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CMC shares up as Q2 profit rises 26%

CMC shares up as Q2 profit rises 26%
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First Published: Mon, Oct 11 2010. 08 49 PM IST
Updated: Mon, Oct 11 2010. 08 49 PM IST
Mumbai:Shares of CMC Ltd, a subsidiary of India’s largest information technology (IT) firm Tata Consultancy Services Ltd, rose as much as 18% on Monday on the Bombay Stock Exchange (BSE) after it announced higher earnings for the quarter ended 30 September.
CMC’s consolidated net profit for the second quarter rose by about 26% over a year ago to Rs43.62 crore. Its revenue increased to Rs271.05 crore from Rs219.10 crore.
Shares of the company closed at Rs2,375.70 on BSE after touching a 52-week high of Rs2488.00 in intra-day trading.
CMC, earlier engaged in low-margin system integration services and government business, is gradually moving to the higher-margin IT solutions business, particularly in international markets.
The company’s net profit margin doubled from about 8.7% in fiscal 2008 to a little over 16% in the just-concluded quarter.
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First Published: Mon, Oct 11 2010. 08 49 PM IST