CMS Info System Q2 net profit up 16%, managed ATM services income grows 26%

CMS Info System Ltd stock closed two per cent higher at Rs 368.75 per share on BSE

Don't want to miss the best from Business Standard?

CMS Info System Ltd, a managed ATM business and IT services provider, reported a 16.41 per cent year-on-year (Y-o-Y) growth in consolidated net profit at Rs 84.4 crore in the second quarter ended September 2023 (Q2FY23). It had reported a consolidated net profit of Rs 72.5 crore in the quarter ended September 2022 (Q2FY22).

Its stock closed two per cent higher at Rs 368.75 per share on BSE.

Its consolidated revenues from businesses comprising Cash Logistics Business and Managed Services & Technology Solutions rose by 15 per cent Y-o-Y to Rs 544 crore in Q2FY24. The cash logistics business grew 11 per cent Y-o-Y to Rs 361 crore, and the managed services and tech solutions segment showed a 26 per cent Y-o-Y growth at Rs 206 crore, the company said in a statement.

The new business wins were Rs 500 crore in the reporting quarter. The business wins in the first half (April-September 2023) were Rs 650 crore in Managed Services. The business points for Cash Logistics grew by 12 per cent Y-o-Y at 129,000 at the end of September 2023.

Rajiv Kaul – Executive Vice Chairman, Whole Time Director and CEO said, "Banks are focusing on expansion and refresh of their physical infrastructure, and we are seeing the organised retail category growing well post-COVID."

Our H1 revenue growth of 14 per cent highlights the growth opportunity in the Banking and Retail sectors, he added.