CMC Net Profit Grows 22% during 2013-14
OREANDA-NEWS. CMC Limited announced consolidated operating revenue of Rs2,231 crore for the year ended March 31, 2014, an increase of 16 percent over 2012-13. The company earned profit after tax (PAT) of Rs280 crore, an increase of 22 percent over 2012-13.
Encouraged by continued improvement in financial performance, the board of directors of CMC Limited recommended enhancement in dividend to Rs22.50 per share.
The company received a favourable decision in a legal case with a customer during Q4 of 2013-14, which has resulted in increase in operating revenue by Rs19 crore and increase in profit after tax by Rs25 crore.
The company added 64 clients during the year.
“We continue to see good traction and client addition across geographies. Having crossed milestones of Rs600 crore in quarterly revenue and Rs100 crore in quarterly operating profits (EBITDA), we are looking at future with increased confidence”, said R Ramanan, CEO and MD. The company's software solutions found increased acceptance in new geographies, particularly Middle East, Africa and APAC, he added.
For the quarter ended March 31, 2014, the company earned consolidated operating revenue of Rs623 crore, an increase of 11 percent q-o-q and 19 percent y-o-y. The company earned operating profit (EBITDA) of Rs133 crore in Q4, an increase of46 percent q-o-q and 63 percent y-o-y. The profit after tax (PAT) during quarter ended March 31, 2014 was Rs89 crore, an increase of 27 percent q-o-q and 46 percent y-o-y.
Awards and certifications:
CMC earned a number of awards and recognitions during the quarter Jan-March, 2014:
CMC was honoured with the prestigious Golden Peacock Award for Corporate Social Responsibility 2013 in the information technology sector
CMC's CFO, JK Gupta was named finance professional of the year at the15th National Management Summit organised by Jindal Global School of Business and Top Rankers Consultancy