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Our Bureau

Mumbai , July 17

CMC Ltd has reported a decline of 2.24 per cent in net profit for the first quarter ended June.

Net profit for the period stood at Rs 14.96 crore against Rs 15.33 crore in the corresponding previous period.

Total income rose 13.6 per cent to Rs 232.35 crore (Rs 204.5 crore).

The current year's figures are not strictly comparable with the previous year, which included an income of Rs 13.96 from sale of properties, company officials said.

The TCS subsidiary, which is going through a period of business restructuring, said that its operating profit for the quarter increased by 73 per cent to Rs 20.46 crore.

There was a margin expansion by over 300 basis points during the quarter.

Higher international revenues (up by 61 per cent) and significant wins in the ITES and insurance spaces distinguished the quarter, according to a release.

CMC's wholly owned US subsidiary, CMC Americas Inc, continued to drive international growth, it added.

Initiatives were taken to restructure CMC's business mix and to improve the productivity of its professionals, said Mr R. Ramanan, CEO and Managing Director.

"By improving its revenue mix, offering more value-added services as well as by growing its international business, CMC has been able to expand its margins across all measures of profitability," said Mr J.K. Gupta, CFO.

Consolidated net profit rose marginally to Rs 16.15 crore (Rs 15.9 crore). Total income rose to Rs 252 crore (Rs 215.1 crore).

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