CMC: ‘International’ growth! - Views on News from Equitymaster

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CMC: ‘International’ growth!

Sep 21, 2006

Besides the top tier software companies that are always in the limelight, there are relatively smaller players in the sector who are doing well. CMC, TCS' subsidiary, is one of them, if the 1QFY07 results are any indication. For 1QFY07, the company reported a strong performance at the topline level, as the company's international business recorded robust growth, aided by key wins in the ITES, insurance and embedded systems spaces. Due to a higher proportion of international revenues and impressive cost control, margins saw a smart expansion. However, due to an extraordinary income earned in 1QFY06, the bottomline was up only marginally. Adjusted for this, net profits grew at a scorching pace.

Financial performance (Consolidated): A snapshot…
(Rs m) 1QFY06 1QFY07 Change
Sales 2,005 2,512 25.3%
Expenditure 1,879 2,291 22.0%
Operating profit (EBDITA) 127 221 74.1%
Operating profit margin (%) 6.3% 8.8%  
Other income 7 8 21.6%
Interest 9 9 1.6%
Depreciation 20 18 -10.1%
Profit before tax 105 202 93.1%
Extraordinary items 140 - -100.0%
Tax 84 40 -52.3%
Profit after tax/(loss) 160 162 1.1%
Net profit margin (%) 8.0% 6.4%  
No. of shares 15.2 15.2  
Diluted earnings per share* (Rs)   29.2  
P/E ratio (x)*   17.8  

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