IT solutions provider CMC today posted a 45.8 percent increase in consolidated net profit to Rs 89.43 crore for the quarter ended March 31 on account of a one-time benefit from a favourable decision in a legal case.
The Tata group firm had reported a profit of Rs 61.33 crore in the same period a year earlier. "The quarter was a good one for us. We had received a favourable decision in a legal case with a customer during Q4 2013-14, which resulted in increase in revenue by Rs 19 crore and Rs 25 crore in PAT," CMC Chief Executive Officer and Managing Director R Ramanan told PTI.
This was after an additional tax burden of Rs 10.37 crore on account of dividend distribution by CMC Americas to CMC, he added. CMC's income from operations rose 19.1 percent to Rs 623.21 crore during the fourth quarter of 2013-14 from Rs 522.87 crore in the same period last year.
The unit of Tata Consultancy Services has earmarked capital expenditure of Rs 160 crore for this financial year. "This will be primarily invested in setting up a new facility in Salt Lake City in Kolkata. It will be ready in the next 12-15 months and help us consolidate our offices in the city," Ramanan said.
For the financial year ended March 31, CMC posted a consolidated net profit of Rs 280.41 crore, up 21.7 percent from Rs 230.23 crore in the previous financial year. Revenue rose 15.8 percent to Rs 2,230.92 crore. Cash and cash equivalents stood at Rs 329 crore as of March 31.
"We continue to see good traction and client addition across geographies. Our solutions have found increased acceptance in new geographies, particularly Middle East, Africa and APAC," Ramanan said. Revenue from customer services during the fourth quarter stood at Rs 119.82 crore, systems integration Rs 398.39 crore, IT-enabled services Rs 77.44 crore and education and training Rs 13.77 crore.
"Other than educational training, the other verticals have grown well. We added 15 new clients in Q4, of which 12 were in India. We continue to see good demand for our asset-based solution in the Middle East, Africa and APAC regions," he said.
Ramanan said demand is being seen in sectors such as transportation, utilities, production engineering and digitisation in advanced markets. The company added 64 clients during the year. "I am fairly optimistic about the year ahead," he said. The board of directors proposed a dividend of Rs 22.50 per share (225 percent on an equity share of par value of Rs 10), subject to shareholder approval.
During the fourth quarter, CMC added 219 employees, taking its head count to 11,109 at the end of the year. "We are looking at hiring 250-500 people this year. We will hire more people depending on our need, especially for SI (systems integration) projects," he said. The company offers wage hikes from July and expects the quantum to be along industry lines. CMC shares closed at Rs 1,524.70 on the BSE, up 1.76 percent, on April 11.
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