CMC's Q3 profit rises 16% to Rs 70.54 crore

Tata Consultancy Services (TCS) subsidiary CMC today reported a 16 per cent increase in consolidated net profit to Rs 70.54 crore in the third quarter ended December 31.
The company had posted a net profit of Rs 61.06 crore a year earlier.
Consolidated net sales climbed 14 per cent to Rs 560.92 crore from Rs 492.68 crore in the same quarter of 2012-13.
"Revenue growth in this quarter has been in line with our expectation, considering that traditionally Q3 is not a growth quarter in the international market," CMC Ltd Chief Executive Officer and Managing Director R Ramanan told PTI.

Net sales for the first nine months of this financial year rose 15 per cent to Rs 1,607.7 crore.
CMC continues to find good traction across geographies and has added 14 clients -- 10 from India and four from the global markets -- during the quarter, Ramanan added. The company added 50 clients in the first nine months, he said.

International revenue grew 30 per cent year-on-year to Rs 379 crore in the October-December quarter, accounting for 68 per cent of the total.
CMC added a net 72 people to take its total head count to 10,890 employees as of December 31.

"We expect to make 250-300 campus recruitments in the January-March quarter," Ramanan said.
CMC expects good opportunities from the US and Europe.
"However, in India, decision making could be delayed on account of the upcoming Lok Sabha elections. Contracts would start to materialise in the second half of the 2014 calendar year," Ramanan said.
CMC shares rose 0.59 per cent to Rs 1,718.05 at the close on the BSE.