CMC Ltd, a subsidiary of TCS, reported a 68 per cent rise in consolidated net profit at Rs 58.43 crore for the first quarter ended June 2012 in comparison with the year-ago period. This was mainly due to ramp up of SEZ business and increase in margins.
“Our margins have increased to 16.6 per cent this quarter compared with the 14.45 per cent last quarter,” said Mr J.K. Gupta, Chief Financial Officer, CMC.
The company booked revenue of Rs 452.28 crore. This is 48 per cent higher than the corresponding quarter of last fiscal. Revenues from SEZ operations more than quadrupled to Rs 12.48 crore in Q1 FY13 from Rs 3.97 crore in Q1FY12.
The average effective tax rate reduced from 29.6 per cent to 22.6 per cent year on year. This was due to a ramp up of SEZ operations, said CMC.
The company added 20 clients during the quarter. The stock closed at Rs 868.85, down 0.06 per cent over its previous close on the BSE.
new Independent Director
CMC has appointed Mr Ashok Sinha as Independent Director with effect from Wednesday.
Mr Sinha was the Chairman and Managing Director of Bharat Petroleum Corporation Ltd.
“His business experience will enrich the deliberations of the CMC Board and I am sure that his contribution and counsel will be of great value to the company in the years to come,” Mr S Ramadorai, Chairman, CMC Ltd said.
The company’s board of directors has accepted Mr Surendra Singh who resigned from the post on completion of 75 years of age. Mr Surendra Singh was Independent Director for last 10 years in the company.