CMC Ltd

Two good things happened in the company before Q4FY14 numbers were announced. First was the company winning the case against Kuwait Stock Exchange, for which CMC stood to win approximately Rs.46 crore at current exchange rate along with interest of 7% per annum from the original date of order from the lower Court.  And prior to that, the company received an approval to enhance the FII limit from 24% to 35%.

This winning of Kuwait case added Rs.19 crore to the company’s revenue and Rs.25 crore to net profit in Q4FY14 numbers, with its consolidated revenue rising 19% (YoY) and 11% (QoQ) at Rs.623 crore. What also aided was that Rs.10 crore component in other income, which was via sale of some of its fixed assets. Consolidated net profit for the quarter was at Rs.89 crore, up 45% (YoY) and 27% (QoQ).  During the quarter, it added 15 clients of which 12 were in India and 3 from USA. It added 64 clients during the quarter. For FY16, the company has targeted about Rs 165 crore capex, primarily for their new facility at Salt Lake, Kolkata.