CMC Limited announced consolidated Operating revenue of Rs. 592.64 crore in quarter ending June 30, 2014, which represents a 22% growth over the corresponding period last year. The company earned operating profit (EBITDA) of Rs. 91.09 crore registering a growth of 18% over the corresponding period last year.
In the light of the Companies Act, 2013, the Company has revised its estimated useful life of fixed assets, wherever appropriate effective 1st April, 2014. This has resulted in higher charge of depreciation by Rs. 24.24 crore during the quarter ended 30th June, 2014.
“We continue to see robust growth in the international markets, across geographies” said R Ramanan, MD & CEO. “The Company’s software solutions and offerings in embedded systems have found increased traction in Middle East & Africa and European markets” he added.
“The domestic market is expected to turn promising after the recent budget announcements and growth initiatives mentioned by the newly elected government” added Mr. Ramanan.
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