CMS Info Systems net profit rises 22% growth in Q1 on higher revenue

CMS Info Systems, which is into banking logistics and technology services, on Friday reported a 22 per cent growth in net income to Rs 87 crore for the June 2023 quarter on higher revenue.

Its revenue grew 13 per cent year-on-year to Rs 512 crore in the reporting quarter, from which it earned a margin of 29.6 per cent, the company said in a statement.

The cash logistics business' revenue rose 12 per cent to Rs 351 crore and gave an operating profit of Rs 94 crore, and the revenue from managed services and technology solutions business grew by 17 per cent to Rs 182 crore, and operational profit of Rs 34 crore.

During the quarter the company handled the highest-ever quarterly currency throughput at Rs 3.3 lakh crore, which was 6 per cent more than the 12 trailing months.

Managed services business has won Rs 150 crore of new orders in the quarter and successfully installed 5,200 plus ATMs for PNB, thus becoming the largest managed services provider for that bank.

Its vice-chairman Rajiv Kaul said despite being a traditionally weak quarter, which was further impacted by unseasonal rains affecting pockets of rural consumption, and withdrawal of the 2000 currency notes, the company could earn 22 per cent net income.