CMC Ltd, a Tata subsidiary, post 25% drop in net profits
CMC Ltd, a Tata subsidiary, post 25% drop in net profits
New Delhi : CMC Limited, a subsidiary of Tata Consultancy Services Limited (TCS) posted a 25% drop in its consolidated net profit due to increase in expenditure and tax expense at ₹ 34.9 crore during the three months ended 30 June against the same period last year. The company’s revenues during the period was at ₹ 305.6 crore, up 24.6% compared to the corresponding period. The company’s earning per share during the quarter was ₹ 11.51 against 15.33 in the same quarter last year. Systems integration contributed almost half of the company’s revenues at ₹ 170.5 crore. CMC has also appointed Sudhakar Rao, former chief secretary of Karnataka and ex- Director of PMO, as an Independent Director on the company’s board with effect from July 11, 2011. With the addition of Rao, the total strength of the Board of Directors of the Company has increased to seven which include four independent directors. The company’s stock closed at ₹ 1187.05, up 0.57% on the Bombay Stock Exchange.
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