on 18 May 2012.

The stock had outperformed the market over the past one month till 10 January 2013, surging 8.79% compared with the Sensex's 1.31% rise. The scrip had also outperformed the market in past one quarter, jumping 15.1% as against Sensex's 5.54% surge.

The mid-cap company has equity capital of Rs 30.30 crore. Face value per share is Rs 10.

Commenting on the Q3 results, Mr. R Ramanan, CEO and MD, CMC said, "The company has maintained its growth momentum led by Systems Integration and IT enabled Services. We continue to see good traction for our offerings across all business segments and geographies. The company added 26 clients across geographies".

Commenting on the Q3 performance, JK Gupta, CFO, CMC said, "The company was able to improve EBITDA margin by over 160 basis points year-on-year through improved business mix and operational efficiencies. Increased offshore business from SEZ enabled improvement of PAT margin by 200 basis points year on year".

CMC had net addition of 473 employees during the quarter, taking the total employee count to 11,224.

CMC is a leading system engineering and integration company in India and is a subsidiary of Tata Consultancy Services (TCS). CMC operates out of 18 offices and 180 service locations in the country. The company has a wholly-owned subsidiary in US, CMC Americas Inc.

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