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CMC turnover rises by 35 per cent

Further, CMC has recorded a net profit of Rs 8.874 million, representing an almost 300 per cent growth over Rs 3 million.

T O D A Y

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Commenting on the results, S S Ghosh, chairman and managing director, CMC, said: "This performance has been possible because of a number of breakthroughs that CMC achieved in providing IT solutions in key areas like railways, fingerprinting, tracking systems and ERP. The investments that we have been making in R&D and to gain expertise for entering new high growth areas, have now started giving dividends.''

In the past quarter, CMC launched India's first insurance application software, Genisys, which has been selected by the New India Assurance Company for enterprise-wide deployment.

CMC also entered into a joint venture with Price Waterhouse Associates to provide ERP services using Baan solutions.

The first ERP solution will be implemented at Semiconductor Complex Limited, Mohali.

CMC also recently entered into an agreement with Sun Microsystems, the National Association of Software and Service Companies and the Department of Electronics to set up India's first Java Competency Centre in Hyderabad.

This will be one of the few training centres in the country equipped to train software professionals in Java.

Some other prestigious contracts which have been bagged by CMC include a contract to provide and install FACTS, a fingerprint analysis and criminal tracing system for the Mauritius police force, a contract to install an integrated IT package to streamline the freight operations of the Indian Railways and a deal with Frontec AMT of Sweden to provide services and solutions for electronic data interchange and electronic commerce.

CMC will also soon be providing solutions for CDAS, India's first indigenously developed depository software for the Bombay Stock Exchange.

On CMC's plans for the year, Ghosh added "We plan to consolidate our position during the year based on investments made in various developmental activities in earlier years. Our effort will now be to maximise returns from the areas that we have developed an expertise in and maintain leadership position in these key areas. At the same time the capability to meet various IT needs of our customers, be it maintenance services, systems integration or networking services, will give us an edge over competition."

"Further, the incentives given to IT exports is in keeping with our growth plans according to which the share of earnings from international operations is going to increase to 30 per cent in the next two years from 18 per cent presently. Also, the extra funds will help us expand our operations at a faster pace. This should result in us doubling our turnover in the next four years.''

- Compiled from the Indian media

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