CMC Ltd., a TCS subsidiary and a provider of information technology solutions in India, reported a higher net profit for the fourth quarter, both on consolidated and stand-alone basis, but an increase in incomes.
Consolidated Results
The Hyderabad-based company posted fourth-quarter consolidated net profit of Rs.61.34 crore, higher by 43 percent than the Rs.42.93 crore reported in the fourth-quarter of 2012.
Quarterly net income rose by 28 percent to Rs.522.88 crore from the Rs.408.92 crore in the corresponding quarter last year, while other operating income was Rs.1.09 crore, compared with the Rs.0.98 crore for the same period last year.
For the quarter, income from the 'Customer Services' segment totaled Rs.156.08 crore, while that of 'Systems Integration' was Rs.271.74 crore. income for the quarter from the 'IT-enabled Services' segment amounted to Rs.69.34 crore, whereas 'Education & Training' income was Rs.14.36 crore. income from the 'Special Economic Zone' segment was Rs.12.44 crore, whereas income from "Other Unallocable' segment stood at Rs.4.06 crore.
For the 12 months, CMC posted a consolidated net profit of Rs.230.23 crore, up by 52 percent from the Rs.151.81 crore for the comparable period a year ago. The total income, including other operating income, was Rs.1,927.86 crore, up by 31 percent from the Rs.1,469.34 crore for the twelve-month period ended March 31 last year.
Stand-alone Results
CMC's fourth-quarter stand-alone net profit was Rs.46.11 crore, up by 38 percent from the Rs.33.33 crore during the first three months of the preceding year. Total income, including other operating income, rose by 30 percent to Rs.335.84 crore from the Rs.258.10 crore in the previous-year quarter.
For the 12-month period, the company's stand-alone net profit rose by 38 percent to Rs.198.38 crore from the Rs.143.33 crore for the comparable period in the preceding year. Total income, including other operating income, increased by 18 percent to Rs.1,124.90 crore from the Rs.955.34 crore for the twelve-month period ended March 31 of last year.
Encouraged by all round improvement in financial performance, the company's board recommended a dividend of 175 percent or Rs.17.50 per equity share of Rs.10 each for the fiscal year 2013, to be paid on or after June 28, 2013, but before July 25,2013.
The company added 80 clients during the year.
Company Chief Executive Officer and Managing Director R. Ramanan said, "We are pleased with all round growth in the company performance in spite of challenging market conditions. The growth has been broad based with all business segments contributing to growth.
He added, "The company's software solutions found increased acceptance in new geographies, particularly Middle East and Africa."
At the BSE, CMC shares are currently trading at Rs.1,350.05, down 4.27 percent from the previous close.
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