CMC net up 25 pc at Rs 45.37 cr in Q3

Posted By: Pti
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Mumbai, Jan 13 (PTI) Information technology companyCMC, a subsidiary of TCS, today posted a 25 per cent jump innet profit to Rs 45.37 crore in the third quarter driven byhealthy growth in its international business.

The company''s net profit for the correspondingOctober-December period last year was Rs 36.25 crore.

It added 24 clients during the quarter, includingeight international ones in embedded systems space, ManagingDirector and Chief Executive of the company R Ramanan toldreporters here.

The company''s international business grew 35 per centduring the reporting period while the domestic business was up23 per cent. The overseas business accounts for half of thecompany''s revenues, Chief Financial Officer J K Gupta said.

Globally, the company will be leveraging on itsexpertise in the biometric and ports solutions space, Ramanansaid, adding it will be looking at tapping clients in theSAARC region and Africa while it also sees good opportunity inEurope.

Both Ramanan and Gupta refused to give any guidance ontargeted business during the last quarter but soundedconfident of maintaining growth.

Domestically, sectors like e-governance, power,infrastructure, banking and financial services and theopportunity created by the UID (Unique Identity project) workwill be the growth drivers, Ramanan said, adding he alsoexpects larger contracts from the defence sector which willtake more time to materialise.

To a question, he said there are no plans "as of now"to merge CMC with its parent Tata Consultancy Services.

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